Columbus International

Beloved Stephen Sondheim’s NYC Townhouse Finds a New Maestro at $7 Million

By Columbus International,1 December 2023

Stephen Sondheim‘s cherished New York City townhouse has gracefully transitioned to a new conductor, successfully hitting the market for a noteworthy $7 million. The proud new owner is a devoted Sondheim enthusiast residing in New York City, intending to transform the Midtown townhouse into their primary residence. The seven-bedroom house attracted considerable attention, receiving two compelling offers after being listed by Sondheim’s estate for $7 million in July. The Broadway maestro, celebrated for his timeless compositions, felt at home within the walls of this property for nearly six decades until his passing at the age of 91 in late 2021. Sondheim’s connection with the five-story Turtle Bay residence dates back to around 1960, following his lyrical contributions to iconic musicals like “West Side Story” in 1957 and “Gypsy” in 1959, as narrated in Pamela Hanlon’s book, “Manhattan’s Turtle Bay: Story of a Midtown Neighborhood.”

To ease the financial burden, Sondheim leased the top three floors until around 1973, a tactic detailed in the same book. Nestled in Turtle Bay Gardens, a charming ensemble of 1860s townhomes sharing a communal garden, Sondheim’s former residence has been a magnet for artistic residents over the years. Legendary actress Katharine Hepburn was a longtime neighbor, adding allure to the area. Among the unique features of the house is a music studio with a fireplace, where the maestro housed a baby grand piano. A solarium, accessible through a dramatic wooden arch, boasts original stained glass windows and a generous 30-foot terrace with a garden view. The primary suite occupies the fourth floor, while the fifth floor features a studio apartment designed for live-in staff. Celebrated for masterpieces like “Sweeney Todd” and “Into the Woods,” Sondheim’s illustrious career was adorned with an Oscar, a Pulitzer Prize, and numerous Grammy and Tony awards. It’s important to note that Sondheim also owned a residence in Roxbury, Conn., which entered the market with a listing price of $3.25 million in November. While luxury home sales in Manhattan experienced a 22.2% decline in the third quarter compared to the previous year, the median price exhibited a slight increase to $6 million, emphasizing the enduring appeal of distinctive properties, as demonstrated by the recently sold Sondheim townhouse.

Source: WSJ

Miami’s Italian Renaissance: A Cultural Infusion in the Magic City’s Lifestyle and Real Estate

By Columbus International,29 November 2023

Miami has long been celebrated as Latin America’s informal northern capital, with Latin culture deeply embedded in its vibrant atmosphere. However, the city is now witnessing a surge in admiration for Italian influences alongside its Central and South American counterparts, marking a notable shift in cultural dynamics.

In a recent Forbes article, the transformation is evident not just in language, as Spanish is no longer the sole Romance Language resonating in residents’ conversations. Italian culture is making a substantial impact on the Magic City, leaving an indelible mark on various facets of life, including hospitality, fine dining, and real estate. Prominent hospitality brands like Bulgari Hotels & Resorts have found a home in Miami, while a plethora of exquisite Italian restaurants, including renowned establishments like Carbone, Contessa, and MAMO, have become integral parts of the city’s culinary landscape. Italian design and style have also permeated into the realm of real estate developments, with luxury condominium projects such as VITA at Grove Isle and ONDA Residences boasting Italian finishes and materials. The towering 57-story luxury condominium, Missoni Baia Miami, stands as the world’s first branded residential tower from the iconic Italian fashion house, showcasing its multihued design palette and Missoni Home furniture collection. Cipriani Residences Miami, a ground-up development in the Brickell neighborhood, is another testament to the Italian influence. Developed by South Florida’s Mast Capital in collaboration with the illustrious Cipriani family, globally renowned for their restaurants and nightlife venues, this 80-story-tall residential tower will feature 397 luxury condominium units, resort-style amenities, and classic Italian cuisine. Noteworthy in this cultural renaissance is VILLA Miami, a 55-story boutique residence crafted by TERRA and One Thousand Group.

