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Developers, brokerages look to lure artsy set during Art Basel

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Developers, brokerages look to lure artsy set during Art Basel
Real estate and art will merge amid performances, installations, events
Miami /
Spectrum Miami and Red Dot Art Fair 2016 (Credit: Cervera Real Estate)
Musical and dance performances, lavish parties, art-studded soirees and public installations aren t only for the art-world set during Art Basel.
During Art Week and Art Basel, developers and brokerage firms will capitalize on the well-heeled crowd descending on Miami to boost the visibility of their luxury projects. Condos are hosting parties and exhibits, brokerages are sponsoring art fairs, districts are becoming public art sites and even restaurants are getting in on the action with events geared to art lovers.
Hakanaï by Adrien M Claire B
Canvas’ developer NR Investments is hosting three days of dance, digital art and musical performances, Hakanaï by Adrien M Claire B, on the patio of the under-construction 513-unit condo building at 90 Northeast 17th Street in Miami’s Arts Entertainment District. The performances run from Wednesday through Friday.
Property Markets Group and JDS Development Group are hosting a private event with artist Antuan at the recently completed Echo Brickell, at 1451 Brickell Avenue. The Cuban artist is unveiling his “Art from Another Dimension” collection at the luxury condo tower on Tuesday. A handful of[……]

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Brooklyn’s toniest neighborhoods posted big declines in home prices in Q1

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Brooklyn s toniest neighborhoods posted big declines in home prices in Q1
A weekly feature brining you the industry’s latest intel
New York /
Homes in Bay Ridge, Brooklyn (Credit: Wikimedia Commons)
Residential
Sales | Ideal Properties
The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.
Sales | CORE
The average asking price to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figure represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.
Sales | Platinum Properties
The number of homes sold in the Financial District dropped 52 percent year-on-year in the first quarter to just 50 units. The decline was attributed to uncertainty surrounding the new tax law[……]

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