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N OVE M BE R 2012

SOUTH FLORIDA RESIDENTIAL A Publication of Sokol Media Inc.


Taking Miami to New Heights

Also Inside NYC Goes Green Latest Industry News

Cervera Real Estate Leading Miami Real Estate for over 40 Years from Miami to Palm Beach

Current Projects

BrickellHouse There is an energy that thrives in the downtown environment of BrickellHouse. It is electric and sleek like the glow of lights and the texture of steel and glass. Life in Miami’s Brickell area moves at the speed of technology. International business, government, education, world travel, entertainment, arts and culture all thrive here. City sidewalks bustle with a mix of work and play, power and pleasure. And in the center of it all—BrickellHouse, a home where the future is now. Brickellhouse, a 46-story ultra-modern luxury residential tower of light-swept rooms, spacious layouts, and cinematic views, boldly rises in the heard of this sleek, sophisticated enclave. Together with award-winning interior design firm, Yabu Pushelberg, Brickellhouse is the perfect fusion of aesthetics and technology.

Marquis Residences Rising over Biscayne Bay and Downtown Miami at the threshold of Miami Beach, Marquis Residences offers and ideal address and exclusive lifestyle for the most discerning art lovers, epicureans and social urbanites of South Florida. At 67 stories, Marquis is Biscayne Boulevard’s tallest residential tower. Envisioned as a magnificent glass sculpture by internationally renowned architecture firm Arquitectonica, the tower itself becomes a showcase for innovation with the installation of two original works of art: Arquitectonica’s own “Biscayne Beacon,” glowing brightly each night at the top of the spire, and “Miami Rain,” by Tom Patti, embellishing the North and West facades.

Epic Residence Architect, Luis Revuelta’s inspiration for Epic’s 54-story design came from its distinct waterfront location, along the banks of the Miami River where it joins Biscayne Bay. The area formerly inhabited by the Tequesta Native American tribe has greatly influenced the architecture and design of the property. Epic is destined to become of the Magic City’s most recognized waterfront landmarks since it is at the epicenter of a vibrant cultural mecca, Epic’s graceful simplicity and understated elegance is the perfect retreat for the seasoned resident and traveler. Revuelta’s artistic mastery allows inspiring cityscpaes and glimmering views of the bay from every vantage point due to the unique positioning of the tower. As an Epic resident, one can be assured of having the very finest and most luxurious finishes and amenities.

Grove at Grand Bay Inspired by the natural beauty of Coconut Grove, Bjarke Ingels, of BIG Architects, has reimagined the high-rise condominium with the boldness and ingenuity that have made him the most talked about architect of his generation. The prestigious South Bayshore Drive location of Grove at Grand Bay is among Miami’s most distinctive residential settings, with an ambience and sensibility reminiscent of Europe’s most alluring Riviera resort towns. From any distance and every angle, Grove at Grand Bay is destined to capture every eye and imagination. Those fortunate enough to reside within will find their lives enriched by profoundly innovative design that marks these 96 exceptional residences as the world’s most highly evolved condominiums. • 1

Ocean House Ocean House is the newest oceanfront residence in South of Fifth, boasting sweeping residences, breathtaking views and uncompromising attention to detail in furnishings and amenities. A mere 18 Grand Residences guarantee that only a select few will ever call Ocean House home. The residences are located in a tranquil, intimate setting. Ocean House’s private residences combine the most extraordinary interior spaces and finishes with recreational features and amenities to rival the world’s finest homes.

St. Regis More than a century ago, John Jacob Astor IV opened the gilded doors to The St. Regis® New York, an exquisite Beaux Arts masterpiece that provided meaningful innovation to the experience of luxury and ushered in a new era of lavish entertainment and social gatherings. Today, the tradition that began on Fifth Avenue not only continues, but inspires the next chapter of the enduring St. Regis legacy. Poised to be the premier address for connoisseurs of couture living, The St. Regis Bal Harbour Resort will carry forth the time-honored traditions of St. Regis by offering sumptuous surroundings, incomparable services and an exquisite array of amenities to compliment your glamorous South Florida lifestyle. As a Resident of this legendary address, revel in the incomparable touches, discreet St. Regis Butler Service, a Remède Spa, world-class gourmet dining, thoughtful gestures and a host of other inviting amenities.

Platinum Platinum brings the opportunity to experience sophisticated and urban living in the heart of Miami at an affordable price. Platinum, the 22-story luxurious condominium, is located between Biscayne Bay, Biscayne boulevard and NE 30th Street. The Platinum was designed by internationally recognized architectural firm Fullerton Diaz Architects and was conceived to capture the luxury of Brickell Avenue living at a still affordable price and bring it to the-up-andcoming Omni/Edgewater corridor. Each unit in Platinum features breathtaking views of Biscayne Bay and Downtown Miami. The Platinum was built to become the Jewel of the Omni/Biscayne Boulevard Corridor.

Cervera Real Estate email: phone: (305) 374-3434

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Ofer Yardeni, Joel Seiden, and the Stonehenge family proudly join in honoring Metropolis Group for their outstanding leadership promoting clean living and environmental consciousness

Sustainability at Stonehenge

We make living green easier, bringing our resident community closer together with simple solutions to an ecofriendly and holistic lifestyle. 3 •

Publisher’s Page State of mind Whether you are in a Miami or New York City state of mind, this issue provides you with a beautiful look at some of the most innovative projects to grace these two major cities. Although thousands of miles may separate these cities geographically, there is, in actuality, very little separation after all. South Florida has always served as a welcome respite from the cold, gray winters New York City offers. But, today, it is much more than that. Miami is again, hot, but perhaps even hotter than before, with higher levels of luxury being provided in developments like Marquis Residences, as their feature story presents. Surrounded by a cultural, dining and art mecca, this building towers above the rest, inviting Northeasterns to experience much more than just the cool water and sun drenched beaches surrounding it. And the benefits So. Florida provides by incorporating earth’s natural elements with cultural amenities is something NYC is also learning from. By instilling more sustainably-designed and developed residential and commercial spaces throughout, both Handel Architects and Metropolis NY are enabling its residents to benefit from a healthier way of living, and working, as well. It has therefore become increasingly clear that the distance between New York and Miami has now become much, much shorter... Lori Sokol, Ph.D. Founder & Publisher Please address all comments and questions to

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Sokol Media, Inc. FOUNDER & PUBLISHER Lori M. Sokol ART DIRECTOR Kerstin Vogdes Diehn PUBLISHING CONSULTANT James Janson CONTRIBUTING WRITER Faith Hope Consolo WEB DESIGN Design Disegno ACCOUNTING Daniel Paisner, CPA PRINTING AmericasPrinter Sokol Media, Inc. 123 Town Square Place, #427 Jersey City, NJ 07310 Ph: 201-238-2435 Fx: 201-238-2857 Copyright by Sokol Media, Inc. No part of the publication may be reproduced or transmitted in any form or by any means without prior written consent from the publisher. The publisher reserves the right to accept or reject any advertising or editorial materials. Advertisers and/or their agents assume the responsibility for all content of published advertisements and assume responsibility for any claims against the published based upon the advertisement. Editorial contributors assume any claims against the publisher based on the published work. No part of this publication may be reproduced in any form or by any electronic ormechanical means, including information storage and retrieval systems without permission in writing from the publisher. All items submitted to Sokol Media, Inc. become the sole property of Sokol Media, Inc. Editorial content may not necessarily reflect the views of the publisher. All correspondence and inquiries should be addressed to: Sokol Media, Inc., 123 Town Square Place, #427, Jersey City, NJ 07310.

Contents 4



Whether you’re in a Miami or New York City state of mind, you’re guaranteed to feel at home as this issue presents the rebounding real estate market in Southern Florida, as well as the growing green trends in NYC.


INDUSTRY NEWS The factors that are fueling real estate’s comeback.









DISTRICT FOR DESIGNERS FAITH’S FASHION FOCUS Read about the latest retail shopping trends from Faith Hope Consolo of Prudential Douglas Elliman.


NATIONAL NEWS Stop here to learn about how the national real estate market compares and contrasts with your own geographic trends.

28 • 5

South Florida / New York

Miami Pending Home Sales Rise 15 Percent Year-Over-Year


The total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County during the month of August increased 15 percent, from 2,693 to 3,087, year-over-year and decreased nine percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The number of single-family and condominium listings that pended in August increased 26.3 percent and 6.28 percent respectively compared to August 2011. “Pending sales in the Miami real estate market remain at historically strong levels, particularly when considering the current shortage of local housing inventory,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Pending sales continue to reflect strong demand compared to record sales levels in 2011. This activity is driving home prices to rise sooner and stronger than expected.”

