Condos built under the 421a tax abatement program, are starting to fade away to a point where there will eventually not be any more.
Created in 1971 to spur development in neglected neighborhoods of New York, the 421-a program allowed condo buildings to be exempted from millions of dollars in property taxes for 10 to 25 years, depending on location and other criteria. The program expired in 2016, but the tax breaks persist depending on when a building was built. Owners of 421-a apartments pay a fraction of the property’s full taxes during a period of exemption, …
by Riccardo Ravasini
There were 121 closings at $4 million and above in January 2022, 50 less than December. The Average Closing Price was $8,111,567 down -18%, meanwhile, the Median Closing Price was $6,125,797 down a nominal -0.4%. The Negotiability Factor, that is the average discount from the last asking price, was 4.55% down from 6.62% during the previous month. The pace of the market was basically unchanged since the Average Days On the Market were 155 compared to 153 for the properties that closed in December 2021.
Despite the 50 fewer sales, the median price and days on the market are practically unchanged, while the …
by Riccardo Ravasini 
Another big Wynwood apartment project has topped off.
Wynwood 29 actually includes two buildings, one at 12 stories (178 feet) and another at 8 stories, on opposite sides of the street
The combined project will include:
248 apartments
26,651 square feet of retail
372 parking spaces
Related Group and Metro 1 are the developers, Arquitectonica is the architect and Beauchamp Construction is the contractor.
(source: thenextmiami.com, rendering: Beauchamp Construction)
by Riccardo Ravasini 
Miami has become the most important city in America, FT Magazine has declared.
The city is now considered to be a “paradise of freedom,” attracting people from everywhere and of every political persuasion, the magazine wrote.
Many of the new arrivals are now attracted by the open environment in the city, in addition to the usual attractions of low taxes and good climate.
“The Miami Movement,” as mayor Francis Suarez calls it, gained momentum when Covid hit, and has grown so large that it has changed the city in a way …
by Riccardo Ravasini 
Since opening its original location on West 57th Street three decades ago, Planet Hollywood’s long-term success rate in its home city has proven spotty. But owner Robert Earl hopes the third time will be the charm.
Earl Enterprises, the restaurant chain’s parent company, has signed a lease for 17,500 square feet across four floors at 140 West 42nd Street; the restaurant will occupy the lowest floors of the building.
Planet Hollywood was a hot ticket in the early 1990s, when the likes of Arnold Schwarzenegger and Sylvester Stallone put a public face …
by Riccardo Ravasini
There were 3,159 New Lease Signings in Manhattan in the month of January -49.5% from the same period last year, dipping below the decade average as listing inventory continued to collapse as prices reached record levels.
The Median Rental Price was $3,550, up +18.3% from the previous year, while the Net Effective Median Rent, the face rent, surged year over year by a record +23.3% to $3,467, the second-highest level reached in a January. This price trend indicator continued to be on par with the two years ago levels, before the pandemic, for the second straight month.
The Average per Square Foot Rent was $74,83, …
by Riccardo Ravasini