Residential News

Construction Begins on 126 East 57th St.

Construction has started at 126 East 57th St., a project designed by architect ODA, with interiors designed by Gabellini Sheppard. The project is being developed by owner MRR 1326 LLC, a company owned by Anand Mahindra and real estate eevelopers Rotem Rosen and Zahi Hagag.

The site spans the width of a city block from 56th to 57th Streets, with a plan to erect a 175,000-square-foot tower. Almost all units would have private outdoor terraces, pixelating the cast-in-place concrete façade with projections and recesses. The residential entrance is planned to be on 57th street, bringing residents through a copper mirrored gateway into a six-story tall atrium with views of a lushly landscaped courtyard. A gallery will lead residents to the lobby and access to the 28-story residential tower. An alternate entrance to the lobby would be through a porte cochere at 56th street for car drop off. The amenity package is planned to begin on the two sublevels, which will include an exercise room, sports court, indoor swimming pool, sauna and steam rooms. The second floor is planned to have a private lounge.

Agalli Takes on New Affordable Housing Initiative in Miami

With Miami facing a growing affordable housing crisis, locally based entrepreneur Dennis Agalli has announced plans to help struggling families in the city’s Little Haiti and Wynwood neighborhoods. The initiative comes after Miami recently announced that the city is experiencing an affordable housing crisis that is hurting middle and low-income families the most. Through this initiative, Agalli said that he plans to help preserve the neighborhood as locals struggle with rising rents.

Agalli said that the initiative will help to protect residents of Little Haiti as gentrification grips the area. Low-income families with children are the primary target of the initiative. Agalli is providing families with affordable rents at below market rate to help them stay in their homes.

Cozza Realty Group Introduces Concierge Luxury Real Estate Division and Expands to South Florida

Cozza Realty Group Inc., powered by Cozza Investment Group (CIG) with 20 years of experience, has expanded into the South Florida market with luxury projects while it continues to expand its presence along both of Florida’s coasts. CIG has built a team of 20 bilingual and diverse agents who will specialize in luxury homes throughout the Miami metro area, including Downtown Miami, Brickell, Wynwood, Coral Gables and Coconut Grove, with plans to expand to Palm Beach in the near future.

“As one of the fastest growing markets in Florida, and highly sought-after internationally, Miami is a region we have been targeting as a key component of our expansion strategy," said Brad Cozza, owner of Cozza Investment Group.

Because of Cozza’s commitment to creating the experience of purchasing a luxury property, he provides his clients with a “Ritz-Carlton” Three Steps of Service experience: a warm and sincere greeting of the client’s name, but also with champagne, caviar and local shellfish bites on deck of their company-branded boat.

Renderings by Brick Visual

Photo courtesy of PRNewswire

This initiative also helps low-income families avoid having to find housing through government programs, such as Section 8. Agalli is also working with city officials to find solutions.

Photo courtesy of PRNewswire

Housing Inventory Rises at Record-breaking Speed in July

The housing inventory recovery accelerated in July, as active listings increased at a record annual pace (+30.7%) for the third month in a row, said the realtor.com Monthly Housing Trends Report. Although buyers had options, competition remained in sellers’ favor, with listing prices near all-time highs and homes selling more quickly than pre-COVID-19.

“The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy. Our July data shows elevated mortgage rates left many buyers tightening their budgets and sellers responding with price reductions, while home shoppers who kept searching saw more available options,” said Danielle Hale, chief economist for realtor.com. “New listings declined in July, suggesting that some prospective sellers are wondering what recent market shifts mean for their plans to list. But data indicates that homeowners grappling with this decision are still in a good position in many markets, with buyer interest keeping well-priced homes selling quickly. Plus, many sellers have a substantial equity cushion to leverage, thanks to the past decade of rising prices. Whether or not they take advantage of these opportunities will be key to inventory trends moving forward."

The Ritz-Carlton NoMad Debuts

The Ritz-Carlton recently announced the opening of The Ritz-Carlton New York, NoMad. Soaring 50 stories above the North of Madison Square Park neighborhood, the newly constructed hotel and residences was developed by New York-based Flag Luxury Group.

Design teams including Rafael Viñoly Architects, Rockwell Group, Lazaro Rosa-Violan Studio, Martin Brudnizki and SUSSURUS International, delivered a bold, contemporary design that pays homage to the hotel’s location in the city’s Flower District. An art collection by curator Culture Corps and Founding Partner Yvonne Force Villareal includes local artists Pat Steir, Ross Bleckner and Donald Baechler. Seasonal floral installations throughout the hotel welcome guests.

The hotel’s 250 guestrooms include 19 suites, with an additional 16 one- and two-bedroom

United Real Estate Expands to NYC Area

United Real Estate (United) announced a partnership and the newest member of its national network, United Real Estate|Fortune, based in Great Neck, New York. The move ushers Dallas, Texas-based United into New York State and the New York City area for the first time. United is the seventh largest independent real estate operation in the United States.

The alliance equips United Real Estate|Fortune agents with proprietary technologies, marketing programs and resources provided by United’s national organization. Some resources include: 100% commission, flat-free transaction compensation, automated listings marketing and personal marketing programs, lead-generating agent websites, listings videos and a national referral network.

United Real Estate|Fortune's team provides representation for residential, commercial, multi-family, land and rental properties. They service Long Island and all five NYC boroughs. The office is also fully equipped to serve both English- and Mandarin-speaking clientele.

Photo courtesy of Ritz-Carlton

penthouse residences. The hotel’s culinary venues and in-room dining are helmed by Michelin-starred chef and global citizen José Andrés. The Bazaar by José Andrés will make its New York debut in late 2022.