Total Cumulative Pending Sales Total cumulative pending home sales – including singlefamily homes and condominiums - in Miami-Dade County currently are one percent above what they were a year ago, up from 11,915 to 12,222, but 1.5 percent below what they were the previous month, down from 12,210.

Pending sales of single-family homes were 10 percent above what they were a year earlier, up from 4,941 to 5,435, and 0.5 percent above the previous month, when pending single-family homes sales totaled 5,407. Pending sales of condominiums were 5.5 percent lower than they were a year earlier, down from 6,974, and 3.1 percent below what they were the previous month, down from 6,803 to 6,587. “The Miami real estate market has experienced rising demand from international buyers over the last year,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Foreign buyers have been and continue to be an instrumental factor in strengthening the Miami real estate market unlike any other in the nation. As a global city, Miami will continue to draw demand from international buyers and investors long into the future.” Nationally, the Pending Home Sales Index, a forwardlooking indicator based on contract signings, rose 2.6 percent to 99.2 in August from 101.9 in July, according to the National Association of Realtors. The index is 10.7 percent higher than the 89.6 index reported in August 2011. Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Credit:

Miami Association of Realtors, World Property Channel Create News Syndication Partnership World Property Channel (“WPC”) recently announced that the MIAMI Association of REALTORS (“MIAMI”) has signed a multi-year News Syndication marketing partnership with World Property Channel (http:// World Property Channel’s News Syndication Service provides an automated and customized online news feed service that assists individual real estate agents and broker sites and blogs locally and globally build web audiences with daily and original residential, commercial and vacation real estate news content. Annual news content license subscriptions are now available to purchase. Some of WPC’s national News Syndication customers include REMAX, LLC headquartered in Denver, Colorado, York Property Company in Orlando, Fla. and Own Realty locally here in Miami, Fla. Michael Gerrity expressed that WPC is “delighted to have the MIAMI Association of REALTORS as one of our newest real estate news syndication partners (and client) of our global real estate news network. We are very fortunate to have the

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largest local Realtor Association in the country as a WPC partner, and we look forward to helping their than 25,000 local Realtor member base to grow their own web audiences with our quality news feeds for years to come.” MIAMI Association of REALTORS’ COO and CMO Deborah Boza-Valledor stated, “We are proud to offer World Property Channel News Syndication services to our more than 25,000 members. The ability to have fresh, new and leading edge real estate news from around the world is very important to our members and more importantly, their global customers. World Property Channel now provides the opportunity for MIAMI members to have the most up-to-date global news on their own websites and blogs for their customers around the corner or around world.” Under the terms of the agreement, the MIAMI Association of REALTORS will be promoting World Property Channel’s News Syndication Services to their 25,000 local agent/broker membership base at a highly discounted price for MIAMI members only.”

Brooklyn and Queens Report Highest Sales Prices Since 2007 According to City’s Most Comprehensive Quarterly Review six percent, which can be attributed to increased sales in Manhattan, Brooklyn and the Bronx. The number of home sales in Manhattan increased seven percent since the third quarter of 2011, and five percent each in both Brooklyn and the Bronx. “The lack of forceful economic winds in either direction seemed to act as a boon for the market but given the sustained level of demand and the decline in inventory both in Manhattan and the boroughs, development of new units shouldpick up in 2013,” said Steven Spinola, REBNY president. “Based on the data, the slow, steady and consistent improvement in the market continues to provide strong evidence that the New York City residential sales market has made it

out of the woods and should only continue to improve.” According to the report, the market has been bolstered by the Federal Reserve’s announcement of a round of mortgage backed security purchases aimed to keep mortgage rates at near bottom levels. Although no individual sales breached the $50 million level, there were 26 sales over $10 million with the highest being the $40 million dollar sale of 973 Fifth Avenue. Total residential consideration for New York City this quarter was $8,620,640,237, seven percent greater than the third quarter of 2011. Total consideration in Manhattan this quarter was $5,098,648,083, five percent more than the third quarter of last year.

REBNY’s Third Quarter 2012 Residential Sales Report Highlights: Total Consideration • Brooklyn’s total consideration was $1,710,711,754, 10 percent greater than the third quarter of last year. Total consideration in Queens was $1,276,473,921, three percent greater than a year ago.


Echoing recent Manhattan residential real estate reports, New York City’s home sales market overall in the third quarter of 2012 demonstrated continued positive improvements with prices and sales volume inching up at a steady pace since the recession, according to The Real Estate Board of New York (REBNY)’s Third Quarter New York City Residential Sales Report. Brooklyn and Queens showed significant improvement with their highest average sales prices since the third quarter of 2007, at $619,000 and $411,000, respectively. Average homes sales prices citywide increased by one percent to $786,000 compared to the same time last year, while sales volume increased

South Florida / New York


Total Home Sales • Staten Island saw the greatest increase in the number of home sales since the same time last year with a 43-percent increase to 781 homes from 545 • The Bronx saw a five-percent increase in the number of home sales since 3Q2011 with 595 sales up from 568

Top Neighborhood Sales by Borough • • • • •

Manhattan – Upper West Side closed 760 sales Brooklyn – Park Slope closed 185 sales Queens – Flushing closed 336 sales Bronx - Riverdale/Fieldston closed 106 sales Staten Island – 781 closed sales total; neighborhoods not tracked individually

REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs. For the full report visit or REBNY’s exclusive home listings web site, • 7

South Florida / New York

Miami Association of Realtors Signs Reciprocal Agreement with Association of Real Estate Agents of Balneario Camboriú (Brazil) Associations Share Property Listings


The Miami Association of Realtors (MIAMI) has signed a reciprocal agreement with the Association of Real Estate Agents of Balneario Camboriú (ACIBC) that will generate business opportunities for members of both associations. The reciprocal agreement was signed on August 25th at the ACIBC Gala in commemoration of Real Estate Agent Day in Balneário Camboriú, Santa Catarina State, Brazil with more than 600 professionals and dignitaries in attendance. Later it is planned that MIAMI and ACIBC will share property listings via Proxio’s internet data exchange platform and connect professionals through Proxio Pro’s professional network. This collaboration will strengthen international exposure for both real estate markets, will enhance referral business for members of both associations, and will stimulate mutual economic growth and visibility. “MIAMI is excited to partner with ACIBC, an organization committed to serving its members in Balneario Camboriú and to expanding global opportunities,” said Teresa King Kinney, MIAMI Chief Executive Officer. “Brazil is a very strong market for Miami and South Florida, and we look forward to a very successful relationship with ACIBC that will greatly benefit our respective members and vibrant real estate markets.” According to the 2011 Miami International Buyers Report, Brazilian buyers ranked second in South Florida with 12 percent of international sales, which is nearly a 30 percent increase compared to 2010. According to the 2012 Profile of International Home Buyers in Florida, 49.2 percent of Brazilian buyers in Florida purchase in Miami-Miami Beach, while 18.6 percent buy in Fort Lauderdale. Florida is by far the leading home buying destination for foreign buyers in the U.S., accounting for 26 percent of all international sales in the nation. In Florida, Miami-Miami Beach is the top destination for international buyers, accounting for 31.3 percent of international sales in the state, followed by Fort Lauderdale with 11.6 percent.

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Kinney says the Miami and Balneario Camboriú markets share many similarities. “Balneario Camboriu is the ‘Miami Beach of Brazil’,” said Kinney. “Our markets offer exciting lifestyles, ocean front properties, and great weather, so we attract buyers looking for the same types of features and amenities.” MIAMI’s International Council has signed agreements with more than 100 foreign real estate organizations around the world - including the Russian Guild of Realtors in Moscow, Russia; Secovi-SP in Sao Paulo, Brazil; and FNAIM Paris – Ile de France in Paris, France. These agreements link MIAMI members to those of our worldwide partners and globalize the local real estate market. MIAMI’s official website is

ACIBC - Association of Real Estate Agents of Balneario Camboriú The Association of Real Estate Agents of Balneario Camboriú was founded on August 4, 1992, and is currently celebrating 20 years of service to its members and to the local real estate industry. ACIBC, which is accredited by the Regional Council of Real Estate Agents of Santa Catarina, is a nonprofit organization that brings together real estate agents in Balneario Camboriú and the surrounding region. The association is committed to: 1.


Increasing and facilitating business relationships between its members and the real estate market locally, nationally and internationally. Seeking better regulation and training in Balneario Camboriú real estate market.

The association will start constructing its own headquarters on a 5800-square-meter parcel of land at Estaleiro Beach, in October 2012. ACIBC’s official website is www. Credit:


A Quick Look

Where we are from 2009: Taking a look back to 2009, studio apartments increased an average of 16%, $397. One

Last year: September 2011 rents increased slightly from August 2011, as was the case this year. Year over year analysis shows an average increase of 7.2 % for studios, 2.4% for one-bedrooms, and 5% for two-bedrooms. Studios vs. One-Bedrooms: Both in the doorman and non-doorman units studio units are significantly more affordable than one-bedrooms. Non-doorman studio units averaged out to $717 less than a non-doorman onebedroom. Doorman studios are an average of $1,222 less than doorman one-bedrooms. Even though the studios are smaller and rents are on the rise, renters can still find a wonderful studio apartment in the big apple.

