Columbus International

Introducing E11EVEN Residences Beyond: Redefining Luxury Living in Miami

By Columbus International,26 February 2024

Nestled within the prestigious District 11 of Miami, E11EVEN Residences Beyond emerges as the epitome of opulent living, introducing a lifestyle coined as “24/11”. This visionary development, the second phase of the esteemed E11EVEN Hotel & Residences Miami project, is poised to transcend the ordinary and set new standards in Miami’s residential landscape.

With bespoke amenities empowering residents to transcend the mundane and a cadre of esteemed partners crafting immersive, entertainment-filled experiences, E11EVEN Residences Beyond promises a life of unparalleled luxury. Embark on an immersive journey into the realm of extravagance with a visit to the state-of-the-art sales gallery located at 1018 N Miami Avenue, where the essence of E11EVEN Residences Beyond comes to life through a meta-reality experience showcasing the new residential collection. At the heart of this visionary development lies the integration of holistic wellness practices, courtesy of the globally renowned wellness brand Chopra Global. Marking their inaugural residential and hotel partnership, Chopra Global brings the ancient healing traditions of Ayurveda to the towers of E11EVEN Hotel & Residences. The Chopra Spa & Studio invites residents and guests into a sanctuary of tranquility, featuring a sublime reception area designed to instill a sense of serenity. From a breathtaking indoor pool to a revolutionary somatic room offering immersive sensory experiences, the spa promises a holistic approach to well-being, complemented by yoga sessions, personalized treatments, and nutrition coaching.

Elevating the social and culinary landscape of E11EVEN Residences Beyond is The Clayton, an exclusive premium social club hailing from Chicago. Exuding an air of sophistication, The Clayton offers residents an array of curated cocktail and dining experiences, alongside private meeting spaces and secluded cigar hideaways, promising the epitome of a lavish night out. Further enriching the culinary tapestry of E11EVEN Residences Beyond is the Riviera Dining Group, renowned for its innovative hospitality concepts. Residents can indulge in a gastronomic journey at the experiential restaurant and lounge nestled within E11EVEN Hotel & Residences, or ascend to the rooftop lounge for panoramic vistas of the Downtown Miami skyline and Biscayne Bay. Beyond its luxurious amenities, E11EVEN Residences Beyond offers a realm of adventure, granting residents access to an expansive resort-style dual-level pool deck and a vibrant day club overlooking the cityscape. Sports enthusiasts can revel in the thrill of major sporting events at the casino-style sports lounge, complete with state-of-the-art amenities and a beer garden. For those seeking a seamless blend of leisure and business, E11EVEN Residences Beyond presents an array of services curated to facilitate every aspect of life. From fully staffed executive office suites to a private helipad for optimal convenience, every detail is meticulously crafted to elevate the resident experience.

Comprising studio to two-bedroom residences, the new residential collection at E11EVEN Residences Beyond epitomizes luxury living, boasting fully integrated “smart building” features, Subzero and Wolf appliances, custom ITALKRAFT Italian cabinetry, and designer-curated furnishings. The recently unveiled Speakeasy Collection adds a touch of sophistication, featuring studios with integrated modern cocktail bars stocked with premium liquors, transforming each residence into a swanky entertainment destination. Embrace a life of limitless possibilities at E11EVEN Residences Beyond, where luxury knows no bounds. With exclusive amenities and world-class partners, this visionary development epitomizes the ultimate live, work, play experience, inviting residents to embark on a journey of unrivaled sophistication and indulgence.