Partnering with Major Food Group (MFG), the hospitality firm behind Carbone and Contessa, VILLA Miami promises a unique residential experience. MFG will curate the tower’s lifestyle offerings, incorporating Italian design into every aspect, from dining to leisure and wellness. Ugo Colombo, CMC Group founder, emphasizes the authenticity of Italian design brought by born-and-bred Italians involved in these projects. Colombo, alongside Onda Residences co-developer Valerio Morabito and their design partners, Molteni&C and A++ Human Sustainable Architecture, aims to create timeless, quality residential developments deeply rooted in the principles of fine craftsmanship and elegant architecture. “At both ONDA and Vita, we are creating timeless, quality residential developments,” says Colombo. “We have translated what it means to live in true luxury for the modern buyer, showcasing all aspects of ‘La Dolce Vita.'” These Italian-inspired developments present Miami residents and potential buyers with a taste of the good life, eliminating the need to travel to Rome to experience La Dolce Vita. The city’s western outpost has become a cultural melting pot, where the influences of Latin America and Italy converge, offering a unique blend of lifestyles and experiences. As David Martin, CEO of Terra, affirms, “VILLA’s Italian DNA is infused throughout all aspects, from the design to programming, amenities, and services,” making it an instant point of interest for those seeking a touch of Italian elegance in the Magic City. [Source: Forbes]

Milan Real Estate Market: Slowdown in Residential Transactions in the Second Half of 2023

By Columbus International,29 November 2023

The residential property transaction performance index highlights a sudden slowdown in the Milan real estate market in the second half of 2023. The main drivers can be attributed to decreased demand compared to previous semesters, attributed to the increased difficulty for buyers in accessing credit. This is evident from the 3rd Real Estate Market Observatory 2023 by Nomisma regarding the real estate market in the Lombard capital.

In the first half of 2023, according to Nomisma, the residential market in Milan experienced a significant setback, with only 12,490 transactions compared to 15,600 in the first half of 2022 (-20%). This decline in transactions has partially affected the dynamics of prices for new and used properties, with a still present but significantly reduced growth compared to the previous semester. In the second half of 2023, prices for new and renovated homes experienced a slowdown (-0.6% on a semi-annual basis), despite an annual increase of +1.7%. The average discount percentage on the initial asking price (around 3-4%) remains stable, confirming a significant decrease compared to used properties. The sector of used properties shows a positive performance, with an increase in average prices of +1.3% on a semi-annual basis and +3.3% on an annual basis. The average selling times for used homes range from 3 to 4 months, maintaining an average discount of 8-9%.

These figures occur in a market context characterized by limited supply elasticity. Regarding rentals, the demand for rental homes in Milan continues to grow in the second half of 2023. Rental rates show a positive change (+2.9% on a semi-annual basis), with an annual increase of 4.7%. The average gross rental yield remains stable at 4.8%. On average, it takes about 2 months to complete a rental transaction, although properties with desirable features may remain on the market for only a few days. Nomisma’s survey suggests that approximately 50% of agency-managed demand is oriented towards purchase transactions, supported by a mortgage in 73% of cases. The demand pressure on the rental market is increasing due to the gradual increase in mortgage interest rates, on one hand, and the growing number of residences shifted to the short-term rental market on the other. In the first half of 2023, the transaction activity of retail offices in Milan experienced a significant year-on-year decline of around -33%, with only 430 properties exchanged in the market, compared to 652 in 2022 and 671 in 2021. In the second half of 2023, average prices continue to rise for the fourth consecutive semester, with positive changes both on a semi-annual basis (+1.2%) and on an annual basis (+2.9%), despite a negative result for properties located in business districts. Average discounts remain stable in attractive areas (9-11%) on a semi-annual basis but increase in the suburbs (14%). The average rental rates have been increasing since the first half of 2022, with an average annual growth rate of +1.2%.

The context remains stable for absorption times, both for sales (6 months) and rentals (4-5 months). The average gross annual rental yield remains almost stable at 5.1%. In the first half of 2023, the volume of retail store transactions in the Milanese market experienced a slight year-on-year decline (-2.6%). In the retail sector, the average price trend continues to rise on an annual basis (+1.8% semi-annually). The absorption speed decreases progressively for more central locations, with average selling times of 4-5 months in the city center and 6-7 months in the suburbs. The average discount on the asking price increases slightly (9.5%), remaining the lowest among major cities and the only one in single digits. In the rental sector, average rental rates increase slightly on a semi-annual basis (+1.3%). The market shows fast absorption times (3-4 months), slightly longer in the suburbs. Average gross annual yields remain almost stable at 6.7%.

