Columbus International

Real Estate: Elevating Milan’s Skyline, The Majestic A2A Tower Redefining Urban Elegance. Explore Further News

By Columbus International,7 August 2023

An ambitious architectural project is beginning to take shape in the heart of Milan: the creation of the new A2A Tower. In the coming months, or perhaps as early as the upcoming autumn season, construction will commence on this grand structure, set to redefine the appearance of Porta Romana as it rises impressively over 28 floors, reaching a height of 145 meters.

The task of shaping the tower has been entrusted to the architecture firm led by Antonio Citterio and Patricia Viel. The design will be a symphony of modernity and elegance: an oval-shaped base, enveloped in glass walls, will embrace a total surface area of 37,000 square meters, including the base spaces. The building will undoubtedly be one of the tallest in the city, and its structure will house a variety of functions. The initial twelve floors, for instance, will transform into office spaces, creating a stimulating and innovative work environment. However, at a height of around 60 meters, around the twentieth floor, a genuine suspended garden will emerge, offering an atmosphere of tranquility and nature that blends with the surrounding urban energy.

This green paradise will be accessible from one of its sides, opening its doors to contemplation and recreation. As one ascends towards the sky, an additional eight floors of office spaces will stand, crowned by a striking “belvedere” that will offer breathtaking views of the city to the citizens of Milan and visitors alike. In numerical terms, it is estimated that the tower could accommodate a working community of approximately 1,500 individuals, all integral parts of the company. Yet, the impact of the A2A Tower goes beyond its work-related function. This architectural gem will transform the surrounding urban landscape, a vertical revolution that will shed new light on the entire neighborhood. Surrounded by an ambiance of water and framed by green spaces, the glass structure will enchant onlookers and give rise to a new landscape identity. The inauguration of this magnificent creation appears to be planned in conjunction with the anticipated event of the 2026 Winter Olympic Games.

Despite financial details not yet being disclosed, former A2A CEO Luca Valerio Camerano had suggested in June 2019 that the project would find its financial backing, also offering value-added opportunities for shareholders. An important aspect of the new tower’s construction process involves the rationalization of the energy company’s real estate properties. Seven buildings in Milan, including the current headquarters at Porta Vittoria, will be divested, allowing for the concentration of the 1,500 employees within the spectacular new headquarters. The existing locations will remain intact for those directly involved in essential operations, such as Amsa and the immediate intervention of Unareti.

NYC Roars Back: Recaptures 99% of Pandemic Jobs, Yet Economic Gains Dance to Different Beats

By Columbus International,4 August 2023

New York City‘s private sector job market has successfully rebounded to pre-COVID-19 levels, although the recovery varies significantly across different industries. The recent analysis was hailed as positive news for the city’s economic outlook by State Comptroller Thomas DiNapoli. He emphasized that while sectors like securities, transportation, warehousing, and offices have displayed resilience and growth, others such as retail, restaurants, construction, and tourism are still struggling to catch up with the national recovery pace.

This study sheds light on the ongoing challenges that New York City continues to grapple with following the economic disruptions caused by the COVID-19 pandemic. The analysis comes shortly after the conclusion of a three-year-long national emergency officially declared by the federal government.

As of March 2023, New York City has managed to restore 99.4% of its total private sector employment figures from March 2020, when the initial cases of coronavirus were reported in the state. Specifically, the analysis reveals a 6.41% surge in securities-related positions, totaling 192,700 jobs, between March 2019 and March 2023. Office jobs also experienced a 3.72% increase during the same period, amounting to a total of 1,513,100 positions, despite a 22% current vacancy rate in commercial office spaces. Transportation and warehousing sectors exhibited modest growth, reaching 130,300 positions. However, the arts, entertainment, and recreation industry underwent a substantial decline of 14.59%, leaving a total of 79,600 jobs, down from 93,200 in 2019.

Tourism faced a similar setback, losing 14.50% of its workforce, which now stands at 243,153 jobs. Retail experienced a reduction of 12.65%, with employment dropping from 343,900 jobs in March 2019 to 300,400 jobs in March 2023. Construction jobs saw an 8.07% decrease, totaling 145,900 positions across the city’s five boroughs. Furthermore, the restaurant sector encountered a 4.54% decrease in staffing.

