The Swedish furniture giant has purchased the six-story commercial building at 529 Broadway for $213 million from Wharton Properties, owned by Jeff Sutton, according to property records. Ingka Group, which operates most IKEA stores globally, plans to open a 25,000-square-foot location across the first two floors, a smaller-format store aimed at urban shoppers. The upper floors will be converted into offices managed by Ingka.
The property, currently leased to Nike, spans 58,000 square feet and sits at the corner of Broadway and Spring Street. Designed by BKSK Architects to echo a 19th-century hotel, the building was acquired by Sutton for $146.9 million in 2013. …
by Riccardo Ravasini 
New York developers are rushing to complete their 421a projects before the June 2026 deadline, when the city’s long-standing tax exemption program officially ends.
The state’s extension gave developers extra time but demanded deeper affordability, eliminating the 130% AMI option that had made projects financially viable for many. Smaller firms now face tighter margins as rents for affordable units drop, reducing long-term income potential. Despite these challenges, developers are racing to finish, aware that losing 421a could slash project values by as much as 15%.
(source: The Real Deal, picture: Robert Bye)
by Riccardo Ravasini 
Manhattan’s office market is showing renewed strength, with major tenants driving a surge in activity. Deloitte, Guggenheim Partners and Salesforce led the way in the third quarter, pushing total leasing volume to 9.4 million square feet, 27 percent above the five-year average, according to Colliers. Year-to-date activity has already exceeded 30 million square feet, the strongest since 2002, and could surpass 40 million by year-end.
Deloitte’s 807,000-square-foot lease at 70 Hudson Yards was the largest of the quarter, followed by major renewals from Guggenheim and Salesforce. Availability has dropped to its lowest …
by Riccardo Ravasini 
Contract activity — the number of signed contracts — is up 10.8% year-over-year, though still 7.2% below the monthly historical average, indicating a market performing slightly below seasonal norms.
The median sales price for a Manhattan apartment stands at $1.1 million, marking a 3.5% annual decline.
Active listings have increased 1.9% compared to last year, while pending sales rose 15.3% year-over-year.
As a result, the Market Pulse is at 0.4, which remains in the neutral zone.
*Currently, above 0.5 is considered favorable to the seller, and below 0.3 is favorable to the buyer
A Broader Look
Manhattan’s housing market continued …
by Riccardo Ravasini 
Owning a home inside one of New York City’s most recognizable landmarks is now officially possible. The long-awaited conversion of the Flatiron Building is finally revealing its prices. Developers have filed plans outlining 38 luxury residences with a projected sellout of around $375 million. The first 18 units released range from just under $11 million for a 3,000-square-foot (280 m²) apartment to $50 million for a 7,400-square-foot (687 m²) duplex.
A spectacular penthouse with over 6,600 square feet (613 m²) of outdoor space will be among the most exclusive offerings, though pricing has yet to be announced. The project, …
by Riccardo Ravasini 
South Florida’s housing market is sending mixed signals in 2025. On one side, luxury homes and high-end condos continue to set records, with properties selling for over $100 million. On the other, older condos—especially those built in the 1980s—are stagnating. Many buyers are wary of outdated buildings facing costly repairs and stricter reserve requirements imposed after the 2021 Surfside collapse.
Today, 87% of the 25,051 condos for sale in the tri-county area are over 30 years old. Prices are being slashed, yet demand for this segment remains weak. Meanwhile, new …
by Riccardo Ravasini