Photos via E11EVEN

Unveiling the Epitome of Luxury: Miami’s Starchitect-Driven Real Estate Revolution

By Columbus International,22 February 2024

In the world of luxury real estate in Miami, the mere mention of the name of a world-renowned architect can evoke prices that defy imagination. Imagine this: a penthouse spanning over 13,000 square meters ready to enter the market at a price of $150 million, equivalent to the astronomical figure of $11,000 per square meter. Welcome to The Raleigh, an illustrious Art Deco hotel currently undergoing renovation under the guidance of developer Michael Shvo, ready to unveil the epitome of opulence in collaboration with Rosewood Hotel and Residences. The allure behind these stratospheric prices? A design led by architect and visionary Peter Marino, celebrated globally for his creations. Marino and his “colleagues,” often referred to as “starchitects,” are the driving force behind many of Miami’s most coveted residential skyscrapers. Their involvement goes beyond aesthetics; it symbolizes exclusivity and prestige, elevating Miami’s already rich real estate landscape to unprecedented levels. According to some brokers, “in the Miami market, it is a true mark of credibility, of quality.” The intrinsic value associated with properties bearing the imprint of these architectural luminaries is emphasized, where ownership goes beyond mere real estate investment to embody a symbol of enduring value and sophistication. A glaring example of this phenomenon is One Thousand Museum, a beacon of architectural skill conceived by the late Zaha Hadid. The residences within this colossus have consistently commanded premium prices, with resales reaching up to $2,100 per square meter, a testament to the profound impact of alignment with a renowned architect. There is a trust instilled in buyers by the mere association with famous architects, citing the example of the St. Regis Residences by RAMSA in Brickell, where buyers have shown absolute confidence in the architect’s pedigree. To illustrate the tangible impact of the touch of a famous architect, let’s compare five upcoming towers in Miami, each crafted by the most eminent of starchitects, with their non-starchitect counterparts:

The Baccarat, a collaboration between the Related Group and GTIS Partners, boasts the design skill of Arquitectonica, a pillar in the architectural landscape of South Florida. The penthouse at The Baccarat commands a price of $21.7 million, translating to approximately $3,200 per square meter, representing a competitive advantage over non-starchitect offerings nearby.

The Shore Club, undergoing a revitalization under the transformative guidance of RAMSA, sets a new standard in luxury living. With penthouse prices kept discreet, the $6,250 per square meter for the Beach House sets an ambitious benchmark, surpassing nearby competitors.

The collaboration between Related Group and Integra Investments with RAMSA for the St. Regis Residences in Brickell embodies unparalleled luxury. Despite a 35% premium attributed to Stern’s involvement, the price of $4,500 per square meter for the upper penthouse remains competitive in the market.

The visionary project of Mast Capital and Starwood Capital Group, conceived by Rem Koolhaas’s OMA, embodies avant-garde design. The $37 million penthouse, sold at $6,500 per square meter, represents a significant premium over nearby offerings, underscoring the intrinsic value of architectural distinction.

The pinnacle of luxury finds its zenith in the legendary beachfront enclave reimagined by SHVO and designed by Peter Marino. With the crown jewel, a luxurious penthouse commanding an extraordinary price of $150 million, or $11,000 per square meter, it eclipses its competitors, embodying the pinnacle of exclusivity and luxury.

In the landscape of luxury real estate in Miami, the name behind the design is more than a mere recognition; it is a mark of unparalleled excellence and sophistication, capable of transforming residences into true works of art. As Miami continues its ascent as a global epicenter of luxury living, the influence of these visionary architects remains unparalleled, shaping the city’s skyline and redefining the very essence of luxury living.

Source: New York Post

Trump’s Lavish NYC Real Estate Portfolio Shines Despite Temporary CEO Ban

By Columbus International,20 February 202420 February 2024

For decades, Donald Trump has been a part of the majestic skyline of New York City. His name is emblazoned on some of its most iconic buildings. However, a recent ruling by a Manhattan judge threatens his real estate empire. After facing financial turbulence in the early 1990s, Trump decided to license his name as a strategy to strengthen his global presence and finances without bearing the typical risks associated with real estate development.

This tactic allowed him to enjoy substantial profits while avoiding potential liabilities. His licensing agreements have led to a vast portfolio of luxury hotels and golf courses worldwide, each bearing the Trump brand, contributing to his substantial income. However, most of these investments are concentrated in the United States, with 14 Trump-branded properties generating revenue through licensing or management agreements, as reported by The Washington Post and The New York Post.