Greatest Changes Since May • • • • • •

Non-doorman studios - Tribeca: Up 13.1% ($542) Non-doorman one-bedrooms - Financial District: Up 4.8% ($155) Non-doorman two-bedrooms - Gramercy: Up 2.8% ($123) Doorman studios - Chelsea: Up 5.9% ($173) Doorman one-bedrooms - Upper West Side: Up 2.9% ($105) Doorman two-bedrooms - Lower East Side: Up 1.8% ($96)


Over this past summer, Manhattan saw record breaking rents as the rents surpassed pre-recession numbers in some neighborhoods. While rents only increased an average of .9% across studios, one- bedrooms, and twobedrooms from August to September, this increase represents that the Manhattan market is still strong. Studio apartments had the largest average percentage increase this month, 1.2%, $25. Although these increases are minimal, the observant renter will notice some very interesting highlights about the market. Tribeca had the largest change in rents from the prior month. Most noteworthy are the nondoorman studios which increased 13.1%, $542 from July. This is due in large to a lack of inventory for studio apartments in Tribeca. Throughout Manhattan the inventory has remained low. Since July, inventory has decreased by 5.8%, another contributing factor to the strong market. The Upper East Side, Upper West Side and Soho had the most change in inventory from August, making up 50% of the 1.5% decrease from August to September. Comparing the rents from September 2010, non-doorman rents are up an average of 13% while doorman units rose 11%. The two bedrooms had the highest increase in both nondoorman and doorman units. Nondoorman 2bdr's increased 19%, $826, while doorman 2bdr's increased 12%, $731.

bedroom units also increased 16%, up $548. The two bedrooms had the largest increase, only a percentage higher, up 17%, $872.

South Florida / New York


Our Experience Runs 43 Years Deep and Thousands of Miles Wide

Marquis Residences

Epic Residences

Cervera is The Developer’s Choice

Grove at Grand Bay


Ocean House

St. Regis Bal Harbour

Offices: Brickell | Brickell Key | Coconut Grove | Coral Gables | Downtown Miami | Key Biscayne South Beach | Kendall | Hallandale | West Palm Beach | Ft. Myers Corporate Office 1492 South Miami Ave., Miami, FL 33130 | Sales, Leasing, Management and Commercial 305.374.3434 | | | Licensed Real Estate Broker | Photo by Robin Hill • 9

South Florida / New York

Miami Home Prices, Sales Continue to Strengthen, Housing Inventory Shortage a Reality


Miami home prices rose again in August, marking nine consecutive months of appreciation, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of Miami-Dade condominiums, which has increased each of the last 14 months, increased 28.4 percent to $146,500 compared to a year earlier. The median sales price of single-family homes rose 10.8 percent to $195,000. “Despite the shortage of housing inventory, Miami home sales remain strong and continue to drive significant price appreciation,” said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. “There is evident demand for Miami properties, particularly from foreign buyers and investors who recognize Miami’s desirability and profitability. Miami remains the top market for foreign buyers in the nation, and local international activity continues to grow.” In August the average sales price for condominiums in Miami-Dade County increased 20.9 percent to $283,497. The average sales prices for single-family homes increased 28.4 percent to $408,810.

Florida Statewide Home Prices Statewide median sales prices in August increased 5.8 percent to $147,000 for single-family homes and 13.2 percent to $102,980 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $187,400 in August, a 9.5 percent increase from August 2011, according to the National Association of Realtors (NAR).

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Miami Home Sales Rise Again in August Total residential sales in MiamiDade County increased 7.0 percent compared to a year earlier, compared to record sales levels in August 2011. The sales of existing condominiums in Miami-Dade increased 8.0 percent, from 1,382 to 1,492. Sales of singlefamily homes increased 5.0 percent, from 1,009 to 1,059, year-over-year. Statewide sales of existing singlefamily homes totaled 18,669 in August 2012, up 10.8 percent compared to a year ago. Statewide condominium sales totaled 8,767, up 5.7 percent from those sold in August 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and coops increased 7.8 percent from July and were 9.3 percent higher than they were in August 2011, according NAR. “Miami is experiencing a mini-boom fueled mostly by demand from international buyers but also by population growth resulting from migration from other states, baby boomers, and local consumers,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami’s firm position as a major global city is expected to continue to draw demand long into the future, as businesses, residents, visitors and tourists, investors, and vacation and second homebuyers take advantage of all that our vibrant and unique city has to offer.”

Shortage of Housing Inventory in Miami-Dade Over the last year, the inventory of residential listings in Miami-Dade County has dropped 26 percent from 15,405 to 11,431. Compared to the previous month, the total inventory of homes decreased 0.2 percent. Currently, there are 4.2 months of supply in Miami-Dade. Total housing inventory nationally increased 2.9 percent

at the end of August and was 18.2 percent below year-ago levels, which represents an 8.2-month supply at the current sales pace.

Distressed Sales Decrease Strong demand for bank-owned (REO) properties and improved processing of short sales continues to yield absorption of distressed listings and to contribute to price appreciation. In August, 45.8 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 56 percent in August 2011 and 47 percent the previous month. Nationally, distressed sales accounted for 22 percent of August sales.

Cash Sales Reflect Strong International Presence In Miami-Dade County, 64 percent of total closed sales in August were all-cash sales, compared to 62 percent in August 2011 and 64 percent the previous month. Cash sales accounted for 45 percent of single-family and 78 percent of condominium closings. Nearly 90 percent of foreign buyers in Florida purchase properties all cash. Reflecting the stronger presence of international buyers in the Miami real estate market, all-cash sales nationally were unchanged from the previous month at 27 percent of transactions in August; they were 29 percent in August 2011. Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.


Percentage of Residential New Listings by Property Type YTD




Percentage of Residential Active Listings by Property Type YTD

South Florida / New York


Real Property information used to create these statistical reports is maintained and compiled by First American MLS Solutions, entered by Realtor® members participating in a shared data base by agreement. This report was compiled early September , additional sales for the month of August may not yet have been recorded. This information is provided as a benefit of MLS participation at RAGFL and is believed accurate but not warranted. • 11

10 0

Days on Market by Property Type

102 100 98 96 94


92 90


88 LY






South Florida / New York


Average Sales Price by Property Type $306,894

$350,000 $300,000


$250,000 $200,000 $150,000 $100,000 $50,000 H IL T CN DO CO OP V



Real Property information used to create these statistical reports is maintained and compiled by First American MLS Solutions, entered by Realtor® members participating in a shared data base by agreement. This report was compiled early September , additional sales for the month of August may not yet have been recorded. This information is provided as a benefit of MLS participation at RAGFL and is believed accurate but not warranted.

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250 200 150


50 0 G



243 138

249 157 2012



2012 MAR

266 182

263 187










295 187

282 183

271 172

270 167

263 171

273 171

282 193

327 220

301 198

0 0

0 0

0 0

0 0

(in $1,000's)



















261 155

287 179

285 186

(in $1,000's) 308 186

325 211

315 226

329 209



South Florida / New York


Real Property information used to create these statistical reports is maintained and compiled by First American MLS Solutions, entered by Realtor® members participating in a shared data base by agreement. This report was compiled early September , additional sales for the month of August may not yet have been recorded. This information is provided as a benefit of MLS participation at RAGFL and is believed accurate but not warranted. • 13

South Florida / New York


VA 2%

FHA 22% C A SH 43%


C ON V 3 1%

*Terms representing less than 1% of data not included in chart above. Assumption Cash Conventional Exchange FHA Leased Other Terms See Remarks Purchase Money Mortgage Seller Financing VA

0.0% 43.0% 30.5% 0.0% 22.2% 0.0% 1.6% 0.2% 0.3% 2.1%

Real Property information used to create these statistical reports is maintained and compiled by First American MLS Solutions, entered by RealtorÂŽ members participating in a shared data base by agreement. This report was compiled early September , additional sales for the month of August may not yet have been recorded. This information is provided as a benefit of MLS participation at RAGFL and is believed accurate but not warranted.

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Metropolis Group Inc.













W W W. S W E E T C O N S T R U C T I O N . C O M 15 •

Marquis R D

owntown Miami’s tallest, most arresting residential building, Marquis Residences has attracted highend buyers and celebrities since its debut in 2009. The building’s success, built upon Marquis’s coveted location and luxurious, thoughtfully designed homes, is not at all surprising to AfricaIsrael USA (AFI-USA), the property’s developer. “When we first surveyed the landscape of Miami, our intuition led us to the site that is now home to the 67-story gleaming tower that is Marquis Residences,” says Tamir Kazaz, CEO of AFI-USA.