Diptyque Paris Unveils Expansive Flagship Store on Madison Avenue, New York City

By Columbus International,27 November 2023

On December 1st, Diptyque Paris will reveal its new flagship store on Madison Avenue, in the heart of New York City, just in time to kick off the holiday season. With two floors and a spacious 2,100 square feet, this space is poised to become a beacon of real estate elegance. Highlighting the strategic importance of the United States as the brand’s leading global market in terms of sales, Julien Gommichon, President of the Americas for Diptyque Paris, emphasized the necessity of establishing a strategic presence with a local flagship store. The store showcases the entire range of Diptyque products, including candles, home and personal fragrances, home decorations, and bath and body products. While specific details about annual sales and brand growth were not disclosed, Gommichon revealed that 40% of Diptyque Paris sales come from the retail sector, expressing optimism that the new flagship store will become a robust revenue engine.

The National Candle Association reports that about 35% of candle sales occur during the holiday season, further underscoring the strategic opportunity of the store opening. Gommichon envisions the flagship store as a space for immersive experiences, with ample room to offer exclusive services and customization options such as engravings and stamps. He emphasized that enhanced experiences and services will be more prominent and accessible to customers in the flagship store. In addition to the extensive product offerings, the flagship store will provide additional services to enhance the customer experience. These include personal shopping, personalized education on fragrance layering, a fragrance refill station, and professional gift-wrapping services. VIP customers can even reserve a private dining room-style area to host exclusive parties and events.

The trend of luxury brands opening flagship stores in the United States has been a significant theme in 2023. Joining the ranks of renowned brands, Diptyque Paris positions itself with this expanded flagship store on Madison Avenue. The new store is twice the size of its original location on Madison Ave., which closed in May for renovations, presenting a more traditional storefront. The impact of Covid-19-related lockdowns on consumer behavior is evident in the renewed focus on home aesthetics and premium products. Diptyque Paris has seen an increase in demand for personal fragrances in the post-Covid period, constituting approximately 40% of the brand’s sales. Notably, the brand has championed non-gendered fragrances since its founding in 1961, a trend that has gained broader acceptance only in recent years.

As the holiday season approaches, Diptyque Paris is poised to capitalize on the anticipated increase in consumer spending. According to the National Retail Federation, holiday sales for 2023 are expected to increase by 3-4% year over year, reaching an impressive range between $957.3 billion and $966.6 billion, a yearly record. Jessie Dawes, Chief Marketing Officer of the Americas for Diptyque Paris, outlined the promotional strategy for the flagship store, including a city-wide out-of-home (OOH) campaign in New York City, paid social media ads, and an opening celebration scheduled for late November. The combination of strategic timing, a prime location, and an engaging shopping experience positions the Diptyque Paris flagship store to make a significant impact in the competitive real estate landscape.

Source: Glossy

Office Crisis: WeWork Files for Bankruptcy as the US Market Struggles with Space Reduction

By Columbus International,25 November 2023

Transforming the office landscape with an injection of flexibility is a challenge faced with courage. However, it is the burdensome rigidity of lease agreements with major property owners that has led WeWork, the American giant of shared office spaces, to file for bankruptcy under Chapter 11. Since the onset of the pandemic, the office market in the United States has failed to recover. A scenario of vacant square meters and declining rents, which WeWork’s case threatens to exacerbate. The leadership of WeWork assures that this situation is confined to the US and Canada market (the company has 777 locations in about 40 countries and does not affect Italy), but, as stated in the application filed by the company, it will result in the termination of over 40 lease contracts in New York alone.

According to the latest Jll Office Report Q3 – source: Sole 24 Ore – office leasing in the US has decreased by 35% since 2019, with rents falling by 6%. In September, compared to the same month in 2022, defaults on loans for office buildings tripled to around 6%. The net absorption of office spaces decreased by 1.7 million square meters in the third quarter, bringing the total loss of office space to over 4.7 million square meters in just one year. On a quarterly basis, the vacancy rate increased by 39 basis points to 21%, and in just one year, construction began on only 730,000 square meters of new office space, which, in perspective, will mean a lower supply of new and high-quality products compared to demand (with corresponding price pressure). “WeWork – as George Schultze, founder of Schultze Asset Management Llp, wrote in Forbes – is an extreme example, but there is now much concern in the commercial real estate market in general. Banks and insurance companies have financed loans to investors who used a minimal share of their own capital when interest rates were very low, expecting them to remain low for a long time. Now that short-term rates are above 5%, many investors are in trouble, and many lending institutions will take a hard hit when buildings are revalued under current market conditions.”