Now, with the recent court ruling temporarily banning Trump from his role as CEO of the Trump Organization (found guilty of fraud, the New York judge revoked his business licenses – “a punishment decided after establishing that Trump defrauded banks and insurance companies by inflating the value of his assets to obtain economic advantages and better loans” writes Corriere della Sera), his grip on the real estate world faces a delicate moment, threatening to “deflate” his longstanding influence in the industry he once dominated.

$49 Million Manhattan Penthouse Contracted: One High Line Makes Waves with Major Real Estate Overhaul

By Columbus International,13 February 2024

In one of the premier real estate transactions of the year in New York City, a lavish penthouse in Manhattan with an initial asking price of $49 million has entered into a contract. Spanning approximately 7,375 square feet, this opulent penthouse, featuring five bedrooms, stands out as the largest residence within the newly constructed condominium, One High Line, situated in the vibrant Chelsea neighborhood.

Alex Witkoff, co-chief executive of the Witkoff Group, involved in the development alongside Len Blavatnik’s Access Industries, revealed this information while refraining from disclosing the final sale price. Offering panoramic views encompassing 360 degrees, the penthouse boasts approximately 4,830 square feet of outdoor space, as disclosed by Alex Witkoff. Formerly recognized as the XI, this condominium project, comprising 235 units, spans an entire city block above the renowned High Line park. Although sales commenced in 2018 under the auspices of the original developer, HFZ Capital Group, financial difficulties led to project delays. Stepping in over a year ago, Witkoff and Access Industries took over, rebranding the development as One High Line. Since August, the building has witnessed the closure of 80 units, according to a project spokesperson.

In addition to the aforementioned penthouse, another unit, with an asking price of $52 million, entered into a contract back in June but remains pending closure due to its incomplete status, as noted by the spokesperson. The developers attribute the robust sales at One High Line to the heightened demand for expansive residences and the scarcity of family-oriented apartments in downtown Manhattan. In 2023 alone, deals totaling $600 million were struck at the building, with approximately 35 transactions exceeding $5 million. Alex Witkoff expressed optimism for surpassing the previous year’s sales, highlighting that many deals were secured early in the year before macroeconomic concerns arose.

Designed by the acclaimed Bjarke Ingels Group, One High Line comprises two striking towers and boasts around 20,000 square feet of amenity space, including a 75-foot lap pool, whirlpool, fitness center, co-working area, children’s playroom, billiards room, and dining facilities. Additionally, one of the project’s towers is set to house a 120-key Faena Hotel, scheduled for opening in early 2025. Despite an overall deceleration in the luxury real estate market in the previous year, downtown Manhattan witnessed several notable high-value condo transactions. Noteworthy among these were the off-market sale of a penthouse at 150 Charles Street for $52 million and the sale of another penthouse at 151 Wooster Street for $50 million. According to real estate appraisal firm Miller Samuel, while the number of luxury sales in Manhattan experienced a 5.9% decline in the fourth quarter of 2023 compared to the same period in 2022, the average sale price for luxury properties surged by 7.3% year-over-year.

Source: WSJ

Photo: One High Line Residences

Miami’s Short-Term Rental Condo Boom: A Paradigm Shift in Urban Living

By Columbus International,12 February 20249 November 2024

Miami’s real estate landscape is undergoing a profound transformation, driven by a surge in short-term rental condos that are reshaping the dynamics of urban living across Downtown Miami, Brickell, Edgewater, and beyond. According to a report by the South Florida real estate firm ISG World, a staggering 8,467 short-term rental condos are planned across 26 projects in these areas, constituting a significant portion of the region’s development pipeline.