Top left: Gourmet kitchens inside Marquis Residences Sky Townhomes feature Viking stainless steel appliances and finishes including exotic natural wood, teak or Zebrano cabinetry. Right: Relax on the patio while taking in the scintillating views for Downtown Miami from Marquis Residences Sky Townhomes.


R esidences Taking Miami to New Heights by Lori Sokol

Our intuition led us to this site.”

—Tamir Kazaz, CEO of Africa-Israel USA

Sparkling in the Miami skyline, Marquis Residences’ 67-story building is an enduring landmark of the Miami skyline, with its urban sculpture the “Biscayne Beacon,” a 16-story lighting fixture that crowns the tower.

Top left: Boasting floor-to-ceiling windows with supreme views overlooking the inviting swimming pool, Marquis Residences Sky Townhomes offer a unique way to live the Miami lifestyle. Bottom left: The two-bedroom, two-and-a-half bathroom, tri-level Sky Townhome overlooking Marquis’s sky pool deck and Asian-inspired gardens start at $560,000 for decorator ready units and $710,000 built-out and furnished by Artefacto.

Betting on their own prediction that Downtown Miami would soon experience a revival, the developers selected 1100 Biscayne Boulevard as home for the Marquis, a prime location with proximity to both the Wynwood Arts District and South Beach. But it’s arguably the interior of the building, composed of 292-units and 14 Sky Townhomes, that tells a much more compelling story. Rare private elevator entry, enabling residents to maintain a low profile in a relatively small-scale condominium, and access to a host of luxury hotel services, courtesy of the property’s association with the fivestar Casa Moderna (whose 56 rooms occupy the first 14 floors of the tower), help complete the picture. Homeowners enjoy concierge, security, valet, housekeeping and room service from the hotel’s chic 18 •

and top-reviewed Amuse Restaurant & Lounge, which resides at street level in the Marquis. These amenities, along with an 8,000-square-foot spa and fitness center overlooking the Biscayne Bay, private balconies and a 14th floor sky pool offering stunning views of the sprawling city below, combine to provide an incomparable living experience. In recognition of the architectural and design accomplishments, Marquis was honored with the prestigious Americas Property Award in the Residential HighRise Development category at the 17th annual International Property Awards in 2011.

Nearly Sold Out

It should also come as no surprise, of course, that the building is nearly sold out. In fact, all that now remains available are a handful

of spectacular Penthouse Loft-style units and the Sky Townhomes. “These Sky Townhomes at Marquis are a unique opportunity for buyers, as homes like these are not typically seen in high-rise condos,” says Wendy Marks Pine of Cervera Real Estate and the Sales Director at Marquis Residences. “The supreme privacy, breathtaking views and impeccably styled interiors are the perfect combination for these homes to sell quickly,” she adds. A full 60 percent of Marquis homeowners are foreign, a great many of which hail from Brazil but include buyers from Italy, Singapore and France. Although Brazilians are increasingly buying up properties throughout South Florida, Marquis is uniquely attractive because of its relatively small scale of only 292 units, compared to nearby properties which house as many as

Furnished by Artefacto, this Marquis Penthouse features contemporary pieces in warm whites accented by chic greys and pops of color throughout.

“These Sky Townhomes at Marquis are a unique opportunity for buyers, as homes like these are not typically seen in high rise condos.”

— Wendy Marks Pine, Sales Director at Marquis Residences

1,800 condominiums in one development. More specifically, these glamorous twobedroom, two-and-a-half bathroom, trilevel Sky Townhomes – located on the 14th floor overlooking Marquis’s sky pool deck and Asian-inspired gardens – feature private and direct access to the parking garage and buyers have the option to purchase a home furnished exclusively by the internationallyacclaimed design specialists at Artefacto. Led by CEO Paulo Bacchi, Artefacto’s team can masterfully create interiors for the homes, fashioning a contemporary aesthetic that flatters the Arquitectonica-designed building. Marquis has a long-standing and fruitful partnership with the celebrated Brazilian design firm, which created several model units at Marquis, each of which sold upon completion.

Additionally, the Sky Townhomes feature elegantly distinguished European gourmet kitchens furnished with Viking stainless steel appliances, and luxurious bathrooms styled with exclusive Sand Studio master baths and Duravit Starck water closets, bidets and double sinks. And with prices starting at just $560,000 for decorator ready units and $710,000 for those built-out and furnished by Artefacto, the project appeals to buyers who could not previously imagine affording such an ultra-luxury lifestyle.

Innovative Appeal

The appeal of Marquis reaches far beyond America’s shores in still another, more creative way. In April 2012, the developer added a Livestream camera to the building that provided the best views of the Magic

City, real-time footage featuring audio clips, stills, text and video updates. The camera even allowed for a prime view of close-toshore events like the Volvo Ocean Race, the world’s longest and most challenging professional sailing race, which docked in Miami on May 6, 2012. The grueling competition spanned nine months and included 66 sailors – 11 aboard each yacht – who traversed 39,270 nautical miles across four oceans and five continents en route to the finishing point in Ireland. Marquis was able to transmit a continuous live feed of the in-port portion of the race. “The ethos at Marquis Residences is centered on innovation and this venture further testifies to our penchant for excellence,” said Lori Ordover, managing member of the Ordover Group, consultants to AFI-USA. “Our Livestream camera provided • 19

Left: The 14th-floor sky pool deck with Asian-inspired gardens, cabanas and juice bar Marquis Residences. Right: Marquis Residents take in the breathing taking nighttime views of the Magic City from the comfort on their homes.

lating 180-degree views of the world-class yachts, while interactive features allowed our audience to partake in all the in-port action from the comfort of their homes.” Viewers from around the world logged on to the building’s Livestream camera to watch the stars appear over Biscayne Bay, look on as crowds flock to iconic Miami Beach and even take note of construction progress at the new Museum of Science. “Buyers who want an up-close view of downtown Miami’s arts and entertainment district, but can’t plan a visit anytime soon, can use the Livestream camera for virtual sightseeing,” says Pine of Cervera Real Estate. “This new addition to Marquis Residences promises to infuse the property with even greater global appeal.” Closer to home, Marquis Residences recently hosted artists of the Metamoto Dance Forum, in town for performances at the New World Center, throughout the duration of their visit. Located steps from the preeminent Adrienne Arsht Center for Performing Arts; Museum Park; Miami Art Museum; Gusman Center for Performing Arts; and American Airlines Arena, home of the Miami Heat, Marquis is at the center of Miami’s vibrant cultural life and offered to house the Metamoto company in Casa Moderna, the boutique hotel within Marquis. A recipient of the AAA Four Diamond Hotel Rating, one of the most prestigious awards in the hotel industry, Casa Moderna embodies what discerning domestic and international travelers look for in Miami – unparalleled personal service, stunning views of Biscayne Bay and a location at the very heart of the city’s arts and entertainment district. The hotel boasts a newly upgraded spa and fitness center (Spa Moderna), providing six lavish treatment rooms and two private couples’ suites. The spa also offers 20 •

“The ethos at Marquis

Residences is centered on innovation.”

— Lori Ordover, managing member of the Ordover Group, consultants to AFI-USA a full menu of skincare and nail services, massage and custom body treatments, including hydrotherapy, and a Vichy shower.

Just the Beginning

As the building approaches sold-out status, Marquis encourages its residents to view the mark as merely the beginning. “This outstanding achievement is ample proof that buyers recognize the exceptional nature of what is provided at Marquis Residences,” Ordover says. “With scintillating views of Biscayne Bay, extraordinary details and finishes and a location that is just footsteps from the epicenter of Miami’s arts and culture scene, it’s no wonder that Marquis is nearing this remarkable milestone.”

Congratulations to our good friend Frank Fortino and everyone at Metropolis Group for being featured in this month’s Green Matters Magazine Photos: Heineken, White Plains, NY | LEED Gold Certification

we engineer success. For 20 years we’ve been providing comprehensive, best-in-class engineering services that embrace architectural aesthetics, visualize projects from the client’s perspective and implement cost methodologies to deliver superior quality projects on schedule and within budget. Call or visit us online to find out more.

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116 West 32nd Street, New York, New York 10001 p. 212.643.9055 f. 212.643.0503 21 •

METROPOLIS NY Built upon a mission to be a ‘one stop shop for developers,’ Metropolis NY, under the leadership of Frank Fortino, President and CEO, has built an outstanding reputation in successfully navigating the approval and permitting process for its clients. “We are there from the beginning to ensure that all building codes are met.”