According to Moody’s, this will have a negative impact on cash flows and market office values, increasing negative sentiment and making refinancing more difficult in the next 12-18 months. According to Nareit (the American Association of Real Estate Investment Trusts), compared to 2015, the market value of offices in publicly traded real estate investment trusts has dropped from 14% to 4%. Although fund managers, as shown by Jll data, note that demand for prime offices, i.e., new high-end spaces (strategic locations, zero emissions, innovative materials and spaces, services such as green areas, restaurants, gyms), remains healthy, albeit subdued. Rents have also increased by an average of 4% since 2019. However, as emphasized by Nareit, these are indeed innovative but “traditional” offices: “Coworking will remain, but it will be a niche.” Perhaps. But opinions diverge here. “Post-pandemic hybrid work is prompting tenants to reduce spaces,” explains Jose Pellicer, Global Head of Investment Strategy at M&G Real Estate, “but the situation in the US is different from in Europe. In the United States, the return rate is 50%, in Europe, it’s 75%, driven by factors such as smaller homes and shorter commuting times.”

“The case of WeWork has raised questions about the future of flexible offices,” wrote Julie Whelan, Global Head of Occupier Thought Leadership at Cbre. However, our recent survey among companies using them indicates a growing demand for flexible lease agreements to meet increasingly relevant space planning scenarios. Therefore, we believe that WeWork’s difficulties are largely attributable to its business model, which tied it to long-term lease commitments made before the pandemic, while simultaneously facing significant costs in a context of sharply rising interest rates. In the latest Bloomberg Market Live Pulse survey, 65% of investors believe that the US office market will only begin to recover after hitting rock bottom; two out of three expect this recovery to occur in the second half of 2024.

Lawsuit Alleges Conspiracy to Inflate Real Estate Commissions in Manhattan

By Columbus International,20 November 2023

On Monday, a legal action was initiated, accusing the Real Estate Board of New York (REBNY), along with over two dozen brokerages and companies, of collaborating to artificially boost commissions paid to agents involved in the sale of residential real estate in Manhattan. This proposed class action against the REBNY trade group, the Corcoran Group (HOUS.N), Douglas Elliman (DOUG.N), and others, comes in the wake of an October 31 verdict by a federal jury in Missouri, awarding home sellers $1.78 billion in a parallel case against the National Association of Realtors and multiple brokerages. The potential impact of this verdict, which a judge could triple to exceed $5.3 billion, has the potential to disrupt long-standing practices mandating sellers to pay commissions to buyers’ brokers.

The National Association of Realtors (NAR) is currently facing at least two other similar proposed class actions. In the federal court lawsuit filed on Monday in Manhattan, Monty March, the plaintiff, asserted that commissions on Manhattan residential sales persist at a stable 5% to 6%, even as home prices skyrocket, reaching an average apartment price exceeding $2 million by early 2022. March argued that sellers using REBNY’s listing service should not be obligated to pay 2.5% to 3% commissions to buyers’ brokers, especially when compared to lower commissions in “fully competitive” markets such as Brooklyn, where negotiations occur separately and average around 1%. REBNY’s General Counsel, Carl Hum, stated that the group is currently reviewing the complaint with its legal team and expressed confidence that the practices and procedures of its listing service “abide by all relevant laws.”

As of now, Corcoran and Douglas Elliman have not responded to requests for comments. March claimed to have paid inflated commissions when he recently sold property on Manhattan’s Upper East Side, with property records revealing the sale of an apartment for $5.6 million in July 2022. Commencing January 1, REBNY will mandate sellers, rather than their brokers, to directly remit any commissions to buyers’ brokers, aiming to enhance “transparency and consumer confidence in the residential marketplace.” March expressed uncertainty about whether this change would lead to lower commissions or potentially cause delays in sales as buyers’ brokers negotiate with sellers. The lawsuit seeks damages for sellers of Manhattan residential property over the past four years who paid buyer brokers’ commissions under REBNY rules.