The rapid growth of short-term rental projects can be attributed to various factors, including economic and political uncertainty in Latin America. Craig Studnicky, CEO of ISG World, notes that developers are capitalizing on the influx of foreign buyers seeking to invest capital outside their borders, particularly amid volatile conditions in their home countries. With international buyers accounting for nearly half of home purchases in South Florida, these projects serve as attractive investment opportunities for individuals looking to diversify their portfolios. Studnicky highlights the exponential growth of short-term rental units in Miami-Dade and Broward counties, with developers seizing the opportunity to cater to the rising demand for flexible accommodation options. This surge in development underscores a “carpe diem” moment for developers, who have capitalized on the convergence of favorable market conditions to meet the evolving needs of residents and investors alike. Alicia Cervera, Chairman of Cervera Real Estate, emphasizes the increasing interest from American buyers in these projects, citing the affordability and flexibility offered by short-term rental condos compared to traditional housing options. With Miami’s population and property prices on the rise, there is a growing demand for smaller, more affordable housing solutions, making short-term rentals an attractive proposition for urban dwellers. Indeed, short-term rental condos are filling a void in the market by providing transitional homes for new arrivals to Miami, as well as serving as investment vehicles for those seeking to monetize their properties. With a wide range of amenities catering to both residents and travelers, these units offer a blend of convenience and luxury in prime urban locations.

Developers are responding to this demand by proposing a diverse array of projects with varying degrees of rental restrictions, catering to different preferences and investment strategies. From fully furnished turn-key residences to condo-hotels with limited occupancy rules, these developments offer options tailored to the needs of various buyers. One notable project, 600 Miami Worldcenter, has sold out its fully furnished units ahead of groundbreaking, underscoring the heightened demand for such offerings in prime locations like Downtown Miami. Similarly, the expansion of the Natiivo concept to Broward County reflects the broader trend of extending the reach of short-term rental condos beyond Miami’s borders.

While there may be some fluctuations in market demand, Studnicky remains optimistic about the future of these projects, citing the resilience of Latin American buyers and the allure of pre-construction investments. With interest rates becoming more favorable and construction financing more accessible, developers are poised to break ground on numerous projects, further reshaping Miami’s skyline and urban landscape. In conclusion, the proliferation of short-term rental condos represents a paradigm shift in Miami’s real estate market, offering investors, residents, and travelers alike a new way to experience urban living in one of the nation’s most dynamic cities. As these projects continue to evolve and expand, they are not only reshaping the physical landscape but also redefining the very essence of urban life in Miami.

Source: Bisnow

Barbie Cafe Buzz to Booming Developments: Wynwood’s Real Estate Rise

By Columbus International,8 February 2024

California-Miami Real Estate, a golden ticket!

Introducing the new Malibu Barbie Cafe, a lively pop-up restaurant in Wynwood, Miami, celebrating the spirit of 1970s Malibu Barbie. You can immerse yourself in a nostalgic culinary adventure, carefully crafted to honor the legacy and influence of the iconic Mattel doll.

Conceived through a partnership between Bucket Listers and Mattel, the giant behind Barbie, this collaboration is led by Derek Berry, a Miami native and president of Bucket Listers experiences. Following the success of previous pop-ups like Saved by the Max and the Peach Pit, this collaboration promises a unique culinary experience, following in the footsteps of previous Malibu Barbie initiatives in New York, Chicago, and the Mall of America.

You can then be transported to the sun-drenched beaches of 1970s Malibu, where every detail reflects the glamorous era of the doll. Designed by Master Chef semi-finalist Becky Brown, the menu boasts a fusion of flavors from Southern California, with delights such as rainbow pancakes, avocado toast, and cauliflower bowls, ensuring an enticing experience for all palates, including children with a dedicated menu.

The atmosphere is Instagram-worthy, complete with giant Barbie boxes, retro furnishings, and the signature pink shades synonymous with the brand. Interactive experiences await, from skating to disco-themed evenings, for guests of all ages.

