One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Joel Robinson

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

<img alt="Trielle at Yarra's Edge, Docklands" data-entity-type="file" data-entity-uuid="c00be724-b0f1-47c0-afed-54f829870704" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerus%20sub-penthouse.png?VersionId=Uktd61kpLSqNjwJeDFs7IaZ3xgLlDQmu" />

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

<a href="https://www.apartments.com.au/developers/jwland-development">JWLand</a>’s De Burgh, the final residential release within the Northbourne Village precinct in Lyneham, is nearing completion just as the Federal Government’s Home Guarantee Scheme prepares for its most significant expansion to date.&nbsp;

From October 2025, the scheme will allow first home buyers to enter the market with just a five per cent deposit and no lenders mortgage insurance (LMI), removing some of the most common barriers to ownership.

With <a href="https://www.apartments.com.au/new-apartments/de-burgh-at-northbourne-village-40-de-burgh-street-lyneham-act-2602">De Burgh</a> on track for residents to move in by late spring 2025, the timing creates a strong opportunity for first home buyers seeking brand-new apartments in Canberra’s sought-after Inner North.&nbsp;

[smartcode_project:default project_id=139989 project_image_fid=212888]

The project delivers 350 residences across two buildings, with layouts ranging from compact studios through to one, two, and three-bedroom apartments.

JWLand has tailored the development for long-term liveability, integrating natural light, privacy and outdoor space into each home. Ground-floor residences feature private courtyards, while upper levels benefit from generous balconies.

Kitchens are fitted with Fisher &amp; Paykel appliances, and all apartments include ducted reverse-cycle air conditioning with smartphone app control for lighting and climate.&nbsp;

Shared resident facilities include a rooftop garden, gym, lounge and parcel lockers, alongside landscaped green space within the precinct.

[smartcode_project:default project_id=139989 project_image_fid=267376]

For buyers, the expanded Home Guarantee Scheme removes income caps and introduces unlimited places, making it more accessible than ever. With most De Burgh apartments priced under $1 million, they fall well within the updated eligibility thresholds.

The policy changes provide first home buyers with greater certainty and a smoother path to finance. Combined with the quality and location of De Burgh, the expanded scheme is expected to draw a new wave of buyers to Canberra’s Inner North.

Residents will benefit from the project’s central setting, just 600 metres from the light rail and three kilometres from Canberra’s CBD. The precinct is bordered by the <a href="https://www.apartments.com.au/developments/lyneham-act-2602">Lyneham</a> wetlands and sits within easy reach of cafes, restaurants, schools and the ANU.

With completion scheduled for late 2025, De Burgh is set to be among the first major apartment projects to meet the expanded scheme head-on, offering first-time buyers a realistic pathway to ownership in one of Canberra’s most connected neighbourhoods.

[smartcode_project_cta:default project_id=139989]

JWLand’s De Burgh aligns with expanded Homebuyer Scheme, opening doors for first home buyers in Canberra’s Inner North