Source: Reuters

Appartamenti quartiere Financial District | New York

Financial District Resurgence: Converting Office Spaces into Homes

By Columbus International,17 November 2023

In the ongoing discussions about repurposing New York City‘s stagnant office buildings into residential spaces, it’s the Financial District that has taken the lead in this transformative endeavor on a significant scale. This trend, as reported by The New York Times, showcases a remarkable shift in the landscape of the Financial District, challenging its traditional image as a purely business-centric area. In recent years, the Financial District has seen the conversion of prominent structures into luxury apartments. Notable examples include the transformation of a 1907 office tower at 84 William Street and an Art Deco skyscraper at 1 Wall Street, the former headquarters of the Bank of New York.

This wave of change extends beyond high-rise conversions, encompassing various modifications that began decades ago with the renovation of low-rise buildings and continues today with the construction of towering glass and steel structures. The Financial District, once criticized as a deserted expanse after the bankers’ departure, has now evolved into a thriving residential enclave at the southernmost tip of Manhattan. The demographic landscape of the area has witnessed a substantial increase, with the resident count soaring from 13,700 in 1990 to the current 66,000. The boundaries of this burgeoning community stretch from Chambers Street and the Brooklyn Bridge to the north, extending to the West Side Highway on the west. Notably, even a new Whole Foods establishment has become part of this revitalized neighborhood. The transformation of the Financial District serves as a potential roadmap and a source of optimism for other neighborhoods in Lower to Midtown Manhattan grappling with a surplus of vacant offices. As companies continue to reduce office space in the aftermath of the pandemic, real estate analysts anticipate that a significant number of buildings, particularly outdated offices with inefficient layouts, may remain unattractive to most companies, necessitating alternative uses. Both Mayor Eric Adams and Governor Kathy Hochul have endorsed residential conversions as a solution to address both the office surplus and the city’s housing shortage. However, the adoption of such conversions faces challenges, given their expense and the impracticality of transforming dark, deep interiors into light-filled residences.

The Financial District’s metamorphosis traces back to two pivotal events—the migration of banks and insurance companies from Lower Manhattan to Midtown and the impact of the September 11 attack. These setbacks led to a transformation in the district’s demographics, gradually replacing suited 9-to-5 workers with families and parents pushing strollers. The compact lots in the area facilitated the conversion process, resulting in a prevalence of slender buildings with high ceilings and large windows. Since the onset of the pandemic, the neighborhood has witnessed the addition of nearly 1,500 residences in new constructions and conversions, with thousands more expected in the coming years. Among these, the largest conversion in the country involves the creation of 1,300 apartments in an office tower vacated by JPMorgan Chase in early 2021. The article also features the perspective of a resident, Cory Levy, who highlights the Financial District’s unique charm, its historical roots, and the evolving residential character that offers a distinct advantage over other neighborhoods.

The Financial District’s makeover began in the mid-1990s, driven by tax incentives for developers converting office towers into residences. This initiative resulted in a building boom, creating nearly 13,000 units by the time the incentives expired in 2006. Despite the expiration of incentives, the conversion of offices into residences continued, albeit at a slower pace. Real estate experts, such as Joey Chilelli from Vanbarton Group, anticipate that the recent challenges in the office market will likely accelerate more conversions in the Financial District, given its status as having the highest office vacancy rate in Manhattan. Vanbarton Group is actively involved in the latest conversion project, transforming 160 Water Street into 588 apartments. The high office vacancy rate in the neighborhood, now standing at nearly 27 percent, up from 11 percent before the pandemic, underscores the potential for further transformations. The article concludes by highlighting examples of former skyscrapers, including 15 Park Row, and modern office buildings that have successfully transitioned into residential spaces. The stories of residents like Ruth Cheng, who chose to stay in the Financial District for its evolving amenities, schools, and community offerings, further emphasize the neighborhood’s growing appeal.

Real Estate and Luxury. New Owner for the Historic Villa Michelangelo on the Florentine Hills

By Columbus International,15 November 2023

New Owner for the Historic Villa Michelangelo on the Florentine Hills.

Villa Michelangelo, the only building remaining intact on the hills of Florence, known to have been the residence and workplace of Michelangelo Buonarroti, has a new owner, as reported by La Repubblica.