Meanwhile, if after enjoying your Mattel-branded coffee you decide to buy a house in Miami, developers seem to all agree: Wynwood is a winning bet. Similarly to other areas of Miami, developers are descending on the neighborhood and have over a dozen projects in various stages of development. An analysis by The Real Deal has found that over 2,200 apartments and condominiums are coming to Wynwood. A number destined to increase.

Developers have spent just under $300 million solely on land acquisitions between March 2021 and May 2022. By comparison, approximately $366 million was spent on land in Brickell and $555 million in Edgewater.

Here are the planned projects in Wynwood:

Ironstate Development and Brookfield Properties, 26 Northeast 27th Street

Ironstate Development, based in Hoboken, New Jersey, led by brothers David and Michael Barry, along with Brookfield Properties, have proposed a complex of 289 apartments on the former Art by God site. Last year, they paid $15.6 million for the entire assemblage at 26 and 60 Northeast 27th Street, and 25 and 61 Northeast 26th Street.

Gamma Real Estate, 2825 Northwest Second Avenue

Gamma Real Estate from New York took control of the site from The Collective, after making a credit bid. Current plans for the property include 180 units, ranging from studios to six-bedroom apartments.

Clearline Real Estate, 2000 and 2021 North Miami Avenue

Clearline, led by Jenny Bernell, envisions a mixed-use project, likely including rentals. The undeveloped property is zoned for over 300 units.

Fifield Companies, 37 Northeast 27th Street

Fifield plans an eight-story residential building with 210 units and approximately 10,000 square feet of commercial space and a pedestrian walkway. The Chicago-based developer paid $19.5 million for the property in January. Construction is expected to be completed in 2024.

L&L Holding Company and Carpe Real Estate Partners, 31 Northwest 29th Plaza

New York developers L&L Holding Company and Carpe Real Estate Partners plan a mixed-use project that would span over 1 million square feet and include 509 units.

Rilea Group and Promanas Group, 94 Northeast 29th Street

Rilea Group and Promanas Group plan to build 127 rentals at 94 and 100 Northeast 29th street. Plans call for a 12-story project with a rooftop restaurant and a pool bar. The developers bought the properties for $12.2 million last year.

TriStar Capital, Related Group, Lndmrk Development, Tricera Capital, 2700 Northwest Second Avenue

TriStar Capital, Related Group, Lndmrk Development, and Tricera Capital plan to build more than 300 units. The developers paid $26.5 million for the 1.3-acre development site last year. Construction could begin in August.

PMG and Greybrook Realty Partners, 2431 Northwest Second Avenue

PMG and Greybrook Realty Partners secured a $142.3 million construction loan last year for their planned 318-unit, 10-story mixed-use project.

Related Group, 2130 North Miami Avenue, 38 Northwest 22nd Street

Related Group plans to build a pair of 12-story buildings with 317 apartments and 534 parking spaces.

Kushner Companies, Block Capital Group, 127 Northwest 27th Street

Kushner Companies and Block Capital Group are building a project that will have 152 apartments and 232 parking spaces, an outdoor pool deck, and a lounge. It’s expected to be delivered in the third quarter of this year.

Sources and Photos: Eater, The Real Deal, Instagram

Luxury Brands Spark Renaissance on New York’s Fifth Avenue

By Columbus International,7 February 2024

In the summer of 2020, a headline boldly proclaimed, “New York City is dead forever,” echoing the grim reality of a pandemic-stricken world. However, Jerry Seinfeld’s dismissive response of “Oh, shut up,” has proven prescient more than three years later. Nowhere is this more evident than in a pivotal two-block stretch of Fifth Avenue in New York City. This iconic Manhattan shopping corridor has become a battleground for the world’s leading luxury brands, each vying for prime real estate. Recent months have seen a flurry of activity, with entities affiliated with Gucci, Prada, and Louis Vuitton parent companies shelling out nearly $2 billion combined to secure coveted spots from 58th to 56th street. Additionally, Louis Vuitton’s parent company is eyeing 745 Fifth Avenue, further emphasizing the area’s allure, nestled near the Plaza Hotel and Central Park. While commercial property markets elsewhere struggle, these blockbuster deals shine as beacons of hope. Despite challenges like soaring borrowing costs and economic uncertainty, luxury brands are betting big on New York City’s enduring appeal. Their resurgence signals a rapid recovery, particularly in Manhattan’s upscale retail sector, with billionaire-backed conglomerates seizing the moment to solidify their presence both locally and globally. Michael Marks of Cushman & Wakefield notes the significance of these tenants’ long-term commitment to iconic New York locales, emphasizing their strategic move to control their destiny amidst market fluctuations.