In total, New York City’s private sector employment currently stands at 4,078,300 jobs, reflecting a 1.06% overall increase compared to the 4,035,500 jobs recorded four years ago. DiNapoli cautioned that industries facing ongoing challenges, including the arts, hospitality, and retail sectors, must regain a substantial number of jobs to ensure the stability and long-term growth of the positions that have already been restored. He emphasized the importance of these sectors, which collectively employ hundreds of thousands of workers, in contributing to a robust and inclusive economic recovery that benefits all residents of New York City.

Unlocking Luxury: The Preferred Choice for Milan’s High-End Homeowners. Source: Nativo/Idealista News

By Columbus International,2 August 2023

Owning a luxury residence in Milan can be a stroke of luck: in these cases, it’s a small treasure to be carefully managed, whether you choose to sell or generate income. According to Nativo, a company specialized in luxury short-term rentals, the latter option is preferred by luxury homeowners in Milan. According to co-founders Sara Lini and Adriano Frigoli, here are the reasons why more and more luxury property owners in Milan prefer renting over selling. According to Nativo’s data (Nativostay.com), over 30% of luxury property owners who approach them are considering both selling and renting, but almost all of them opt for renting after a thorough analysis of the market and economic factors. In short, the key factors that often determine the choice between selling and renting a luxury home in Milan are: inflation growth, difficulty in finding viable alternative investments – both in the real estate and stock markets, and government bonds – rising mortgage rates, and the increasing demand for luxury rentals influenced by events like Brexit or the introduction of a flat tax, as well as more fluid lifestyles that require greater mobility.

The reasons for choosing to rent a luxury home in Milan are diverse:

Protection against inflation: Firstly, the luxury rental sector represents a protected segment within the real estate market. A luxury property is considered a solid asset against inflation and an option that safeguards long-term investment returns.

Difficulty in investing sales proceeds: Currently, there are no convenient and alternative solutions to invest the liquidity generated from selling a luxury property. The instability of the stock market, compounded by geopolitical factors and rising commodity costs, makes residential real estate investment in Milan more profitable compared to other options, such as government bonds. For example, renting a two-bedroom apartment in Milan with an open-ended lease averaging a gross annual yield of 5.5% for the owner, which proves to be more lucrative than government bonds, generating revenue of 3.75%.

Limited supply of luxury properties: Another aspect to consider, for those who temporarily leave Milan but intend to return, is the difficulty in finding a luxury property in the city. Demand consistently exceeds supply, and many properties are owned by families who do not require liquidity, so those who own a beautiful apartment often hold onto it.

Olympic Games effect: Additionally, the Olympic Games effect should not be overlooked. Many believe that prices will continue to rise at least until 2026, which is why they choose to generate income from their assets until the market reaches its peak.

ECB interest rate hikes: Looking at the economic context, the European Central Bank’s tight monetary policy has led to a significant increase in mortgage interest rates. This means that those who purchased a property in the past at lower rates would end up paying much more if they decided to purchase another one, consequently losing the advantage of the previous rate.

Growing rental demand: Other factors influencing the choice to rent instead of selling involve the growing demand for rentals from high-spending foreigners, making this segment particularly lucrative. Many of Nativo’s tenants come to Italy to take advantage of the flat tax, while others arrive after having lived in London for an extended period due to Brexit. In general, it’s becoming increasingly clear that Milan is attracting a great deal of talent, including successful executives and entrepreneurs, which naturally drives strong demand for luxury rental properties.

Greater flexibility: Lastly, changing lifestyles and work patterns make it challenging for property owners to predict where they will live in the future. Flexibility becomes a crucial aspect, and renting offers the opportunity to keep options open for potential future use of the property.

Rub Shoulders with Nicole Kidman and Domenico Dolce in this New York City Home. The price? Just $9 Million!

By Columbus International,28 July 2023

Get ready for a luxury and glamorous adventure in the heart of Chelsea!

Located at 200 11th Ave, a building renowned for housing celebrities like Nicole Kidman, Domenico Dolce, and Diana Widmaier Picasso, it is now capturing attention with a new real estate offer. This extraordinary paparazzi-proof Chelsea duplex even had its moment in the spotlight during a Vogue photoshoot back in 2015. The Chelsea duplex, spanning an impressive 2,364 square feet, offers ample and sophisticated space, but what truly sets it apart is the private sky garage situated at the same level as the apartment. You can park your car in style without having to descend into an underground parking lot. And all of this can be yours for the price of $9 million, nearly double what it was purchased for in 2010 when it was acquired through the Perdita Real Estate LLC for $5.52 million. The sellers, David Levy and Amanda Bowman, are well-known for hosting numerous charity events in their residence. However, their generosity extends beyond that. In 2015, the same year they were featured in Vogue, they decided to donate a custom-built mansion from 1996, located in Sloatsburg, NY, to the Archdiocese of New York. Initially listed for $8 million in 2009, they later lowered the price to $3.5 million, but still had no takers. Ultimately, their altruistic spirit led them to donate the residence.