> 160 5th Avenue 22 •

> City Lights at Queens Landing, Long Island City

> The Edge, Williamsburg

Navigating the Process • 23

One need only learn about the success of a handful of Metropolis NY’s projects to immediately understand how adept this firm is at resolving any code challenge or situation. For City Lights at Queens Landing, for example, which is located at 48-02 5th Street in Long Island City, this 42-story mixed-used condominium was one of the first buildings to be built in the Queens West development. Hired to expand the public school on the lower level, Metropolis assisted in the successful filings relating to the expansion of the school and helped close out the old filings that had been abandoned by others in the past. Working through the filing and vigorous process in order to receive the Certificate of Occupancy (C of O) for City Lights, Metropolis was able to coordinate necessary parties to ensure that all aspects were accounted for in order to receive the final C of O on time. “We took a project that had no signoffs and a lot of violations and successfully completed it to secure the Certificate of Occupancy,” Frank says. At Brooklyn’s Luna Park in Coney Is-

> City Lights at Queens Landing, Long Island City

24 •

land, which opened in 2010, Metropolis was provided with the opportunity to consult with Zamperla USA, a worldwide supplier of amusement rides, for all of this project’s building code and zoning. As the first major amusement park developed under Mayor Bloomberg’s initiative to revitalize this neighborhood’s original district, Metropolis received all Certificates of Occupancies and PA permits (Place of Assembly) and, due to its success, is still involved in the development of other parks as well as the ongoing upgrade of Coney Island. “The new owner wanted to make Coney Island a symbol of how an older amusement park can re-spark ,” Fortino says, “and so we helped them do just that.” Located in one of the hottest Brooklyn neighborhoods, Williamsburg, The Edge rises along the water through its four highrise residential buildings, serving as a majestic structure for the vibrance of this bustling community. Requiring a new infrastructure, however, Metropolis was called on to develop the area where 5th,6th and 7th streets were extended onto the sites.

> 40 Broad Street

> Luna Park, Coney Island

“This was a particularly challenging project due to complications of navigating the departments of buildings,” says Andrew Pisani, Senior Associate. “We had to get all of the agencies together to obtain proper approvals and sign offs.” As of June 2012, Metropolis has thus far secured all of the initial approvals and has received the first of four Certificates of Occupancies. “We expect to receive the remaining three before long,” Fortino adds. “Some buildings,” Fortino says, “need a lot of tender loving care.” And this was the case with 40 Broad Street, a 31 story high-end office tower that went through a complete conversion in order to become a mix-use office building. Originally hiring two different contractors and three different expediting firms, Metropolis was ultimately hired, while bringing in a new Contractor with them. Metropolis successfully assisted with all of the filings through the DOB, secured all of the reconsiderations, and received their TCO’s on time for their Japanese restaurant on the 2nd floor to open. Since the building is an ‘L-Shape,’

opening to two different streets, and located immediately next to the NY Stock Exchange, Metropolis had to coordinate closely with the Police Department, Special Services, etc. in order to make sure all deliveries and trucks were allowed onto the site. “When taking on this project we ensured that we paid attention to it every single day,” Fortino says. “It was self-certified.” Fiterman Hall, located at 245 Greenwich Street, provided Metropolis with a uniquely critical path. Following the September 11th attacks, the building underwent a two-year asbestos abatement due to the lodging of parts of the planes and neighboring buildings during the attacks.. The original Fiterman Hall, a 15 story building, was so damaged, in fact, that the entire structure of the building needed to be recreated. “We were hired to take this project from the ground up,” Pisani says. Instrumental in assisting the two year asbestos abatement the firm was also adamant about working closely with the city agencies, such as DASNY, DOB, OT, Fire Department, and DEP to handle all of the filings, public

> The Edge, Williamsburg • 25

assemblies, fire alarms, sprinklers, foundations, etc. “There will be a fine of $36,000 per day for every day the building was not completed by deadline,” Fortino proudly recalls. “So, we finished everything a full month ahead of time.” At 160 5th Avenue, an existing building located on the south west corner of 21st Street and 5th Avenue, this building presented the challenge of being located in a landmark district. Despite the maximum floor issue, however, Metropolis was able to relocate the Fifth Avenue entrance to 23rd Street, while allowing its tenant, Club Monaco to stay in operation on the first floor. Metropolis was then able to obtain all the approvals from each agency needed, and obtain all of the permits. “We coordinated the final signoff for each trade under the base building, and obtained the base building Temporary Certificate of Occupancy,” Fortino says. “We also coordinated and achieved the approvals, permits, final signoff, letter of completion, and final signoff for all tenants.” A newly built residential building, 350 West Broadway replaced an existing two-story retail building, built on a swampy area which required it to meet specific flood zone requirements. Over a period of three years,

> 99 Washington Street

26 •

Metropolis with therefore charged with shepherding the approval process by coordinating efforts to establish the proper safety measures. For example, Metropolis assisted in creating the project zoning analysis along with SLCE Architects, the designer of the building. The firm filed the new building application with the Department of Buildings and the City Planning Commission, requesting a speedy permit to allow the inclusion of residential Class A apartments in this district, in lieu of the traditional loft dwelling. Metropolis also assisted in the process of filing for all of the following; standpipe, sprinkler, boiler, mechanical, plumbing, etc., and filed and coordinated the appeal process. Just as importantly, Metropolis wanted to ensure that the building’s demolition did not create unsafe conditions for the adjoining properties. “We are there from the beginning to address any code issues and to erect buildings without disturbing other properties,” Fortino continues, “since we are equally concerned about the surrounding neighborhoods as well as the buildings were are developing.” It is for these reasons that Metropolis continues to serve as the onestop-shop for any building developer or owner to realize the successful completion of their projects.

> Fiterman Hall

Tri-Star Construction Congratulates Our Dear Friend Frank Fortino & The Metropolis Group For Its Outstanding Commitment to Sustainabilility Jack  Irushalmi          Sal  Bellino  

National September 11 Memorial

111 West Wacker Drive

New York City

Chicago, IL

Handel Architects

The Corner New York City

by Lori Sokol

s Where Urbanism is the Answer Built upon the foundation that ‘architecture matters,’ Handel Architects’ President, Gary Handel, believes that the ‘city is the answer for creating and increasing sustainability.’ “Urbanism is a catalyst for social change,” Handel says, “Our firm therefore focuses on the urban environment because it can provide every person with the decent quality of life they are entitled to, while using fewer resources.” An architecture, interior design, and planning firm launched in New York City in 1994, Handel Architects has since grown to include more than 125 architects, interior designers, planners and support staff in New York City, San Francisco, Hong Kong and Abu Dhabi. The firm has four other partners — Blake Middleton, Glenn Rescalvo, Frank Fusaro, and Michael Arad — directing work around the globe. With clients ranging from private developers to publicly funded organizations to institutional and not-for-profit groups, the firm has undertaken a variety of projects from mixed-use to residential, from hospitality to office, from retail to renovation. • 29

National September 11 Memorial New York City

“I see our firm as ambassadors for the green agenda.”

Gary Handel, AIA, President, Handel Architects

New York Urbanism The firm’s focus on the inherently sustainable benefits of urbanism, however, is probably best exemplified by the variety of projects the firm has undertaken in a variety of major cities. The National September 11 Memorial, completed in 2011, sits on eight acres and includes space for meditation and contemplation, centered around two reflecting pools that sit in the footprints of the original World Trade Center Towers. Lining the perimeter of each fountain is a parapet of victims’ names, arranged and inscribed according to a system of “meaningful adjacencies.” The fountains rest within a new plaza that presents carefully chosen green space that acts as a sacred ground for those coming to honor the victims, while also integrating the Memorial into the surrounding city. The pools, clad in Jet Mist granite, display the names panels which are made of bronze that have been treated with a ferric based patina. When the sun sets, the names are illuminated from within. While not LEED certified, because there is no official certification for parks, “we found many ways to make a contribution to the urban environment, including harvesting all rainwater,” Handel says. Millennium Tower Residences, completed in 2007, rises 37 stories and offers panoramic views of New York Harbor, the Statue of

30 •

Liberty, Lower Manhattan, and the Hudson River. Featuring 236 luxury condominiums with one, two, and three bedrooms, it also includes such amenities as a fitness center, kids’ club, and storage for residents. One of the first residential high-rises in New York City to be certified LEED Gold, the 428,000 Sq. Ft. building’s energy needs were reduced by 25 percent, primarily through the use of rooftop photovoltaic cells estimated to generate 27.1 kW of electricity. The tower’s water needs were further cut by 33 percent, resulting from the incorporation of a rooftop garden that captures rainwater re-used for irrigation, as well as a 2500-gallon wastewater treatment facility. Inside, the finishes are low-VOC, and the units’ air filtration systems remove 85 percent of airborne particles. “We are particularly proud of this project because its success cemented the building owners’ commitment to sustainability,” Handel says. The Corner, completed in 2009, is what Handel likes to describe as ‘one of the best performing buildings in New York City.’ “And we ensured that this building achieved LEED Silver without incurring any cost premium,” Handel says. Located on the Southwest corner of 72nd Street and Broadway, the Corner is a 20 story residential building containing 196 units in 250,000 sq. ft., which also includes 48,000 sq. ft. of retail in five floors. Its open 118-degree angle of the site allows the two glass facades to present themselves simul-