Madelyn Wils, chief adviser for the Fifth Avenue Association, underscores the pivotal role of these investments in revitalizing tourism and cementing New York’s status as a premier luxury destination. Behind these landmark transactions stand titans of industry such as Bernard Arnault, Miuccia Prada Bianchi, and François Pinault, whose vast fortunes empower them to leave an indelible mark on Fifth Avenue. The rapid pace of these acquisitions, completed within weeks, underscores the urgency and confidence driving these deals. While challenges persist, including ongoing disputes and financial complexities, these transactions herald a new chapter for high-street retail in New York City. Marc Holliday of SL Green Realty Corp. heralds this resurgence as “very, very exciting for the city,” signaling a promising future for Fifth Avenue and beyond. With traditional real estate investors sidelined by market volatility, luxury conglomerates wield significant influence, leveraging their deep pockets and global vision to reshape urban landscapes. For brands like LVMH and Kering, owning prime real estate is integral to their global strategy, mirroring their successful endeavors in other cosmopolitan hubs like Paris and Tokyo. Indeed, as LVMH’s Chief Financial Officer Jean-Jacques Guiony affirms, being a landlord affords these luxury giants a unique opportunity to reimagine and elevate the retail experience, a sentiment echoed by their ambitious projects around the world. As they continue to invest in iconic addresses like Fifth Avenue, luxury brands are not just shaping skylines but also transforming the very essence of luxury retailing.

Source: Bloomberg

Milan Luxury Property Market: Resilient Growth Despite Global Economic Uncertainty

By Columbus International,6 February 2024

The luxury residential market in Milan is experiencing a period of changing dynamics, according to the recent Savills World Cities Prime Residential Index report. In 2024, forecasts indicate an average growth of 0.6% in luxury property prices, marking a moderate decrease compared to the +2.2% recorded in 2023. Milan emerges in the ranking, placing 13th among the top 30 global luxury residential markets. Regarding the European ranking, it rises to 4th place, a sign of the growing demand and international appeal of the Italian metropolis. “Despite concerns about rising interest rates and the consequent increased price sensitivity,” said Danilo Orlando, Head of Residential at Savills in Italy, “buyers with greater financial availability continue to purchase prime properties in Milan. There has been a surge in the luxury rental market as well. The city continues to attract global capital, thanks to its livability, lifestyle, and lower acquisition costs compared to major world capitals.”

Milan has recorded rising values over the past year, and the trend is expected to continue in 2024. The discrepancy between demand and supply of prime products and new developments continues to support more moderate price growth. On the international scene, Sydney and Dubai have the best forecasts for 2024. Both are expected to benefit from the increasing population of high-net-worth individuals (HNWIs). Sydney, with demand for luxury residences exceeding supply, could see a significant price increase of 8%-9.9%. In the case of Dubai, which already experienced a 17.4% increase in 2023, growth is expected to slow slightly in 2024. “Faced with ongoing economic uncertainty,” said Kelcie Sellers, associate at Savills World Research, “prime residential markets saw subdued changes in 2023, after two years of significant growth. It is expected that the increase will further slow down in 2024 as markets return to more normal conditions, but will remain positive.”