The West Chelsea home boasts towering 24-foot-tall ceilings, creating an atmosphere of elegance and grandeur. The panoramic view of the Hudson River adds a touch of enchantment to the overall picture. The design of the residence is truly a sight to behold, with window walls and French doors overlooking the splendid Hudson River panorama. These features have not only caught the attention of Vogue but have also been featured in prestigious design magazines like Casa Vogue and New York Design Magazine. The interior is equally stunning, with folding teak doors that open up to a chef’s kitchen, making it a haven for even the most discerning cooks. The main bedroom suite, situated on the top floor, ensures the utmost comfort and privacy. The spa-like bathroom is a true oasis of relaxation, while a sliding pocket door leads to a third bedroom suite with its own private bathroom. This real estate gem is a testament to the luxury and extraordinary lifestyle of its inhabitants. It presents a unique opportunity to immerse yourself in the elegance and prestige of one of the most coveted areas of New York City. If you’ve ever dreamt of living like a celebrity, don’t miss out on this opportunity, as time is precious, and this dream residence could soon become your exclusive retreat!

Source: New York Post

La Lombardia è la regione con più transazioni in Italia

Milan’s Real Estate Market Soars: Unveiling the Hidden Gems for Affordable Homebuying!

By Columbus International,26 July 2023

Milan continues its upward trend in the real estate market, firmly securing its position at the top of Italy’s housing price charts, with an average of 5,186 euros per square meter. On a European scale, it ranks third among the most expensive cities for a two-room apartment, trailing only behind Amsterdam and Lisbon. However, there is still hope for those seeking to buy a home below the city’s average and with the potential for future appreciation.

The Immobiliare.it Insights Observatory, featured and reworked by Fanpage.it, has examined neighborhoods that have experienced significant price growth compared to pre-Covid times, while still offering accessible costs compared to Milan’s most coveted areas. These neighborhoods are primarily situated in the North/Northeastern part of the city, often well-connected to the metro network and undergoing a new wave of gentrification. Among the intriguing locations are Cimiano-Crescenzago-Adriano, Viale Certosa-Cascina Merlata, Pasteur-Rovereto, Affori-Bovisa, and Precotto-Turro. In these areas, the average price per square meter remains below the city’s 5,186 euros. Cimiano-Crescenzago stands out as the neighborhood with the highest price growth in the last three years, boasting a 30% increase and a current average price of 3,495 euros per square meter. Following closely are Viale Certosa-Cascina Merlata, experiencing a 29.8% surge and an average cost of 3,798 euros per square meter, and Pasteur-Rovereto, with a remarkable 28.5% growth and an average price of 4,579 euros per square meter. Affori-Bovisa and Precotto-Turro are also on the rise, with respective increases of 26.9% and 25.3%, and average costs per square meter of 3,425 euros and 3,996 euros.

Honorable mentions go to the area served by the brand-new M4 Forlanini metro line, where the average price per square meter stands at “only” 3,191 euros for a house, yet witnessed a notable 24.9% increase recently. Similarly, Udine-Lambrate is a pricier district, with an average of 4,136 euros per square meter, but still experienced a substantial 24.1% growth in recent years. These emerging neighborhoods present intriguing opportunities for homebuyers looking to acquire a property in Milan at a more affordable price while holding the potential for short-term appreciation.

Christie’s International Takes the Real Estate World by Storm at ‘Top of the Rock! (news from The Real Deal)

By Columbus International,24 July 2023

Christie’s International Real Estate Group has ascended to the summit of “Top of the Rock” by setting up its sleek and stylish new office at One Rockefeller Plaza.

It is truly an honor for our team at Columbus International to coexist in the same building and office space with such an esteemed titan of the real estate and auction industry!

Sonja Cullaro, the firm’s visionary co-founder and EVP, granted The Real Deal an exclusive glimpse into the innovative ways her team is making the most of this newfound space. “One Rockefeller Center nestles right in the heart of vibrant New York City,” Cullaro proudly exclaimed, emphasizing her team’s unique blend of local expertise and global connections through Christie’s International extensive network. “With over 31,000 agents across 50 countries and 940 offices, facilitating more than $100 billion in annual sales, Christie’s International real estate network truly speaks for itself.”

