In New York, where more than 3,500 new luxury apartments are hitting the market this year, developers now have to work much harder for a sale. As a result, they are leaning on different sales tactics like offering limited price discounts, gift cards, parties for brokers or creating two units from one, to create momentum at their projects.
For example, in Soho at 10 Sullivan St., an 8,400-square-foot penthouse listed at $45 million was sliced into two smaller units. Neither …
by Riccardo Ravasini 
While neighborhoods like Wynwood, Brickell and Midtown have grown in popularity, Lincoln Road has become stale for many locals and tourists. City of Miami seems to agree, and as a result, commissioned a renowned landscape architecture firm to dream up a new vision for the mall.
Last year, James Corner Field Operations presented a lush reimagination of the public space, featuring redesigned planters with seating carved out along the edges, a reorganization of cafe tables toward the center to create …
by Riccardo Ravasini Miami-Dade County’s market continued its steady pace during the second week of August, with a handful of multimillion dollar deals. At the top of the list was a unit at Beach House 8, Ugo Colombo and Valerio Morabito’s newly built boutique condo project in Mid-Beach. Unit 600, a four-bathroom unit spanning a whole floor and measuring 3,783 square feet, sold for $7.5 million to a European businessperson. The price breaks down to $1,982 per square foot.
Coming in second place …
by Riccardo Ravasini 
With supply outpacing demand for luxury rentals, price growth is nominal and landlords are increasingly shelling out concessions to renters in Manhattan and Brooklyn. The median rental price hit $3,450, a mere 0.9 percent year-over-year increase.
In Manhattan, the share of new leases with landlord concessions in July was more than double seen at the same time last year, according to Miller Samuels latest market report. Nearly 11 percent of the new leases (versus 5.3 percent in July 2015) provided …
by Riccardo Ravasini After weeks of sluggish luxury sales, the first week of August hit a two-year high with 43 contracts signed for residential properties priced at $4 million or more — the highest number inked in a single week since March 2014, according to Olshan Realty’s latest marketing report.
The sudden spike is largely due to a flood of sales at William Macklowe Company’s condo project at 21 East 12th Street and Related Companies’ 70 Vestry Street. Together the buildings accounted for …
by Riccardo Ravasini While a Tesla charging station may be the latest amenity being offered, developers are continuing to command a premium for high ceilings and windows. In fact, according to Realtor.com analysis, buyers are more than willing to fork over larger sums for units with ceilings rising 11 feet or higher.
Developers who raise the ceiling to 10 or 11 feet from a more typical 8 or 9 feet may ask an average premium of 50 percent on a square foot basis. …
by Riccardo Ravasini