Built between the 14th and 15th centuries, the historic residence was recently acquired for 8 million euros by a foreign investment fund. Located in the upper part of Settignano, a short distance from the heart of Florence, the villa was originally owned by the Buonarroti family. According to Michelangelo’s biographies, after his birth in Caprese, he moved to the Florentine hill, where he was nursed with “milk kneaded with marble dust,” nurturing his early passion for sculpture. The residence, spanning four levels and approximately 900 square meters, still retains its original structure, including a square internal tower used as a guardhouse. The surrounding land, featuring a small orchard and a plantation of 200 olive trees on nearly a hectare, adds further value to the property. The villa boasts a main facade with two open arched external terraces, while on the ground floor, there is an uncovered terrace with three cross-vaults with semicircular arches.

The uniqueness of this sale follows shortly after the transfer of a prestigious Boutique Hotel in Florence, which was sold for 28 million euros.

The Evolution of a Grand Playground – Unveiling the Cultural Renaissance of Miami Beach

By Columbus International,13 November 2023

Miami Beach, the sun-kissed real estate paradise on Florida’s southeastern coast, has long been synonymous with luxury, excess, and a vibrant scene. Behind its glamorous façade, however, lies a city that has undergone a fascinating series of transformations throughout its history. From its origins as a playground for the wealthy elite to social challenges and subsequent rapid ascent, Miami Beach has consistently demonstrated resilience and adaptability. Today, as the city faces new challenges, it prepares for a fresh reinvention, one that embraces cultural enrichment and redefines its very essence.

Miami Beach: A Journey Through Time
Nearly a century ago, in the roaring ’20s, Miami Beach experienced its first real estate boom. Millionaires like Harvey Firestone, J.C. Penney, and Rockwell LaGorce flocked to this three-mile stretch of paradise known as Millionaire’s Row. It was during this period that Art Deco architecture began to take shape, leaving an indelible mark on the city’s identity. The bubble burst with the onset of the Great Depression, plunging Miami Beach into a severe economic crisis. Nevertheless, the city found a way to bounce back.

Revival and Reinvention
In the ’40s and ’50s, Miami Beach witnessed a revival fueled by an influx of retirees and post-war economic boom. The construction of numerous hotels along Collins Avenue propelled the city’s tourism industry. As the ’50s approached, the so-called “Miami Beach experience” was packaged and marketed to the American middle class, losing some of its authentic charm in the process. Nevertheless, Miami Beach pressed on. The city maintained a busy schedule of events, attracting prominent artists like Sinatra’s Rat Pack and the newly discharged army man, Elvis Presley. However, with the rise of countercultural movements and shifting social attitudes, Miami Beach found itself disconnected from the evolving times. Over time, historic communities established themselves, and by the late ’70s, its decline was marked by crime and deteriorating infrastructure. Yet, as in every cycle of transformation, Miami Beach had its moment of rebirth.

Preservation and Passion
In the ’80s, the groundbreaking TV series Miami Vice entered the scene. Debuting in September 1984, it portrayed an exaggerated and glamorous version of the city, showcasing its vibrant energy and enveloping atmosphere. Miami Vice not only saved South Beach from demolition but also played a significant role in shaping Miami Beach’s image. Activists fought passionately to preserve the decaying Art Deco hotels that emerged in Miami Beach towards the end of the Depression era, providing affordable accommodations to snowbirds. Led by Barbara Capitman, these activists succeeded in getting the Art Deco District and its Tropical Deco building inventory listed on the National Register of Historic Places in 1979. This listing ensured the protection of the city’s unique architectural heritage. Additionally, artists, designers, and entrepreneurs recognized the potential of Miami Beach and flocked to the city during its ’90s renaissance. In particular, the fashion industry fell in love with Miami Beach’s dynamic atmosphere and vibrant colors, solidifying its status as a global hotspot for nightlife. During this era, Miami Beach became a magnet for celebrities seeking a subtropical vacation spot away from the spotlight. Icons like Madonna and Gianni Versace were drawn to the allure of this sensual paradise, embracing its vibrant lifestyle and contributing to its aura of mystery. The late ’90s and early 2000s marked the peak of Miami Beach’s transformation. Its reputation as a playground for the rich and famous was solidified, becoming a global hotspot for nightlife. Celebrities and jet-setters from around the world flocked to Miami Beach, attracted by the lively entertainment scene, luxury hotels, and world-renowned restaurants.