Regionally, Christie’s International Real Estate Group maintains its stronghold with more than 30 offices and 1,000 dedicated associates serving the tri-state area encompassing New York, New Jersey, and Connecticut. A strategic location for the new office, just steps away from the famed Christie’s Auction House on 49th Street, reinforces the seamless connection between the real estate practice and the auction house, igniting a mutual drive for growth and success. Boasting an unrivaled global reach, cutting-edge technology, and an unparalleled marketing approach, Christie’s positions itself as the ultimate destination for high-end and unique properties that require expert handling. “As part of the fastest-growing real estate business in the tri-state area,” Cullaro beamed, “we take great pride in bringing the distinguished Christie’s experience and over 250 years of brand tradition to our esteemed clientele.”

For real estate agents in pursuit of a new home, aligning with Cullaro and her team proves to be a rewarding decision, particularly for those seeking increased exposure and enriched experiences. “We offer ongoing opportunities for growth and development to agents looking to elevate their business,” Cullaro emphasized, affirming that the new flagship office in New York City marks a significant milestone in the company’s expansion. “This is just the beginning; more Christie’s International offices are on the horizon.”

Real Estate Mogul Josh Flagg Dives into Miami’s Luxury Market with Stunning Mediterranean Villa

By Columbus International,21 July 2023

Josh Flagg, the star of Million Dollar Listing Los Angeles, seems to be on a real estate buying spree. According to the New York Post, the renowned real estate agent, along with his business partners, Adam Rubin and Andrew Shanfeld, has recently purchased a vacation villa in Miami located at 4727 N Bay Road for $4.25 million.

TheMediterranean-style villa was initially listed at $4.45 million, but it appears that Flagg managed to strike a favorable deal. Last year, following his divorce from Bobby Boyd, a former model for Versace and Calvin Klein who is now also a real estate agent, Flagg invested in another property in Beverly Hills, featuring the same charming Italian style, with an initial price tag of $9.2 million. However, rumors suggest that Flagg still has the desire to hunt for new residences in Beverly Hills or Bel-Air. He has been a part of the “MDLLA” program since its debut back in 2006.

Flagg is the grandson of Edith Flagg, a renowned Austrian fashion designer, executive, and philanthropist, who escaped Nazi persecution and became famous for introducing polyester fabric to the United States in 1967. The new Miami property, complete with a fence, offers its buyers a delightful pool and a relaxing view with palm trees on a plot of just under a quarter acre. Inside the house, there are four bedrooms, a study, and 4.5 bathrooms, perfectly suiting Flagg’s needs and his real estate business ventures.

Manhattan’s Mega Condo Boom: Unveiling the Towering Gems Redefining the Skyline! (New York Post)

By Columbus International,19 July 202319 July 2023

Manhattan’s real estate market is witnessing a mix of boutique and larger-scale properties hitting the scene. Let’s take a look at some of the notable developments:

Eastlight (501 Third Ave.): Eastlight is the tallest building in Kips Bay, soaring 34 stories high. The condominium, designed by CetraRuddy, offers 144 units ranging from studios to two-bedroom apartments, with prices starting at $780,000. Notably, 17 of these residences feature “flex spaces” that can serve as home offices, gyms, or creative studios. On the 34th floor, residents can enjoy amenities like a terrace lounge with a dining area, a game room, and a fitness center.

212 W. 72nd St.: CetraRuddy is also involved in the conversion of 212 W. 72nd St., a former luxury rental building. The property now offers 126 units ranging from one to five-bedroom layouts. Prices start at $1.25 million for a 714-square-foot one-bedroom and go up to $8.3 million for a spacious 2,534-square-foot four-bedroom apartment. The apartments feature open living and dining areas, floor-to-ceiling windows, and master bathrooms with custom-designed vanities. The building provides various amenities, including a residents’ lounge, children’s playroom, fitness center with outdoor space for yoga, and a rooftop deck with lounges and grills. Sales are being handled by Corcoran Sunshine.

200 Amsterdam: Anticipated to open this summer, 200 Amsterdam on the Upper West Side offers 112 units. Prices start at approximately $2.62 million for one-bedroom units and go up to $17 million for full-floor penthouses. The architecture was handled by Elkus Manfredi, and the interiors were designed by CetraRuddy. The kitchens feature waterfall edge islands, and the living and dining areas are wrapped with floor-to-ceiling windows. Amenities include a 75-foot saltwater pool, infrared sauna, gym, dog spa, and a music practice room. Sales are managed by Brown Harris Stevens Development Marketing.