New York

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As Sydney’s median house price appear headed for the $1,000,000 mark and as demand for inner-city apartments is at record levels, I would like to share some recent figures reflecting the state of the Manhattan Apartment market, where some of the prices are, according to the locals approaching ‘eye watering’ levels.
But first there’s a need to explain the differences between Co-ops and Condos, with a few key points.
Co-ops
Cooperatives or co-ops are common in New York City and they account for approximately 80% of apartment stock, these buildings are owned by an apartment corporation. Individuals do not actually “own” their apartments as they would in the case of “real” property, but own “shares” in the corporation, which entitles them to a long-term “proprietary lease.” The tenant-owner pays a portion of building expenses (which can include an underlying mortgage on the entire building) determined by the number of shares held in the corporation. Share amounts are dictated by apartment size and floor level. Co-ops are similar to our company title.
Condos
Condominiums – condos are common throughout the USA, but they are a rather new concept for New York City. A condominium apartment in Manhattan is real property and more or less directly like an apartment in Australia and they are usually easier to finance with lower deposit requirements.
With that brief summary in mind, the figures I refer to are for the second quarter 2015 and according to the Elliman Report [The Elliman Report, is private (non-official) research produced by Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, and several other firms also produce these reports.] new price records were set for the average sale price, median co-op sale price, the average price per square foot for new developments, and the average price for luxury apartments, all jumped.
According to the report the average sale price for Manhattan is now a $1.87 million (AUD$2.487m*), and that’s 11.4% higher than a year ago. Of interest however is the fact that this growth is not being lead by luxury new developments, as was the case last year.
The record average and median price was set for the co-op market, and the established condo market average sale price also set a record, (with new development removed from the mix) the average, median, and price per square foot for resale condos, all set records making Manhattan apartments to quote ‘really expensive.’
Which might well be an understatement because the report puts the median sale price for all apartments at $980,000, (AUD $1.303m) which equals the second highest on record. While other published reports put the median slightly lower, at US$960,000 – $930,000, its worth keeping in mind that the current median record, US$1.025 million (AUD$1.363) was set in the pre-GFC market and peaked during the second quarter of 2008.
According to the Elliman Report the local co-op market, which is not swayed by new developments at all, saw some big price gains. The median price jumped nearly 10% from last year to US$795,000. The condo (apartment) market also set new records across the board, with the median price hitting US$1.39 million.
Compared to the first quarter, closings on new development condos sharply dropped, (keep in mind that in the USA sales including project sales are conducted very differently from our local market, auctions are rare and there is more negotiation involved with both sellers and buyers agents). Outside of the new project market, prices are transparent, when published prices are set, project prices are not published in the same way, with buyers being able to negotiate with the developer and then set a ‘closing’ price for the condo in a new project.
Currently Sydney has a lot of new apartment projects coming onto the market, while in these figures for Manhattan new projects accounted for just 8% of market transactions. Still new projects there stayed on trend and the average price per square foot set a new record, peaking at $2,011/sq. foot at approximately $22,300/sqm this is on a par with some new Sydney CBD projects and in some cases below our local price trends.
Tight Supply
Local commentators attribute these strong price gains to a lack of supply with new supply apparently ‘stalling’. Local market reports note that after bottoming out at the end of 2013, numbers expanded last year, but during the second quarter, supply only increased by a modest 1.3% over last year.
What’s also interesting is that apartments in the lower price range (below US$1 million) decreased, while those priced at $3 million or above saw steady gains. However the number of sales were down 20% compared to last year, and a lack of supply is seen as part of the reason volume dropped but the trend is still above average. According the Elliman report last year, the number of sales had spiked drastically thanks to pent-up demand that accumulated as the local economy improved after the financial collapse and things have now evened out.
Tight supply plus fewer ‘cheap apartments’ has been the perfect recipe for bidding wars, and that’s exactly what is happening. The report notes that more than half of all sales closed were at or above the asking price. The result was the highest such ratio since the financial crisis began. The Elliman report expects local price pressures will continue for the rest of the year and will eclipse 2014.
Incomes Stall Impacting Affordability
Like us there are concerns in this market over affordability and according to some comments in NYC this is crisis in the main caused by a lack of growth in incomes. The NYC Median Home Price Relative to Annual Income Ratio is now close to 7.0, whereas it used to be 5.0, the national ratio is now 3.7 years.
In Australia the figures look much worse, if you take (according to the ABS figures) average annual full-time income at $74,724 and assume, rather optimistically a house price of $650,000 then the ratio here is 8.6, well above the NYC ration. It’s no surprise then that according to figures from the International Monetary Fund (IMF) that Australia has the third highest house price-to-income ratio in the world, after Belgium, Canada comes Australia then followed by Norway and Sweden. But we are not alone and post the GFC the IMF found 14 out of 24 developed economies examined still have above-average house price-to-income ratios.
In the US, as a result stagnant wage growth, weak household formation and tight credit are the reason why according to some local commentators, like Australia the US is having a national discussion around affordable housing, with homeownership rates falling and where rental prices are rising. While low interest rates are helping to drive demand here, in the US credit terms are less favourable in part because low-doc loans have now all but gone from the market. Most lenders also require a 20% deposit and or some degree of mortgage insurance, but we need to keep in mind that while home loan interest is a tax deduction, insurance premiums are not.
The NYC – Sydney Comparison
While average and median prices might not reflect the full spectrum of any market it appears that NYC and Sydney are similar in one way. What the figures show is that the apartment market in NYC is operating at a level of intensity above the balance of the country, and that also applies to Sydney.
Sydney’s demand and prices are running ahead of most other Australian cities, and a so as a result we may be seeing a two-tire market emerging, that is with Sydney, in particular the inner-city areas very active and then other parts of Australia less so.
And it appears that our local Planning Minister Rob Stokes is fairly comfortable with this situation. Last week speaking at an industry event Minister Stokes suggested that Sydney forget comparisons with Melbourne or Brisbane, rather he expressed the view that Sydneysiders should compare their city with global leaders such as London, New York, Singapore and even Dubai and from some of the figures outlined we can see we already share some aspects between our apartment markets.
According to the minister “We have a generational opportunity to reshape Sydney and we should seize it with vigour,” adding that Sydney had to “confront the institutional and government challenges” that had crippled its progress for decades, starting with the “silo thinking of government departments and the 43 local governments” across the city.
It was very encouraging to hear Rob Stokes further encourage Sydney’s growth and international ambitions.
Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.
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Comparing New York property to the Sydney market: Peter Chittenden