Glamour and Sophistication
Over the years, Miami Beach faced the challenge of maintaining a delicate balance. The city had to reconcile its image as a glamorous entertainment hub with the desire to cultivate a more refined and inclusive atmosphere. High rents and the departure of distinctive merchants led to vacant storefronts, especially in coveted areas like Lincoln Road. This departure of small businesses disrupted the city’s unique charm, diminishing its appeal for European and South American visitors who once sought longer vacations with more disposable income.

Cultural Renaissance
Today, Miami Beach stands at a crucial moment, ready to redefine its identity once again. The city aims to shed the reputation of a lawless spring break destination and embrace a cultural renaissance. A recent bond issuance, totaling $97.6 million, is funding improvements to cultural projects like the Miami City Ballet and the Bass Museum of Art. These bonds are secured by property taxes, which have increased in recent years due to Miami Beach’s appeal to the wealthy. The bond issuance represents a significant effort by Miami Beach to transform its image and pivot towards a cultural landscape. The city seeks to attract “cultural tourists” rather than crowds of young vacationers. Miami Beach has seen an increase in residential property values, with nearly a 125% growth in the last decade. The arrival of high-income individuals, including billionaires like Puerto Rican entrepreneur Orlando Bravo, H.I.G. Capital Co-Founder and Co-CEO Sami Mnaymneh, and hedge fund executive Ken Griffin, has led to the development of modern office buildings, new restaurants, and success in hosting international events like Art Basel. Miami Beach has always had a rich cultural base, boasting institutions like the New World Symphony and the Miami Beach Botanical Garden. The recent bond funding will build on this history, promoting the city’s arts and cultural offerings. Investments aim to create an unprecedented growth in museums, theaters, and public performance spaces, further enriching Miami Beach’s vibrant community. As Miami Beach embarks on its latest chapter, the delicate dance between growth and preservation will shape its future, a narrative that carries the potential for enchantment and cautionary tales. The city’s transformative journey serves as a compelling reminder that reinvention is a nuanced dance, requiring a delicate balance between progress and respect for its unique identity.

Valentino’s latest boutique has just landed at 654 Madison Avenue (Source: V Magazine)

By Columbus International,10 November 20239 November 2024

Valentino‘s latest boutique has just landed at 654 Madison Avenue. After introducing their innovative global retail concept in 2022, which revolves around creating distinctive spaces based on a reinterpretation of the building’s structure through various sales experiences and approaches to interior architecture, the new flagship store in Manhattan is now a pivotal destination for Valentino enthusiasts. Boasting a selling space of 1142 sqm, the new establishment is situated on the corner of Madison Avenue and 60th Street. The building spans three floors, including a basement, a ground floor, a mezzanine, and a second floor. Adorned with iconic columns and tall windows, the space is meticulously designed to provide a glimpse into the materials and architectural silhouettes that define the essence of the boutique’s interiors.

Each floor narrates a unique visual story through chromatic compositions and thoughtfully curated materials palettes, incorporating the maison’s signature red tone. Upon entering, customers are welcomed by grand double doors featuring sculptural marble handles, inspired by the work of artisans whose creations are showcased in Valentino stores worldwide. These handles, crafted in ceramic by the artist Massimiliano Pipolo, are also incorporated within the store. Visitors can explore the grand features of the building, including seven-meter-high ceilings, exposed steel columns (spanning all floors), and a rough concrete finish around the perimeter, highlighted by illuminated shelving dedicated to Valentino Garavani Accessories.

The space is intelligently divided into functional zones through bespoke elements, such as a commanding green onyx display unit at the center, and diverse materials like marble carpets and concrete on the floors that delineate specific areas and functions. Towards the rear of the store, various interpretations of the iconic Rosso Valentino are displayed, along with a dedicated area for footwear featuring floors and seating in contrasting travertine red against the luminous onyx and concrete shelving. On the second floor, the Valentino Women Ready-to-Wear collection is showcased in oversized red lacquered wardrobe structures and matching seating, complemented by chequered floors in white Botticino and black Nero Marquina marbles. La nuova boutique di Valentino è appena sbarcata al 654 di Madison Avenue

Source: V Magazine