VU New York (368 Third Ave.): VU New York, located in Kips Bay, offers 100 units with starting prices at $829,000 for a studio. The 36-story building, designed by Paris Forino (interiors) and SLCE (exteriors), showcases stunning views of the Manhattan skyline. The units include three-bedroom layouts and two duplex penthouses with outdoor terraces. Sales are handled by Brown Harris Stevens Development Marketing, and closings are expected to begin in the fall.

Essex Crossing (202 Broome St.): One Essex Crossing, situated in the Lower East Side’s Essex Crossing development, houses 83 units with prices ranging from $890,000 for a studio to $6.68 million for a penthouse. The building features a 9,000-plus-square-foot landscaped “Garden” with lounge seating and grills, a playroom, and a gym. The Market Line food hall is conveniently located below, offering various vendors. Sales are being managed by Corcoran Sunshine.

Bloom on Forty Fifth (500 W. 45th St.): Located in Hell’s Kitchen, the Bloom on Forty Fifth condo launched with studios starting at $750,000 and three-bedrooms at $2.87 million. The eight-story building features 92 residences, some with private terraces, all boasting oversized windows, open kitchens, and spacious bathrooms. Residents can enjoy shared amenities, including an 8,000-square-foot landscaped courtyard and a fitness center. Sales are handled by Compass Development Marketing Group.

208 Delancey: For downtown living, the ODA-designed 208 Delancey condo offers 85 units ranging from studios to three-bedroom apartments, with prices starting from $630,000. Most homes come with private outdoor spaces, and all feature custom-crafted kitchens. The building’s amenities include a fitness center with a meditation terrace and yoga room, as well as a landscaped rooftop with grills and dining space. The development is represented by Compass.

The Solaire (20 River Terrace, Battery Park City): The Solaire is undergoing a co-op conversion, featuring 291 units with prices starting around $800,000 for studios to three-bedroom apartments. Notably, the co-op rules will be akin to condo rules, meaning no board interviews will be required for prospective homeowners. The property offers amenities like a doorman, live-in manager, fitness center, bike storage, and a landscaped roof terrace with lounge and dining areas. Additional parking and storage come at an extra cost. Sales are expected to launch in the spring.

Source: New York Post

Half-Empty Haven: The Elite’s Luxury Tower in New York Struggles to Fill Up (Wall Street Journal)

By Columbus International,17 July 20239 November 2024

Hudson Yards has always been an ambitious real estate project, spanning approximately 28 acres, located on the west side of Manhattan and developed by the Related Companies. The goal was to transform a windswept railyard into a new luxury destination for the global elite, creating a new residential area with skyscrapers, luxury stores, restaurants, and exclusive services. However, almost a decade after its inception, the project has faced difficulties in achieving this goal. At 35 Hudson Yards, one of the residential towers in the project, approximately 50% of the units remained unsold by the end of June, more than four years after sales began – according to the WSJ.

To stimulate sales, Related has had to reduce prices and offer incentives such as covering taxes and closing costs for buyers. Recorded sales at 35 Hudson Yards show an average price decrease of 30% compared to the initial listed prices. Some units have been sold at discounts of over 40%. Additionally, the project has faced competition from a wide range of luxury condominiums in Manhattan, with greater discounts offered compared to other areas of the city. In contrast, another residential tower in the project, 15 Hudson Yards, initially fared better and is nearly sold out after almost seven years of marketing. Despite efforts to promote the new neighborhood, reception to Hudson Yards has been mixed. While some appreciate the luxury stores, restaurants, and tourist attractions, others describe it as a place lacking authentic personality, characterized by soulless glass skyscrapers.

Furthermore, the proposal to introduce a casino at Hudson Yards has raised concerns among potential buyers, who worry about attracting large crowds and tarnishing the area’s upscale image. Related has responded by stating that if they are fortunate enough to obtain a gaming license, they will create a tasteful world-class resort that enhances the offerings at Hudson Yards. Currently, Related still has over a billion dollars worth of condos to sell at Hudson Yards. Despite the challenges, the company remains optimistic about future sales and has been sending out contracts for many units at 35 Hudson Yards. However, luxury property prices in Manhattan are experiencing a decline in sales, and many buyers are seeking to resell their units at prices lower than their initial purchase, preparing for potential financial losses.

Luxury Real Estate Market in Manhattan Heats Up: Here’s Why, According to Wall Street Journal Analysis

By Columbus International,13 July 2023

Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.