Fifth Street Farm Green Roof Robert Simon School Complex


New York City

Aire, Best New Development Award, High-Rise Category, Multi-Housing News Nove, Grand Award, EcoHome Design Awards Dream Downtown Hotel, Citation for Design, AIA New York State Dream Downtown Hotel, Top Hospitality Project of the Year, The Greater New York Construction User Council National September 11 Memorial, American Architecture Award, The Chicago Athenaeum National September 11 Memorial, Award of Excellence, AIA New York State National September 11 Memorial, Architecture Honor Award, AIA / New York Michael Arad, Partner, Presidential Citation, AIA National

“[Green] is elegant, simple and sexy.”

taneously while wrapping together to read as one continuous and wave-like facade. Paying particular attention to the sustainable benefits of incorporating a green roof, the 3,000 sq. ft. Fifth Street Farm Green Roof recently completed construction on top of the Robert Simon School Complex on the Lower East Side of Manhattan. The easily replicable system involves perching a green deck directly onto the columns below the roof, similar to the way most rooftop mechanical equipment is handled. In addition to providing the many benefits that green roofs offer — mitigating heat island effect, reducing storm water run-off and providing areas of refuge to increase natural bio-diversity — the retrofitting is also intended to allow teachers at the school to weave growing and cultivating plants into the curricula of different classes and areas of inquiry, ranging from science to art. Due to the weight of the soil, Handel Architects’ Partner Michael Arad developed a design that perches a green deck directly onto the columns below the roof, similar to the way most rooftop mechanical equipment is handled. This required ‘stubbing-up’ a select number of columns from below, as well as designing a pitch pocket waterproofing detail to wrap the base of these short columns, and building a steel framed deck to rest on the columns. The simple and standard deck construction that

rests on these columns then serves as a foundation for anything from planters to a greenhouse, resulting in a system that can be easily replicated in other buildings where the roof slabs are not designed to carry the weight of a farmable green roof.

A Move to the Midwest Sometimes the most sustainable solutions require a bit of imagination. 111 West Wacker Drive, located on the Chicago River, is Handel Architects’ conversion of a long-abandoned eyesore into Chicago’s newest architectural statement. The building was originally designed as a hotel by a separate firm, but was halted during construction due to the recession. Handel Architects worked with Related Midwest to reprogram the building to luxury residences, turning elements such as an unusually expansive lobby space to the advantage of the design. The building is on track to be certified LEED Silver, but more importantly, the decision to work with the existing structure instead of tearing it down and beginning again, illustrates the commitment by the developer to reducing the impact on the environment. The result is an exciting new tower that will mend a gap on the Chicago waterfront, completing the assemblage of one of the most powerful architectural experiences in the city. • 31

Nove Residences San Francisco, CA

Taking It West

Double glazed thermally broken windows and doors

Common open space with permeable surfaces, water efficient landscaping, and non-invasive plants

“Blind” walls on lot lines with no windows and extra insulation enhance thermal efficiency

Without incorporating a ‘whole lot of fancy stuff,’ Handel says that his firm was able to achieve LEED Platinum status for San Francisco’s Nove Residences, which employs such sustainable elements as solar thermal hot water, in-floor solar assisted radiant flooring, double glazed thermally broken windows and doors, energy star appliances, low-flow faucets and toilets, low water / drought tolerant landscaping, and maximum use of locally sourced sustainable materials. A luxury nine-unit residential development located in San Francisco’s Mission District, it is contemporary in style but harmonizes with this neighborhood of mostly three-story Victorian-era structures. “Everybody is now paying closer attention to sustainability,” Handel says, “and as a practitioner, I see our firm as ambassadors for the green agenda.” Still, the firm is passionate about learning more, and finding applications that they can introduce to the market. “We want to help people move away from the perception that green is puritanical,” Handel continues, “Instead, it is a true definition of luxury where you can do more with less. It is elegant, simple and sexy.”


Solar hot water system supplies domestic hot water and radiant heating

Light colored roof minimize solar heat gain

Cross ventilation

Natural light

Recycled materials, low-emitting materials, and local materials used where practical.

efficient appliances and water efficient plumbing fixtures used throughout. 32Energy •

National September 11 Memorial, Port Authority of New York and New Jersey, Joe Woolhead 111 W Wacker Drive, Handel Architects LLP The Corner, James D’Addio Fifth Street Farm, Fifth Street Farm Nove Residences, Bruce Damonte

Congratulations to Handel Architects LLP for being featured in this month’s Green Matters magazine

Photo: 200 West 72 nd Street, New York, NY | Awarded LEED Silver Certification

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DeSimone Consulting Engineers is a global leader providing structural engineering services worldwide. We perform analysis and design for all types of buildings at all project phases and are committed to creating a better built environment. Millennium Tower Residences

GReenMattersSepOct12_DeSimone.indd 1

9/20/2012 11:41:34 AM

Districts for DESIGNERS Faith’s Fashion Focus:

Hark I

The Herald Square

t’s the most famous retail district in the world, home to the most famous department store in the world (sorry, Harrods), and at the holidays, it’s the center of the Universe! Welcome to Herald Square, a famous shopping area that’s in the midst of an exceptional transformation as old stores are reconfiguring, and new shops turning this district into an international headquarters for style. It’s an ongoing miracle!

ABOUT HERALD SQUARE: Formed by the intersection of Broadway, the Avenue of the Americas (aka Sixth Avenue), and 34th Street, Herald Square was named for the longdefunct New York Herald newspaper, which had been headquartered there. Of architectural interest is the large clock, dating from 1895, of the Goddess Minerva. Just to the south is Greeley Square, named for rival New York Tribune publisher Horace Greeley, and dominated by a park. The two squares are operated jointly by the 34th Street Partnership, which has done much to keep the area safe and beautiful! In a more recent change, Broadway between 33rd and 35th Streets has been closed to vehicular traffic, with moveable tables, chairs, umbrellas, chess tables and more to create a piazza-like atmosphere. Mostly, however, locals think of the area as a place to shop and commute – several major subway lines converge beneath the Square, with the PATH trains to New Jersey terminate nearby. Penn Station, two blocks to the west, brings in more commuters, and visitors from around the country. Why do they come? To work, of course, but also to find an eclectic mix of retail, a growing amount of dining, and an historic hotel, among other places to stay.

SHOP HERALD SQUARE: It’s the first stop for any visitor to the area, so let’s discuss the largest department store in the United States: Macy’s world-renowned flagship, host and sponsor of the best parade in the world (I’m not biased at all, as you can see). The original Macy’s opened on Sixth Avenue and 14th Street in 1858 – this current flagship debuted in 1902. In 1931 an adjacent building (on Seventh Avenue) was acquired, and today, the store takes up the full city block, and contains more selling space than many suburban malls! And what do you do when you’re 110 years old? You embark on your first full renovation ever, to the tune of $400 million! What shoppers are getting

now in phases are the largest women’s shoe department in the world, additional selling space, a chocolate-and-champagne cafe and eventually, the original, highly ornate 34th Street By Faith Hope Consolo Chairman, Retail Leasing entrance. What hasn’t changed? Its fabulous and Sales Division holiday department, and the sheer fun of the Prudential Douglas crowds and bustle at any time of year. Elliman Manhattan Mall, two blocks south, is the former Gimbel’s building, and now is home to JC Penney and a number of mall tenants. While you can easily spend all day exploring Macy’s and Manhattan Mall, don’t neglect West 34th Street. What had been a collection of mostly local shops is now shifting into a hub for national global players, most aimed at the mid-price market. Look for the latest fashions at America’s Bebe (1 West 34th Street), and Spain’s Desigual (358 Fifth Avenue) and Mango (7 West 34th Street). Go fashion-forward at Express (7 West 34th Street) or find apparel values at Strawberry (14 West 34th, at the base of the Empire State Building). Teens and tweens flock to the latest fashion from Aeropostale (15 West 34th Street). There’s a second outpost at Manhattan Mall. Banana Republic (17 West 34th) offers that chains sophisticated style. Perfumania (20 West 34th) breaks up the fashion row, but then indulge your inner surfer at Korea’s WHO.A.U (22 West 34th). Shoe styles have clustered at Aldo (27 West 34th), Geox (29 West 34th), Timberland (28 West 34th), and Aerosoles (36 West 34th). Vince Camuto is opening shortly at 30 West 34th. In this midst of all this, one of the great newcomers is Japan’s Uniqlo, which offers affordable fashion at 31 West 34th Street. Fossil’s accessories at 38 West 34th Street are located directly across the street from Zara’s international apparel at 39, and next to American Eagle’s trendy styles for young adults at 40. Find Steve Madden’s • 35


