Buyers from out of town aren’t just snapping up Miami’s prime real estate, they’re also changing the way developers build, the Miami Herald reports. As more out-of-towners decide they want to put down roots in South Florida rather than simply buy investment properties for the rental market, they’re asking for bigger, better, more expensive designs. For example, units equipped with quarters for a nanny or maid; guest suites for visiting relatives and friends; and high-tech security with biometric identification.
Those …
by Riccardo Ravasini Median rental prices rose across Manhattan, Brooklyn and Queens. In Brooklyn, the median rental price rose 4.1 percent year-over-year to $2,968. Meanwhile, Manhattan’s median rental price rose 6 percent to $3,419, according to the report.In Queens – where rents declined in recent months – the median rental price jumped 14 percent to $3,016. “What it has to do with is a concentration of new development units that make up the market,” Miller said to The Real Deal. In the month …
by Riccardo Ravasini Traditionally, developers looking to turn rent-regulated apartment buildings into condos have had two options: try to buy the tenants out, or wait a long, long time for all units to become de-regulated. The owner/developer at 711 West End Avenue, between 94th and 95th streets on the Upper West Side, is planning to build a condo building atop an existing rent-regulated apartment building. The plan is not simply to add floors, which is notoriously difficult in an occupied building. Instead, the …
by Riccardo Ravasini Manhattan’s median sales price of $980,000 rose 7.7 percent during the second quarter, even as the number of sales dropped 20 percent to 2,674, according to real estate appraisal firm Miller Samuel. Listing inventory during the three-month period was 5,730, up 1.3 percent, while the absorption rate rose 25.5 percent to 6.4 months.
One of the main factors shifting the balance slightly in buyers’ (especially in the luxury segment) favor is the influx of new condo inventory in Manhattan. There …
by Riccardo Ravasini The $361 million the Moinian Group raised through a bond offering on the Tel Aviv Stock Exchange in May was the greatest confirmation of a growing trend in New York real estate financing: New York-based developers are increasingly looking to Israel’s debt market for funding.
Tapping the small-but-sophisticated corporate bond market —valued at $80 billion last year— is not an entirely new idea. It started nearly a decade ago as a novel approach for raising cash but has gained serious …
by Riccardo Ravasini The Wynwood neighborhood, a local arts mecca and one of Miami’s hippest neighborhoods, was once known as the “golden gate” for Hispanic immigrants. A melting pot of Puerto Ricans, Cubans, Haitians, African-Americans, Nicaraguans and Dominicans, Wynwood was once crippled by a bad image and a deteriorating economy. But back in the 1950s, Wynwood — originally spelled Wyndwood — was home to non-Hispanic white professionals and several factories including Coca-Cola and Garrett Construction. Jobs were plentiful. In the 1960s came Interstate …
by Riccardo Ravasini