Ritz-Carlton Residences come to southwest Florida

Kolter Urban has announced the launch of The Ritz-Carlton Residences, Sarasota Bay, a 20-story residential tower coming to the Quay Sarasota waterfront district. Designed by SB Architects, the building will house 78 three- and four-bedroom luxury residences with 13-foot ceilings, designer-curated finishes, and expansive terraces with built-in grills. It will also offer residents a cafe, golf swing simulator room, and a waterfront gym on the first floor.

When it’s completed in late 2025 or early 2026, the Sarasota Bay project will be the 12th Ritz-Carlton branded property in Florida, following those in Estero Bay, Fort Lauderdale, Miami Beach, Coconut Grove, Orlando, Palm Beach, Pompano Beach, Sarasota, Singer Island, Sunny Isles Beach, and Tampa. “We could not be more pleased to introduce another luxury address under the legendary Ritz-Carlton brand,” Kolter Urban president Bob Vail said in a statement. Premier Sotheby’s International Realty is leading sales, with prices ranging from $3.5 million to $11 million.

11 Hoyt completed in downtown Brooklyn

Tishman Speyer is celebrating the completion of 11 Hoyt, the 57-floor Studio Gang–designed condo in Brooklyn, by sharing the first images of the building’s interiors. The 620-foot modernist tower offers 481 studio- to four-bedroom homes, many with expansive views of the New York Harbor, the Statue of Liberty, and lower Manhattan. It’s the first residential building in New York for Studio Gang, as well as for London-based architecture and design firm Michaelis Boyd, which designed the interiors. Landscape architect Hollander Design developed the outdoor amenities and the landscaping, including an almost-30,000 square-foot elevated park that surrounds the building in towering shade trees and native flowers.

“I always like to see something on a human scale, something you can respond to,” said Studio Gang principal Jeanne Gang AD in 2019, when construction topped out. “Also, because it’s a tall building, there’s an ability to create a pattern that’s more on the city’s scale.”

Corcoran Sunshine is handling sales for 11 Hoyt, where current availability ranges from $795,000 for a studio to $6,550,000 for a premium three-bedroom penthouse.

News

New York was a “choppy luxury market” in 2022

New York City’s luxury market is held fast in 2022, according to the year-in-review report from Olshan Realty. Some 1,304 contracts were signed at $4 million and above, totaling over $10.3 billion in sales. Much of that activity was in the first half of the year, with only 468 deals closed in the latter half of 2022. “We now find ourselves navigating a choppy luxury market—some stable weeks and some lousy ones,” wrote veteran realtor Donna Olshan , who prepares the report.

She advises against trying to compare this year to 2021, which saw 1,877 high-end sales, thanks to “a home-buying spree fueled by low interest rates and a bloated stock market.” But, Olshan added, 2022 falls “exactly in the middle of the pack” over the last decade. “[This year] did outperform each year from 2016 to 2020,” she wrote. “We’ll take it.”