Construction has begun on pedestrian plazas and shared streets along Broadway in the Flatiron and NoMad areas of New York City. The project is part of a larger scheme called “Broadway Vision,” which aims to redesign the famous street between Columbus Circle and Union Square to prioritize pedestrians over cars. The section of Broadway between 25th and 27th streets will become pedestrian plazas, while between 27th and 32nd streets, Broadway will become a shared street with 5 mph speed limits. …
by Riccardo Ravasini The residential Brooklyn Tower at 9 DeKalb Ave., standing tall at 1,000 feet, is set to hit a record-breaking price point. Douglas Harmon and Adam Spies at Newmark are currently marketing the property, and it’s expected to fetch a price of over $600 million. This news was reported by Green Street in its Real Estate Alert, which stated that only 13 of the city’s residential buildings have ever sold for more than $500 million. Although the sale won’t include the …
by Riccardo Ravasini 
The monthly contract activity stood at 816 in February, down 31.1% compared to last year and down 13.9% from the 948 historical average for the month of February. The Median Sales Price is $1,075,000, at the moment, down -6.7% from last year. The supply, which is the number of units on the market, stands at 6,429, up 1.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, stands at 2,487, …
by Riccardo Ravasini 
The average asking rent in the Miami metro area was $2,141 in the fourth quarter of 2022, up 13.3% from a year earlier, per economic research firm Moody’s Analytics.
The big picture: Many would-be home buyers chose to rent longer last year, sustaining apartment demand. But folks are hitting their spending limit.
For the first time in over two decades, households now have to spend 30% of their income on average rents.
The expected surge in supply could help bring down prices.
Yes, …
by Riccardo Ravasini 
Archaeologists discovered thousands of tools, artifacts, and human and animal remains dating back 7,000 years at the Related Group’s Miami River construction site, where the development firm plans a three-tower project.
The 16-month excavation and preservation of the items could be the most archaeologically significant findings near the mouth of the river in the past 25 years. The artifacts date back to “the time of the emergence of the first cities in Mesopotamia,” thousands of years before the Roman Empire.
It’s unclear how the extensive …
by Riccardo Ravasini
The number of agreements entered into recently has decreased month by month from August, with the number of new entries falling every month since June. However, the decreases in new contracts have been offset by the steep reduction in new listings since the summertime.
(source: millersamuel.com)
by Riccardo Ravasini