Dubai Is World’s Highest-Performing Market in 2021; Roman Mosaic Unearthed Near London Shard

Dubai Tops List of Cities With Highest-Performing Real Estate Market in 2021

It’s a good time for luxury real estate. In the last year, the number of individuals with a net worth of more than $30 million jumped by nearly 10%, prompting one of the largest demands for high-end properties ever witnessed worldwide, cites Forbes. A new study from Knight Frank’s Prime International Residential Index, which tracks the value of home prices in 100 key markets across the world, identified just where these folks might be spending their fortunes. 

Dubai was ranked as the highest-performing real estate market in 2021, where prime real estate prices spiked a stark 44.4% in 2021, and properties priced in excess of $10 million accounted for 7% of the city’s real estate market, compared to just 2% in years prior. Moscow trailed with a 42.4% price increase in its prime real estate market, while San Diego ranked third with a 28.3% increase. Miami and the Hamptons scored fourth and fifth place, with 28.2% and 21.3% price increases in luxury real estate, respectively.

NYC’s Largest Office-to-Residential Conversion, One Wall Street, Reveals Model Residences

One Wall Street, Lower Manhattan’s landmarked 56-story tower, has debuted its first collection of model residences. In a massive undertaking led by developer Macklowe Properties, the former home to Irving Trust commercial bank, covering 1.2 million square feet, has been transformed into a 556-residence condominium tower, making it the city’s largest office-to-residential conversion ever.

The New York Post got a first look at the model residences, which provide a glimpse at some of the building’s various layouts. Each of these homes overlook Broadway and have open-concept living and dining areas. None of the model residences are currently for sale.

Due to the complexities of the conversion, the building offers more than 170 different apartment layouts, from loft-style homes to a triplex penthouse with 35-foot ceilings. Among the amenities are a coworking space, a residents-only restaurant, and a 4,000-square-foot landscaped terrace.

Sales launched in September, and 34 residences are currently for sale, priced between $990,000 for a studio and $12.75 million for a four-bedroom. It is rumored that the triplex penthouse could seek upwards of $40 million, however, Kirk Rundhaug of Compass, which leads sales and marketing at One Wall Street, said that an asking price has yet to be determined.

Sales Launch at Waterfront Boutique Condominium Alba Palm Beach From $2.5 Million 

Florida’s West Palm Beach is welcoming a new 22-story tower, developed by BGI Companies, that will offer 55 luxury residences and four townhomes, in either two- or three-story configurations. Situated directly on the Intracoastal Waterway, Alba Palm Beach consists of two- and three-bedroom residences with direct waterfront views. Sales recently launched with prices starting at $2.5 million.

The building was designed by West Palm Beach-based Spina O’Rourke + Partners and features floor-to-ceiling hurricane impact windows, Italian-designed kitchens by Italkraft, and smart home technology. Amenities at Alba Palm Beach are plentiful and include a residents-only private dock with boat slips, a covered porte cochère entry with valet parking, and electric vehicle charging stations. The building’s sixth floor is dedicated entirely to additional amenities; among them are two pools (one optimal for viewing sunrises and the other for sunsets), lounge areas, and grilling stations. Completion is anticipated in 2025.

Robert A.M. Stern Architects’ 150 East 78th Street Nears Sellout

Closings are underway at Robert A.M. Stern Architects’ 16-story Upper East Side condominium building, 150 East 78th Street. The building came to market just over a year ago, and its 25 residences have moved quickly. Just one active listing remains: a duplex penthouse seeking $16.95 million that offers five bedrooms, five bathrooms, private elevator entry, oversized arched windows, and several Juliet balconies. 

In London, Ancient Roman Mosaic Unearthed Near The Shard 

While preparing grounds for the forthcoming Liberty of Southwark redevelopment, located near The Shard, researchers from the Museum of London Archaeology discovered well-preserved mosaic panels, measuring eight meters (roughly 26 feet) long, and believed to date back to around A.D. 175 to 255, says Artnet. Archaeologists believe the mosaics could have been part of a Roman mansio, or a fancy hotel for travelers, when the area was known as Roman London, or Londinium. It is the largest Roman mosaic to be discovered in the city in more than 50 years.

The site is being redeveloped by Transport for London and property company U+I—a development arm owned by Landsec—to build a housing, shopping, and office-space complex that is planned for debut in 2024.