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The New York Governor Andrew Cuomo has barred brokers from showing homes, as part of a sweeping ban on activities that risk spreading the coronavirus.
At a press conference Friday, Cuomo announced an executive order mandating all employees of non-essential businesses to stay home from work.
The <a href="https://esd.ny.gov/guidance-executive-order-2026" target="_blank">list of essential jobs</a> includes food delivery, doormen and some construction.
It does not include real estate brokers.
The order requires non-essential businesses reduce its in-person workforce by 75 percent by Saturday and by 100 percent by Sunday.
The Real Deal website reported when Cuomo discussed the 90-day ban on evictions, he said, “I don’t know who you think you’re going to rent an apartment to now, anyway, if you kick someone out. 
"By my mandate, you couldn’t even have your real estate agent out showing the apartment.”
Across the other side of America, parts of California’s real estate industry are grinding to a halt because of Gov. Gavin Newsom’s “stay at home” order.
An auspicious beginning of 2020 for L.A.’s top residential brokerages that included record-setting sales has ground to a halt.
The 15,000 L.A.-based realtors represented in the local Multiple Listing Service (MLS) had been hoping for the best but preparing for the worst.
But the governor’s office <a href="https://covid19.ca.gov/stay-home-except-for-essential-needs/" target="_blank">amended his emergency order</a> to designate housing construction as an “essential business” because of the state’s ongoing housing shortage.
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New York stops estate agents showing homes to buyers and renters

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Australian billionaire Anthony Pratt is in talks to buy the New York estate of Hollywood actors Catherine Zeta-Jones and Michael Douglas, according to the New York Post.
He's reported to be set to pay around $15 million for the Westchester property that Zeta-Jones and Douglas bought for around $11.25 million five years ago.
The 1895-built home in Bedford Corners has eight bedrooms, 18 bathrooms and a designer kitchen.
The amenities list is long.
There's spa facilities with two indoor pools, a gym, sauna and steam room.
There's also an outdoor pool, tennis court, a guest cottage with two apartments, a Lord &amp; Burnham greenhouse and a collector's garage.
For the horse lover there's a four stall barn, an outdoor ring, four paddocks and direct access to vast riding trails on the Bedford Riding Lanes.
The home has been renovated throughout by Zeta-Jones, who documented the transformation on Instagram with the hashtag #StyleByZeta.
Pratt is the executive chairman of Visy and Pratt Industries in the US, the world’s largest privately owned packaging and paper company.
The family has a net work of around $15 billion. 
Photo credit: NY Post 
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Anthony Pratt to buy New York home of Catherine Zeta-Jones and Michael Douglas

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The expat retail executive David Lowy has spent about $47.4 million on a condominium in New York City.
The unit, a <a href="https://www.propertyobserver.com.au/https://www.cityrealty.com/nyc/midtown-west/one57-157-west-57th-street/45511" target="_blank">penthouse at One57 at 157 West 57th Street</a>, had been owned by shell companies linked to Kolawole Akanni Aluko, a Nigerian businessman accused by the U.S. of conspiring to pay bribes to the country’s former oil minister in return for steering oil contracts to companies owned by Mr. Aluko and his partner, the Wall Street Journal reported.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/4/Lowy2.jpg" alt="">
 
One of Mr. Aluko’s lenders filed to foreclose on the property earlier this year, public records show.
Mr. Aluko’s entity bought the apartment for $50.9 million in 2014, public records also show. 
The 6,240-square-foot unit has four bedrooms and 4½ baths and sweeping views of the city and Central Park. Lowy’s purchase of the One57 penthouse is the highest paid on a foreclosure condo sale in New York City.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/4/Lowy3.jpg" alt="">
Following the deal, Lowy is now listing his apartment on a lower floor for $27 million, which he bought for $28 million in 2015, according to public records.
The 4,116-square-foot unit comprises three bedrooms and 3½ bathrooms and has been has been completely upgraded by the owner, according to the listing.
 
 
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David Lowy upgrades in New York's One57