Despite the overall price growth, some major global cities such as Los Angeles, New York, San Francisco, Seoul, London, Singapore, and Hong Kong are projected to experience a decline in 2024. This is attributed to weakened confidence, rising interest rates, and challenging economic conditions. The uncertain macroeconomic context and prospects for higher interest rates could influence buyer and seller sentiment in the luxury residential sector in Milan. However, the prime market appears to be less susceptible to credit access difficulties compared to the overall residential market. “We expect 2024 to be an interesting year in the Milan residential market,” concludes Sellers. “The potential cut in interest rates by central banks, in mid or late 2024, could further support the market.”

Source: Il Sole 24 Ore

Skyrocketing Demand: Luxury Real Estate Surges 9% as Global Buyers Flock In

By Columbus International,5 February 2024

The transactions of luxury homes are experiencing a 9% increase, with demand surpassing supply, according to the report from the Gabetti Studies Office based on data from Santandrea Luxury Houses & Top Properties, specializing in the analysis of the prestigious real estate market. Foreign buyers represent 70%, while the remaining 30% are Italians. In most cases, the purchase is motivated by exclusive use, either as a primary residence or a second home. The average age of buyers ranges from 45 to 70 years for properties costing at least one million euros, and their maintenance can be costly. High floors and terraces are the most requested features, followed by parking spaces.

Milan stands out as the most expensive city, with prices averaging a 1.4% increase in 2023 compared to the previous year. In the Brera district, the average price per square meter exceeds 11,000 euros, while in the Quadrilatero, it stands at around 12,300 euros. In Rome, demand is increasing in the Prati and Salario-Trieste neighborhoods, with average prices for new/restructured properties around 6,000 euros per square meter. In the historic center, the average price per square meter exceeds 10,000 euros.

In Florence, the most expensive areas are central, such as the Lungarni, where a new/restructured residence costs an average of 6,200 euros per square meter. Genoa records price increases everywhere except in the Quarto/Quinto area. In Naples, prices remain essentially stable, and the number of transactions is slightly decreasing. In Turin, prices also remain stable, although the demand for purchases varies depending on the neighborhoods.

Source: Corriere della Sera

Battle Royale on Fifth Avenue: LVMH Eyes Prime Real Estate Amidst Luxury Retail Frenzy

By Columbus International,30 January 2024

In the intense competition for coveted space on the world’s most expensive retail boulevard, international luxury fashion giants are set to clash. LVMH Moët Hennessy Louis Vuitton, the powerhouse behind iconic brands like Louis Vuitton, Christian Dior, and Tiffany & Co., is reportedly in talks to acquire 745 Fifth Ave., a 35-story tower gracing the renowned shopping avenue, according to sources cited by Bloomberg. The lower three floors of this Fifth Avenue gem currently house a Bergdorf Goodman men’s store, and LVMH is engaged in a fierce bidding war with other contenders vying for ownership, as reported by Bloomberg. Neither Bergdorf’s parent company, Neiman Marcus, nor Paramount Group, the owner of 745 Fifth Ave., responded immediately to Bisnow’s request for comments.

The building also accommodates tenants such as private equity firm Eurazeo and law firm Haug Partners, according to the building’s official website. LVMH, known for its aggressive acquisition strategy, declared a spree for retail properties last year, investing nearly $2.7 billion globally. This included securing prime locations on Paris’ Champs-Elysées corridor and a central London site, as reported by Bloomberg. LVMH CEO Bernard Arnault emphasized the company’s pursuit of AAA locations, stating during an earnings call, “We try to secure and buy the best possible locations for our companies. If you take Fifth Avenue in New York, we have three of the best corners there are.”

This rumored acquisition comes on the heels of a major move by Gucci’s parent company, Kering, which recently spent a staggering $963 million on a 115,000 square feet retail condo at 715-717 Fifth Ave. In the previous month, Italian luxury fashion house Prada made a substantial investment of approximately $820 million, acquiring adjacent buildings across the street. Both of these deals were orchestrated by real estate mogul Jeff Sutton’s Wharton Properties. The battle for supremacy on Fifth Avenue’s luxury retail landscape shows no signs of cooling down.

Source: Bisnow