In 1882, the developers of the Rembrandt, the first NYC co-op apartment building at 152 West 57th Street, declared they were seeking “people of means and good social standing,” as owners. Today co-ops still make up the majority of the housing stock in NYC. But the age of the co-op is well and truly over: Since 2000, developers have moved to create a mere 75 new co-op projects, and no more than seven total in any given year, according to …
by Riccardo Ravasini Buyers from India see New York as a solid investment opportunity. During the 12 months that ended March 2015, Indian buyers spent $7.9 billion on U.S. real estate — up from $5.8 billion a year prior, according to the National Association of Realtors.
Historically, there were roadblocks that kept Indian investors at bay, including the country’s widespread poverty, the government’s restriction on how much individuals can invest abroad (limit up to $250,000 per year) and a smaller number of high …
by Riccardo Ravasini Miami has frequently been featured in the top ten of Christie’s International Real Estate annual list of the world’s top luxury real estate markets. But in the 2015 list that was just released, Miami overtook both San Francisco (#8) and Paris (#9) to reach 7th place — its highest spot ever.
The surge in the ranking may have been due to the sale of one single mega-priced penthouse: Hedge fund manager Ken Griffin’s $55 million purchase of the penthouse at …
by Riccardo Ravasini 
With the significant increase in downtown residential properties — many of them rental apartments — in tandem with construction of multipurpose developments, retail stores, restaurants, supermarkets, a mass transit hub and cultural institutions, Miami’s downtown has become a dynamic and vibrant area.
According to a February report from the city’s Downtown Development Authority, rental construction was “very active,” with around 13,000 units proposed or under construction. Rents downtown have risen 5 percent annually on average for the last three years.
by Riccardo Ravasini Extell Development all but wrote the narrative for Billionaires’ Row when it launched One57 in 2011. Now, as the luxury market slows, the developer is having a second act by repositioning 38 high-end rentals at the soaring tower as condominiums with mid-market pricing.
The developer said last week it would sell 38 units on floors 32 through 38 as condos starting at $3.45 million, Bloomberg reported. Seven units will ask $10 million or higher.
A $3 million pad at One57 …
by Riccardo Ravasini Last December the median price of a Manhattan apartment crossed the $1 million mark for the first time.
More recently the average sales price jumped 18.4 percent to $2.05 million during 2016’s first quarter. That’s up from $1.7 million at the same time in 2015, according to Miller Samuel latest quarterly market report.
Closings of new development units pushed up overall prices, but those deals represent contracts signed 12 to 18 months ago. Judging by the recent activity, it looks …
by Riccardo Ravasini