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Beautifully designed, New York-inspired foyers are a renewed trend taking over the Sydney luxury residential apartment market.
The stark and empty ground level is now a thing of the past, with many developers now choosing to work closely alongside architects to design beautiful, art deco foyers, with New York style elements.
Nelson Dueza, director of residential at Colliers International, said New York foyers have been an extension of the building.
“New York has typically set the benchmark, with hotel and apartment foyers acting as an extension of the building where people can gather and socialise with friends."
“Now we are seeing this trend increasingly throughout Sydney, particularly in luxury apartment developments.
"Sydney architects are emulating the New York style, from the high-end finishes and decorations down to the concierge service.”
“These foyers bring style, life, amenity and prestige to the building and effectively act as people’s front of house, increasing their pride in where they live.”
One recently completed complex is 88 Alfred Street in Milsons Point (above), an apartment development by Cbus Property.
One apartment is coming back on the market through Colliers International.
Designed by architecture and interior design firm Bates Smart, the foyer of this high-end development was created to infuse a sense of glamour into the building right from the front door.
“We drew our inspiration from the grand bronze gates that are often present in historic New York hotels,” said Guy Lake, Director at Bates Smart.
“Our design translates this feature via bronze patterned screens that are complemented by the foyer’s marble flooring, custom art and refined details, including an approachable yet elegant concierge desk. The result is a sophisticated entryway that is an inviting space for residents and guests.”
Some of the other luxury, New York inspired foyers of the Sydney residential market include:
The Cove - The Rocks
Designed by renowned architect Harry Seidler and Associates, The Cove building has 45 levels and a stunning lobby with illuminated Onyx walls, a stone clad podium below designed to accommodate a health club, meeting rooms and a 25m suspended swimming pool. The Cove enjoys a perfect location, just minutes from the heart of the CBD.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/23/TheCove.jpg" alt="" style="font-size: 12.16px;"> 
The Observatory Tower Foyer - CBD
Observatory Tower’s impressive foyer provides a warm, elegant welcome. Created by award-winning international interior designer Thomas Hamel, the foyer features rich furnishings and fabrics, a stunning parquetry floor and a 24-hour concierge desk with staff ready to assist with enquiries.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/23/ObsTower.jpg" alt="">
The Archibald – Bondi Junction
Bondi Archibald’s soaring entrance foyer adds an element of grand elegance to the experience of arrival and departure. Clad in striking stone and enlivened by the reflection and ripple of water, the lobby creates an uplifting portal, with diaphanous designer lighting heightening the welcoming mood and ambience.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/23/ARCHIBALD.jpg" alt="">
 
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New trend sees New York style foyers for Sydney apartments

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The UBS Global Real Estate Bubble Index score for New York remains relatively unchanged at 0.13, which is in the fairly-valued territory.
The rebound in price growth rates has largely run out of steam, particularly at the high end, the latest update noted.
Growth rates in the second quarter halved compared to the previous year and remain below the countrywide average.
Supply expansion and the prospect of higher mortgage rates should dampen any overly optimistic price expectations in the short run, says UBS.
 <img src="/images/2016/09/28/Downside.jpg" alt="">
Real house prices in the New York metropolitan area are almost 25% lower than they were 10 years ago. In the second quarter of 2016, residential prices increased by less than 2% in inflation-adjusted terms, about half the previous year’s rise. It was the fourth consecutive year that real price growth in New York lagged the US average.
The city remains one of the most expensive and unaffordable cities in the world. A skilled-service worker from the New York area would need to work for about 11 years to buy a 60 square metre unit near the city center.
Most notably, rents are more than 50% higher in real terms than they were in 2006, making New York rents one of the highest worldwide. Consequently, the price-to-rent in Manhattan is below average compared to most other financial centres.
In Manhattan, house prices dynamics were stronger in the last couple of years than in the overall New York region, propelled by demand from global investors and a series of new luxury developments. The tide has turned, however, as the luxury market looks increasingly oversupplied.
A historically fair valuation, wage growth and low interest rates are supportive and should limit downside risk for the broader housing market, the UBS report predicts.
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Residential price uptrend stalls in New York: UBS bubble index

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Can’t find a decent two-bedroom at a price you can afford?
Ditto New Yorkers are on the search for a one-bedroom big enough to turn into two.
<a href="https://www.nytimes.com/2015/07/26/realestate/making-more-space-in-a-one-bedroom-apartment?src=me&amp;_r=0" target="_blank">The weekend New York Times</a> wrote of the trend.
<img src="/images/2015/07/27/nyt_headline.jpg" alt="">
Have a look at the prices they face outlaying now, and the purchase price escalation over the past few years.
On Saturday in Sydney 50 people attended the auction of a one-bedroom Mosman apartment, with study with unusual internal glass bifold doors, something of a dis-encouragement for any second bedroom utilisation.
<a href="https://www.belleproperty.com/buying/NSW/North-Shore-~-Lower/Mosman/Unit/2P6791-504-88-vista-street-mosman-nsw-2088" target="_blank">The 504/88 Vista Street offering</a> sold for $770,000 at $70,000 above reserve through agents Brad Rogan and Alex Brun of Belle Property Mosman.
Their sale set a building record for one-bedroom apartments by close to $80,000.
It was on the fifth floor of Nuova which sold out in 2002 in one weekend. Prices ranged then from $290,000 for a one-bedroom to $1.85 million for a penthouse.
The developer was Cienna and the architect was Allen Jack Cottier Architects. 
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