Those anticipating a downward correction in the Manhattan retail market will have to wait for another quarter.
According to a report by CBRE, ground-floor retail availability decreased across 16 of Manhattan’s shopping corridors in the first quarter of 2023, marking the seventh consecutive quarter of a drop in availability. The average asking rent increased to $638 per square foot, a rise of 3.7% from Q4 2022 and 8% YoY, with this being the third straight quarter of asking rents increasing. The aggregate of …
by Riccardo Ravasini 
March was a hot month across the city
The monthly contract activity stood at 1,164 in March, down 22% compared to last year, up 2.2% from the 1138 historical average for the month of March, and 39% more deals closed than in February. Newly built or newly converted apartments across the city saw a 25% increase in deals compared to pre-pandemic averages for the month. The largest contract to close in March was a $66.5 million sale for two penthouse apartments at Naftali Group’s The Bellemont …
by Riccardo Ravasini Miami developer Harvey Hernandez faced a tough market competition with out-of-state high-rise builders for land deals in the city last year. However, the sellers’ attitude towards development sites has significantly changed, and they are now willing to negotiate 5 to 10 percent price discounts and better terms. Land prices in Miami’s urban core fell after the second quarter of last year due to a dwindling inventory of suitable sites for condominium and multifamily developments and rising interest rates, pushing land …
by Riccardo Ravasini Newer apartment units in the Miami metro area are averaging larger in size than those in many cities across the country, according to a new report from listing service RentCafe. The average size of newer Miami apartments is 912 square feet, nearly 3% bigger than the 2022 national average of 887 square feet. This is in contrast to the nationwide trend of shrinking apartment sizes, with newly built apartments shedding 30 square feet on average compared with 2021. The decrease …
by Riccardo Ravasini The New York City transit system has introduced a new fleet of subway cars, called the R211, on the A-train line. The cars come with wider doors, security cameras, and digital screens, providing a more modern passenger experience. The 58-inch wide door openings, eight inches wider than standard doors, are designed to speed up boarding and reduce the amount of time trains sit in stations. The R211s are the first new subway cars to be introduced in five years.
by Riccardo Ravasini