224 West 30th Street, New York, NY 10001 Tel: 212-465 1600


footwear at 41, and Levi’s classic jeans at 45. H&M, the pioneer of fast fashion, has its outpost at 47 West 34th Street, and a second location at 435 Seventh Avenue. Forever 21 at 50 West 34th has something for everyone, from clothes to jewels. Basics are the order of the day at The Gap (60 West 34th). Fine jewelry, including Pandora’s charms, can be found Diamonds & Dials (106), one of the few remaining locals on the street. Value footwear and accessories can be found at Payless (110). Pair them with the casual and athletic wear for men and women at Billabong (112). Jocks and wannabes can pick up their shoes at FootLocker (120). Look for all things beauty at Sephora (130) and all gems beautiful at Kay Jewelers (136). Walk in comfort with Skechers (140), or indulge your technogeek with gadgets from Brookstone (142). Old Navy (150) supplies affordable jeans, pjs and more for the entire family. Glitter with jewels from Swarovski (200). DSW carries designer and better footwear at fabulous prices at 213. Joe Fresh, a new apparel entrant from Canada, is staking its claim at 215. Find all you need for a fabulous fête at Party City (223). Closer to Penn Station, value takes over. Conway (245) is a local headquarters for discount apparel. Pair the clothes with shoes from Famous Footwear (250). Kmart (250) is the neighborhood’s main discounter. Also look to some of the side streets

and avenues for mall mainstays, including: Game Stop (1282 Broadway, also at Manhattan Mall), Staples (1293) and a huge Victoria’s Secret (1328 Broadway). A little further afield, BH Photo & Video (420 9th Avenue) offers the novice and professional photographer, filmmaker and audio buff great advice and great prices on equipment.

DINE HERALD SQUARE To be blunt, Herald Square is not a district known for its fine dining – yet. While 32nd Street has become famed for its Korean restaurants, the area remains dominated by pizzerias, and fast food geared toward those wanting a quick bite before returning to shopping or to work. The restaurants focus on those attending events at nearby Madison Square Garden: try Brother Jimmy’s BBQ’s outpost at 416 8th Avenue. But more dining can be found: Tom Colicchio has opened ‘wichcraft kiosks at both Greeley and Herald Squares. Arno Ristorante (141 West 38th Street) offers lovely Italian cuisine. In the mood for comfort food? Visit Burgers & Cupcakes (458 Ninth Avenue). Authentic and amazing Korean food is the focus at Cho Dang Gol (55 West 35th Street). Fancy Irish cuisine (and pizza) can be found at Féile, 131 West 34th Street. Keens Steakhouse (72 West 36th Street), open since 1885, is the last survivor of a once-thriving theater scene in Herald Square – and still serves great meat,

including its famed mutton chop! Metro Grill, in the Hotel Metro at 45 West 35th Street, is an oasis of calm in this often-hectic area. Lucy’s Cantina at Penn Plaza is a favorite for casual dining.

STAY AT HERALD SQUARE Posh hostelries have yet to open in this district, but there are a number of budgetfriendly alternatives from our major chains. The Hilton Garden Inn (63 West 35th Street) has a great location, and tea and cookies in the lobby! Also check out the Fairfield Inn & Suites (21 West 37th Street) and the Hampton Inn New York (59 West 35th Street). the Opening any second is Hyatt Place at 52-54 West 36th Street. Dating from 1898, the landmark Radisson Martinique on Broadway (49 West 32nd Street) was recently added to the National Historic Hotel Registry, but the rooms and amenities are distinctly 21st century. Boutique hotels have opened, too: The Strand (33 West 37th Street) offers a rooftop lounge, while the Hotel Stanford (43 West 32nd Street) is family-owned and operated, with great service. The Hotel Metro (45 West 35th Street) is modern, but casual. Herald Square is an area in the midst of a major transformation – from Macy’s renovation to the remaking of West 34th Street. Visit and become a part of the story! Happy Shopping!

Congratulations Handel Architects wishing you continue success

NEW CONSTRUCTION (full design & construction services) • Review architectural drawings and specifications • Coordinate and provide wind load design analysis • Provide wall sections and select wall system • Review roofing and waterproofing system • Witness and coordinate laboratory and field tests • Provide quality control in the field and sign off punch list items • Energy analysis and comcheck for the exterior envelope EXISTING BUILDINGS (full investigation & field services) • Local Law 11 • Evaluate and investigate existing exterior wall • Evaluate existing roofing, waterproofing membrane • Coordinate and perform testing of exterior wall components • Provide comprehensive report with photos • Provide solution and recommendation for remedial work • Recladding and changing façade components • Evaluation of existing exterior wall performance

Vidaris Honors Handel’s Committment to Urbanism Vidaris is proud to continue to partner with Handel Architects on many innovative and exciting projects.

SERVICES: • • • • • • • • • • • • •

Building Envelope Consulting Sustainability Consulting Energy Efficiency Building Energy Modeling Heat Flow Analysis Commissioning / Building Testing LEED Consulting Computational Fluid Dynamics Lighting & Day Lighting Analysis Green Building Studies Roofing and Waterproofing Facade / Restoration Recladding / Overcladding

Vidaris, Inc. was formed to combine the operations of Israel Berger & Associates (IBA) and Viridian Energy & Environmental (Viridian). Vidaris is the conduit and corporate structure through which all current and future company brands and service offerings will be provided. Vidaris focuses on providing a niche marketplace for specialty consultancies in the A/E/C industry that offer outstanding consulting and monitoring services for highperformance buildings and specialty structures in all real estate market sectors. By building synergy among its’ brands, Vidaris creates additional value for its clients and provides a holistic approach to consulting services. Vidaris is headquartered in New York City. Its approximately 125 employees are located in Connecticut, New York, and Massachusetts—providing services worldwide.

• • • • • • • • • • • •

Historic Landmark Preservation Renewable Energy FISP (NYC Local Law 11/98) Code Compliance Special Inspection Specialty Structures Energy Code Progress Inspection Due Diligence Litigation Support Leak Investigation Local Law 87-09 Non-Destructive Testing




broad street deVeLoPMeNt would like to congratulate the

Metropolis Group On the company’s 25 years of success as one of the leading building consulting firms in the New York City area.




'Shadow Inventory' Continues Decline in July; Foreshadows Possible Rise in U.S. Home Prices in 2013 By Michael Gerrity, World Property Channel Figure 1: Shadow Inventory Detail (Count in Millions, Not Seasonally Adjusted)

Figure 2: Months' Supply Shadow Inventory Detail (Number of Months, Not Seasonally Adjusted)

Figure 3: Months' Supply (Number of Months, Not Seasonally Adjusted)

38 •

According to CoreLogic, the current residential shadow inventory as of July 2012 fell to 2.3 million units, representing a supply of six months. This was a 10.2 percent drop from July 2011, when shadow inventory stood at 2.6 million units, which is approximately the same level the country was experiencing in March 2009. Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been roughly offset by the equal volume of distressed (short and real estate owned) sales. CoreLogic estimates the current stock of properties in the shadow inventory, also known as pending supply, by calculating the number of properties that are seriously delinquent, in foreclosure and held as real estate owned (REO) by mortgage servicers but not currently listed on multiple listing services (MLSs). Roll rates are the transition rates of loans from one state of performance to the next. Beginning with this report, cure rates are factored in as well to capture the rise in foreclosure timelines and further enhance the accuracy of the shadow inventory analysis. Transition rates of "delinquency to foreclosure" and "foreclosure to REO" are used to identify the currently distressed non-listed properties most likely to become REO properties. Properties that are not yet delinquent but may become delinquent in the future are not included in the estimate of the current shadow inventory. Shadow inventory is typically not included in the official metrics of unsold inventory.

"Broadly speaking, the shadow inventory continued to shrink in July," said Anand Nallathambi, president and CEO of CoreLogic. "The reduction is being driven by a variety of resolution approaches. This is yet another hopeful sign that the housing market is slowly healing." "The decline in shadow inventory has recently moderated reflecting the lower outflow of distressed sales over the past year," said Mark Fleming, chief economist for CoreLogic. "While a lower outflow of distressed sales helps alleviate downward home price pressure, long foreclosure timelines in some parts of the country causes these pools of shadow inventory to remain in limbo for an extended period of time."

