Developers are close to securing tax breaks for multifamily housing and office conversions, thanks to new guidance from the Department of Housing Preservation and Development (HPD). The guidelines outline rules for two programs: 485x, replacing 421a, and 467m, incentivizing office-to-residential conversions.
An essential rule under 485x requires 25% of contract costs to go to minority- and women-owned businesses (MWBE), though the process is unclear, especially for projects between 421a’s expiration and 485x’s launch.
Real estate attorneys note there’s still ambiguity about how developers can meet this threshold. HPD will …
by Riccardo Ravasini 
Contract activity, reflected in the number of signed contracts, has seen a notable 21% increase compared to this time last year. However, it has dipped slightly, by 1.7%, when measured against the monthly historical average. In terms of pricing, the median sales price for a Manhattan apartment remains steady at $1.14 million, mirroring last year’s figures. The market has tightened a bit on the supply side, with the number of available units dropping by 3.7% compared to 2023. Despite this, …
by Riccardo Ravasini 
Over 6.5 million square feet of Manhattan office space have disappeared in the past four years, mainly due to residential conversions. This shift is reducing office availability, with Midtown seeing its highest absorption since 2005 and Downtown showing steady improvement despite slow leasing.
Office-to-residential conversions have picked up pace since 2021, with over 1.5 million square feet converted annually in 2022 and 2023, and more expected in 2024.
Currently, 93 million square feet of office space remain available, significantly more than the 52 million in 2019. …
by Riccardo Ravasini 
Applause broke out at the Palm Beach Town Council meeting when Maggie Zeidman, then-president of the council, proposed transforming a 5.8-acre parking lot on South County Road into a park. She called on residents to raise approximately $400 million for the project, highlighting the land’s prime location and potential.
Despite her optimism, Wells Fargo sold the property to the Frisbie Group, which planned a major development with residential and commercial spaces reflecting the island’s architectural style but was eventually withdrawn, leaving the site’s future uncertain.
This situation …
by Riccardo Ravasini 
In Miami-Dade County, August experienced a significant drop in condo sales and prices. Sales fell to $470 million from $624 million in July, with closed sales decreasing from 810 to 712. The median sale price of condos dropped from $407,500 to $380,000, and the price per square foot fell from $416 to $388.
This decline is partly due to new building safety regulations following the Champlain Towers collapse in 2021. These regulations require extensive inspections and reserve funds for older buildings, increasing costs for …
by Riccardo Ravasini 
The list of the largest retail leases in New York City’s five boroughs from last month suggests strong confidence in the city’s retail market, particularly among restaurateurs. Five of the top ten leases are for new restaurants or bars, four of which are expansions of existing locations within the city. Dante NYC secured its third location in Nolita, Carneval signed a lease for a second venue in Williamsburg, highlighting the neighborhood’s appeal for upscale dining experiences, Unya NYC is expanding into the …
by Riccardo Ravasini