Noted art dealer Laurence Gagosian put down nearly $13 million for a penthouse at the 18-story, 42-unit tower Faena House, according to Miami-Dade County records. The Armenian American art collector owns the Gagosian Gallery art galleries in the United States, as well as London, Paris, Rome, Athens, Geneva and Hong Kong. Spanning 4,730 interior square feet (which translates to $2,747 per square foot), the penthouse comes with four bedrooms, six bathrooms and one half-bath as well as a 1,516-square-foot terrace. …
by Riccardo Ravasini 
The Lower East Side, a neighborhood long associated with counterculture, after-hours bars and tenements, is increasingly going upscale.
The change has been ushered in by high demand for new housing stock as well as major developments like the $1.1 billion mixed-use Essex Crossing project and Extell’s One Manhattan Square, a luxury condo plan that has a projected sell-out of $2.1 billion and is being exclusively marketed to overseas Asian buyers. The new development pipeline in the LES is pushing residential …
by Riccardo Ravasini Strong Canadian investment in the Manhattan commercial property market is expected to continue in 2016 after quadrupling and hitting a record level in 2015. Canadians accounted for almost a third of the $25.6 billion in foreign capital that poured into Manhattan commercial properties last year, with investment swelling to $8.3 billion from $1.97 billion a year earlier, according to data from Real Capital Analytics.
Rising purchase prices and a weaker Canadian dollar, which fell more than 16 percent against the …
by Riccardo Ravasini 
Developers have surpassed the 50,000-unit milestone for new condos planned for east of Interstate 95 in Miami-Dade, Broward and Palm Beach counties since 2011.
If every proposed unit is constructed, developers will have created more new condos during this real estate cycle, which began in 2011, than in the previous stretch from 2003 to 2010, when fewer than 49,000 units were created in coastal South Florida, according to research from the preconstruction condo projects website CraneSpotters.com.
As of the week …
by Riccardo Ravasini Condominium-plan submissions to the New York State Attorney General are the highest they’ve been since 2007, according to a The Real Deal Magazine analysis of applications data. The final unit count for 2015 will come nowhere close to pre-crash 2005 and 2006 levels. However, some argue that the lower numbers are healthy for the market. Through the end of November 2015, applications for approximately 12,650 residential condo units were submitted to the AG. That’s more than the 12,000 submitted for …
by Riccardo Ravasini Governor Cuomo recently proposed more than $100 billion in infrastructure plans for New York. The projects include: a new La Guardia Airport, massive redevelopment of Penn Station and the nearby Farley Post Office, and an overhaul of the Javits Center.
According to Cuomo’s secretary Bill Mulrow, these projects make up the largest development agenda since Robert Moses. “The governor thinks it’s time to reignite the ambition, the creativity, and the capacity of New York,” Mulrow said in a statement. Let’s …
by Riccardo Ravasini