Coral Gables condominium project seeing increased buyer interest thanks to federal tax reform law

It is no secret that many New York residents are drawn to South Florida for the warm weather, lifestyle and lack of state income tax, but the federal government has given them a new reason: the recent tax reform law that caps the deduction of state and local taxes to $10,000 a year.

In response to the tax reform and strong demand from New York buyers, developer The Astor Companies successfully completed the extensive registration process to market the 227-residence Merrick Manor in New York. To protect consumers, New York requires all out-of-state developers to seek special permission to market and advertise real estate opportunities.

“We have been getting a tremendous amount of interest from people in New York, who are looking to move to Florida to avoid paying higher income taxes,” said Henry Torres, President, CEO, and Founder of Astor. “Northeasterners have just been through one of the worst winters on record, so in addition to escaping the cold and snow, they have an opportunity to escape a more expensive tax bill.”

Merrick Manor is under construction in the Merrick Park neighborhood of Coral Gables – a suburb of Miami - and slated for completion during the fourth quarter of this year, well ahead of schedule. More than 58 percent of the project is under contract, with prices for remaining units starting from $449,990 and ranging up to $2.5 million. Remaining units range from 574 square feet to more than 3,400 square feet.

“Now that we have the green light from the state, we will be able to more proactively engage buyers about Merrick Manor and all of the great things that Coral Gables has to offer,” said Ivan Ramirez, a vice president with ONE Sotheby’s International Real Estate, the exclusive residential broker for the project.

The Mediterranean, villa-style Merrick Manor was designed by prominent architecture firm, Behar Font & Partners, P.A., with Witkin Hults Design Group providing the landscape design. Interiors by Steven G. has continued a longstanding relationship with Astor by designing unit interiors at Merrick Manor.

Merrick Manor also offers 19,000 square feet of prime, Class A ground-floor retail and restaurant space marketed by the Astor Real Estate Group, led by Principal Broker Roza H. Radkiewicz.

The project is located just steps away from the luxurious retail destination Shops at Merrick Park. Project amenities include 24-hour valet parking, 24-hour front desk concierge service, a business center with computer-ready desks and multimedia screens for presentations and conference calls, a club lounge on the fourth floor, state-of-the-art fitness center and resort-style pool with barbecue areas and a community area with lounge seating.

The 5,000-square-foot Merrick Manor Sales Gallery showcases a full model one-bedroom unit with a gourmet kitchen, bathroom, living room and master bedroom designed by Interiors by Steven G.

To learn more about the residences, visit www.merrick-manor.com or contact ONE Sotheby’s at the Merrick Manor Sales Gallery at (305) 779-6870.

For commercial and retail opportunities available at Merrick Manor, contact Roza H. Radkiewicz at (305) 779-5672 or (786) 218-8322 or email roza@astorcompanies.com.

About Merrick Manor:

Merrick Manor is the premier new development in Coral Gables and is currently under construction. The 10-story, 227-residence community and its 19,000 square feet of prime ground-floor retail space is located at 301 Altara Avenue – just steps award from the fashionable Shops at Merrick Park. With a modern twist on the timeless elegance of historic Coral Gables, the “City Beautiful,” the Mediterranean villa-style residences offer a unique selection of floor plans for one to four-bedroom designer-ready residences ranging from 574 to more than 3,400 square feet. Prices for remaining units start from $449,990 and range up to $2.5 million. For more information, visit the project Sales Gallery at 4200 Laguna Street, call (305) 779-6870 or email info@merrick-manor.com.

Facebook: https://www.facebook.com/MerrickManor/

About Astor Companies:

Founded by Henry Torres in 2002, The Astor Companies is a full-service real estate development firm based in Miami. Torres launched Astor with the motivation that everyone should be able to afford a luxurious new home in an appealing location. With that in mind, Astor has been a pioneering developer throughout its 15-year history, identifying emerging and untapped Miami neighborhoods like Little Havana, The Roads and South Miami – among others. Astor’s portfolio of successful projects include Brickell Vista and InTown in Little Havana, Gateway to the Grove in Coconut Grove, Nordica in The Roads neighborhood and Valencia in South Miami. For more information, visit www.astorcompanies.com.