CoreLogic Report Highlights for July 2012 include: •

As of July 2012, shadow inventory fell to 2.3 million units or six-months' supply and represented just over three-fourths of the 2.7 million properties currently seriously delinquent, in foreclosure or in REO. Of the 2.3 million properties currently in the shadow inventory (Figures 1 and 2), 1 million units are seriously delinquent (2.9 months' supply), 900,000 are in some stage of foreclosure (2.5-months' supply) and 345,000 are already in REO (1.0-months' supply). The dollar volume of shadow inventory was $382 billion as of July 2012, down from $397 billion a year ago and $385 billion last month. Serious delinquencies, which are the main driver of the shadow inventory, declined the most from April 2012 to July 2012 in Arizona (3.2 percent), Pennsylvania (2.8 percent), New Jersey (2.3 percent), Delaware (2.2 percent) and Maine (2.2 percent). As of July 2012, Florida, California, Illinois, New York and New Jersey make up 45 percent of all distressed properties in the country.








U.S. Foreclosure Activity Dips to 5-Year Lows in September, Says RealtyTrac By Michael Gerrity, World Property Channel Based on RealtyTrac's latest U.S. Foreclosure Market Report for September and the third quarter of 2012, foreclosure filings -- default notices, scheduled auctions and bank -- were reported on 180,427 U.S. properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September's total U.S. total since July 2007. The decrease in September helped drop the third quarter foreclosure numbers to the lowest level since the fourth quarter of 2007. Foreclosure filings were reported on 531,576 U.S. properties during the quarter, a decrease of 5 percent from the second quarter and a decrease of 13 percent from the third quarter of 2011 -- the ninth consecutive quarter with an annual decrease in foreclosure activity. The report also shows one in every 248 U.S. housing units with a foreclosure filing during the quarter. "We've been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market -- at least at a national level," said Daren Blomquist, vice president at RealtyTrac. "Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year. "Meanwhile, several states where the foreclosure flow was not so dammed up last year could see a roller-coaster pattern in foreclosure activity going forward because of recent legislation or court rulings that substantively change the rules to

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properly foreclose," Blomquist added. "A backlog of delayed foreclosures will likely build up in those states as lenders adjust to the new rules, with many of those delayed foreclosures eventually hitting down the road."

Other high-level findings from the report •

The national decrease in September and the third quarter was driven mostly by sizable decreases in the non-judicial foreclosure states such as California, Georgia, Texas, Arizona and Michigan. Several judicial foreclosure states -- including Florida, Illinois, Ohio, New Jersey and New York -- continued to buck the national trend, registering substantial yearover-year increases in foreclosure activity in September and the third quarter. U.S. foreclosure starts in the third quarter decreased both from the previous quarter and a year ago, reversing a bump in foreclosure starts in the second quarter. California foreclosure starts (NOD) in September decreased 18 percent from the previous month and were down 45 percent from a year ago to a 69-month low, although the state's foreclosure rate still ranked in the top three for the month and quarter. Florida foreclosure starts (LIS) in September increased 24 percent on a year-over-year basis, the 11th consecutive month with an annual increase, and the state's foreclosure rate ranked highest nationwide for the first time since April 2005.

Non-judicial states push national numbers lower Of the 24 states where the non-judicial foreclosure process is primarily utilized, 20 reported annual decreases in foreclosure activity in the third quarter, including Nevada (71 percent decrease), Oregon (63 percent decrease), Utah (60 percent decrease), Virginia (34 percent decrease), California (29 percent decrease), Michigan (28 percent decrease), Arizona (23 percent decrease), Colorado (21 percent decrease), Georgia (20 percent decrease) and Texas (17 percent decrease). Nevada, Oregon and California have all enacted legislation within the past year adding more requirements for lenders to properly foreclose, while a Georgia Court of Appeals ruling in July of this year requires lenders to provide certain information on foreclosure notices that some lenders may not have been including previously. Washington state was one of only four non-judicial foreclosure states where foreclosure activity increased in the third quarter, up 70 percent from the previous quarter and up 15 percent from the third quarter of 2011. Washington state was one of the first non-judicial states to enact legislation impacting the foreclosure process following the so-called robo-signing controversy that came to light in October 2010. The state legislature passed a law that took effect in July 2011, requiring lenders to offer mediation to homeowners facing foreclosure.

Judicial states buck national trend Meanwhile, third quarter foreclosure activity increased on a year-over-year basis in 14 out of the 26 states with a

Foreclosure starts reverse upward trend First-time foreclosure starts, either default notices or scheduled foreclosure auctions depending on the state's foreclosure process, were filed on 284,720 U.S. properties during the third quarter, an 8 percent decrease from the second quarter and also an 8 percent decrease from the third quarter of 2011. Nationwide foreclosure starts decreased on an annual basis for the second straight month in September following three straight months of annual increases. Foreclosures were started on 87,066 U.S. properties during the month, down 12 percent from August and down 15 percent from September 2011. September foreclosure starts decreased on an annual basis in 31 states, including California (45 percent decrease), Arizona (34 percent decrease), Michigan (22 percent decrease), Georgia (21 percent decrease) and Texas (19 percent decrease). States with the biggest annual increases in foreclosure starts in September included New Jersey (424 percent increase), Pennsylvania (134 percent increase), New York (95 percent increase), Washington (60 percent increase) and Florida (24 percent increase).

Florida, Arizona, California post top state foreclosure rates in third quarter Florida foreclosure activity in the third quarter increased 14 percent from a year ago, the third consecutive quarter with an annual increase and boosting the state's foreclosure rate to highest in the nation. One in every 117 Florida housing units had a foreclosure filing in the third quarter, more than twice the national average. Florida's foreclosure rate also ranked highest in the nation in September, the first time since April 2005 that Florida has held the No. 1 spot. Florida foreclosure starts in September increased 24 percent from a year ago -- the 11th straight month with an annual increase -- and Florida bank repossessions (REO) increased 23 percent year over year -- the ninth straight month with an annual increase. Arizona REOs in September increased 2 percent from a year ago, the first year-over-year increase in Arizona REOs since November 2011, but the state's overall foreclosure activity was down on an annual basis both in September and the third quarter thanks to big drops in foreclosure starts. Despite those decreases, one in every 125 Arizona housing units had a foreclosure filing during the third quarter -- the nation's second highest state foreclosure rate. California also posted a foreclosure rate of one in every 125 housing units with a foreclosure filing in the third quarter, but the state's foreclosure rate was slightly lower than that of Arizona, ranking No. 3 among all states for the quarter. A total of 109,369 California properties had foreclosure filings during the quarter, the highest of any state but still down from the previous quarter and a year ago. California foreclosure auctions and REOs in the third quarter both increased from the previous quarter, but foreclosure starts (NODs) dropped 19 percent from the previous quarter. California foreclosure starts in Septem-

ber dropped to their lowest level since December 2006 -- a 69-month low. Other states with foreclosure rates ranking among the top 10 in the third quarter were Illinois (one in 126 housing units with a foreclosure filing), Georgia (one in 151), Nevada (one in 158), Ohio (one in 197), Michigan (one in 201), South Carolina (one in 215), and Colorado (one in 216).

Days to foreclose at record 382 days, legislation extends process in some states U.S. properties foreclosed in the third quarter took an average of 382 days to complete the foreclosure process, up from 378 days in the previous quarter and up from 336 days in the third quarter of 2011. It was the highest average number of days to foreclose going back to the first quarter of 2007. The average time to complete a foreclosure increased substantially from a year ago in several states where recent legislation and court rulings have extended the foreclosure process. These states included Oregon (up 62 percent to 193 days), Hawaii (up 62 percent to 662 days), Washington (up 62 percent to 248 days) and Nevada (up 42 percent to 520 days). The average time to foreclose decreased from a year ago in 15 states, including Arkansas (down 49 percent to 199 days), Michigan (down 15 percent to 226 days), Maryland (down 9 percent to 541 days), California (down 8 percent to 335 days), and New Jersey (down 4 percent to 931 days). New Jersey documented the second longest state foreclosure timeline in the third quarter behind New York, where the average time to complete a foreclosure was 1,072 days for properties foreclosed during the quarter. Florida registered the third highest state foreclosure timeline, 858 days -down slightly from 861 days in the previous quarter -- and Illinois registered the fourth highest state foreclosure timeline, 673 days.


primarily judicial foreclosure process, including New Jersey (130 percent increase), New York (53 percent increase), Indiana (36 percent increase), Pennsylvania (35 percent increase), Connecticut (34 percent increase), Illinois (31 percent increase), Maryland (28 percent increase), South Carolina (16 percent increase), North Carolina (14 percent increase), and Florida (14 percent increase). Some notable exceptions where foreclosure activity in the third quarter decreased on annual basis in judicial foreclosure states included Massachusetts (16 percent decrease) and Wisconsin (12 percent decrease). • 41

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