Brisbane-based <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co Developments</a> has officially launched its $250million COMO apartment development in Varsity Lakes, while simultaneously commencing construction.&nbsp;

Building work is now underway at COMO following the appointment of <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a> as contractor to deliver the boutique development which will rise on a 2857 sqm site overlooking Lake Orr at 22 Lake Street.

When completed, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels located in the heart of Varsity Lakes.

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The project, which will sit alongside Bond University, will deliver a diverse array of apartment designs comprising one-, two- and three-bedroom residences that have already attracted interest from local and interstate investors as well as an array of owner occupiers looking to gain a foothold in the precinct.

Red &amp; Co, which has largely focused on the Brisbane market in recent years where it has delivered more than 500 apartments and townhouses across 26 projects, has designed COMO to combine tranquil, lakeside living with the vibrant urban convenience of the vibrant Varsity Lakes village.

“We’re thrilled to announce a start to construction of COMO in conjunction with the official launch of the project, our first for the Gold Coast,” said Red &amp; Co Director and Co-Founder David Laverty.

[smartcode_project:default project_id=135546 project_image_fid=363509]

“COMO is superbly positioned to capture the essence of the Varsity Lakes village lifestyle and its thriving café and dining precinct, while delivering a much-needed diverse supply of premium residences for the local market.

“Pre-launch inquiries have been strong among both local and interstate investors and owner-occupiers, including downsizers and upgraders who appreciate the value proposition that COMO represents.”

Prices at COMO start from $1,000,050.

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Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the COMO development incorporates an extensive range of amenities for residents including a 25-metre rooftop lap pool, sundeck, barbecue and dining areas, as well as multiple rooftop pickleball and paddleball courts, a wellness and activity centre, gym, sauna, plunge baths and landscaped gardens.

“COMO presents a rare opportunity to secure a stylish, lifestyle-focused home in one of the Gold Coast’s most sought-after neighbourhoods,” added Laverty.

“The rooftop will be the epicentre of fun for residents with an array of amenities for residents that are quite unique for a boutique project such as this, all while offering spectacular vistas across the Gold Coast as far north as Southport and south to Burleigh.”

[smartcode_project:default project_id=135546 project_image_fid=363514]

&nbsp;

Red &amp; Co has chosen the Varsity Lakes site for its proximity to top-tier schools, major shopping hubs, such as Robina Town Centre and its CBD offering, as well as key Gold Coast transport links, including Varsity Lakes Train Station.

COMO will be located just a short walk to shops, cafes and restaurants in Varsity Lakes and just a 10-minute drive to the Burleigh Heads beachfront.

With construction currently underway, Red &amp; Co anticipates COMO will be completed in 2028.

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Joel Robinson

Red & Co to launch debut Gold Coast development Como Varsity Lakes as construction commences

Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333359]

Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333362]

Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363368]

Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363369]

The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

[smartcode_project_cta:default project_id=141609]

Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

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The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

[smartcode_project:default project_id=149670 project_image_fid=360965]

Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

[smartcode_project:default project_id=149670 project_image_fid=360975]

“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

[smartcode_project_cta:default project_id=149670]

Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

[smartcode_project:default project_id=136726 project_image_fid=362014]

There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

[smartcode_project:default project_id=136726 project_image_fid=362015]

Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

[smartcode_project:default project_id=136726 project_image_fid=362020]

The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

[smartcode_project_cta:default project_id=136726]

Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

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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