The Hoxton to Open Second Italian Hotel in Florence

By Columbus International,1 April 2025

According to Monitor Immobiliare, the property on Via delle Mantellate in Florence, part of the Ricasoli fund managed by Kryalos Sgr, will soon house The Hoxton’s second Italian location. This development follows the successful launch of The Hoxton Rome in 2021, continuing the expansion of the English “open-house” hotel brand across Italy. Following extensive renovation work, the complex has been transformed into a boutique hotel featuring 161 rooms.

Paolo Bottelli, founder and CEO of Kryalos, stated: “The hotel industry continues to be a strategic asset class, especially in high-profile destinations like Florence, where international tourism drives constant demand for quality accommodations. We are excited to renew our collaboration with The Hoxton, after Rome, to breathe new life into this building, transforming it into a boutique hotel that combines contemporary hospitality with respect for the location’s history. The enhancement of iconic properties, preserving their identity and connection to the urban context, represents a fundamental principle in our investment approach.”

The arrival of The Hoxton in Florence underscores the continued appeal of Tuscany’s capital for international hospitality brands seeking to establish a presence in one of Italy’s most culturally significant and tourist-friendly cities. Located in a historic building on Via delle Mantellate, the hotel is poised to become a landmark destination for travelers seeking authentic yet contemporary accommodations in the heart of the Renaissance city.

Columbus International: Your Gateway to Premium Italian Real Estate

For investors seeking residential and commercial opportunities between the United States and Florence, the real estate agents at Columbus International represent an invaluable resource. Their deep knowledge of both markets positions them as the quintessential asset for international investors looking to navigate the complexities of cross-Atlantic real estate transactions.

Columbus International’s team of experienced professionals offers unparalleled expertise in the Florentine property market, providing investors with access to premium opportunities like The Hoxton project and other high-value developments in this historic city. Their comprehensive understanding of local regulations, market trends, and investment potential ensures that clients receive expert guidance throughout the entire acquisition process.

By bridging the gap between American investment capital and Florence’s prestigious real estate market, Columbus International continues to facilitate meaningful connections that benefit both investors and the local economy.

Key Highlights of Investing in Tuscany

Tuscany represents one of Italy’s most attractive regions for real estate investment, offering a unique combination of historical significance, natural beauty, and economic stability. Here are some key highlights for potential investors:

Strong Tourism Market

Tuscany attracts millions of visitors annually, making it an ideal location for hospitality investments. Cities like Florence, Siena, and Pisa maintain consistent tourism numbers throughout the year, ensuring steady income potential for hotel properties and short-term rentals.

Cultural Heritage Properties

The region offers unique opportunities to invest in historically significant buildings, many with protected status. These properties, like the one chosen by The Hoxton, often combine architectural importance with prime locations, making them excellent candidates for boutique hotels or luxury residential conversions.

Agricultural Estates and Vineyards

Tuscany’s renowned wine regions, including Chianti, Montalcino, and Montepulciano, present lucrative opportunities for agricultural investment. Vineyard estates combine income-generating potential with the prestige of owning iconic Tuscan landscapes.

Stable Property Values

Unlike more volatile markets, Tuscan real estate has demonstrated remarkable stability over time, with properties in prime locations consistently maintaining or increasing their value, even during economic downturns.

Renovation Opportunities

The region offers numerous historical properties ripe for restoration, allowing investors to create unique hospitality or residential spaces while preserving cultural heritage—often with available tax incentives for appropriate restoration work.

Expanding Infrastructure

Recent improvements in transportation networks, including high-speed rail connections and enhanced regional airports, have made Tuscany more accessible than ever, increasing property values in previously under-connected areas.

Columbus International’s agents specialize in identifying these premium investment opportunities throughout Tuscany, leveraging their extensive network and market knowledge to connect American investors with properties that align with their financial goals and personal preferences. Whether clients seek commercial ventures like The Hoxton’s expansion or residential properties in Florence’s historic center, Columbus International provides the expertise necessary to navigate Italy’s complex real estate landscape successfully.

Photo via The Hoxton / Instagram

Casa Cipriani Expands Beyond New York and Milan with Luxurious Florida Beachfront Development

By Columbus International,28 March 2025

Columbus International: Your Premier Bridge Between US and Italian Real Estate Markets

With prestigious offices in New York, Miami, Milan, and Florence, Columbus International delivers unparalleled expertise in transatlantic property investments. Contact our experienced agents today to explore exceptional opportunities on both continents.

Iconic Italian Hospitality Brand Announces First Residential Venture in Miami Beach’s Prime Oceanfront Location

Casa Cipriani, the storied Italian hospitality brand synonymous with refined luxury, is making waves in the South Florida real estate market with its ambitious expansion plans. The iconic brand is set to launch its first Florida location—a sophisticated development that will feature 23 ultra-luxury condominiums alongside a boutique 40-room hotel and an exclusive private members’ club.

According to sources close to the project, this unprecedented venture will be housed in a striking 17-story oceanfront tower at 3611 Collins Avenue in Miami Beach, positioning the development in one of the most coveted coastal strips in the country.

This marks Casa Cipriani’s strategic entrance into the luxury real estate sector, establishing its presence in a prestigious oceanfront district that recently welcomed the new Aman Miami Beach just blocks away—further cementing the area’s status as a hub for ultra-luxury branded residences.

The ambitious project represents a powerhouse collaboration between three major players: Arnaud Karsenti’s Miami-based 13th Floor Investments, Joseph Cayre’s Midtown Equities, and the legendary Cipriani family themselves.

Acclaimed architect Brandon Haw has been commissioned to design the building, which promises to masterfully blend Miami Beach’s iconic Art Deco heritage with the timeless Cipriani aesthetic—an elegance that traces back to 1931 when Giuseppe Cipriani founded the original Harry’s Bar in Venice, Italy.

A project spokesperson revealed exclusively that the luxury residences, ranging from one to four bedrooms, are expected to command starting prices in the $25 million range when sales launch later this year. Construction is slated to commence shortly thereafter, signaling confidence in Miami’s resilient luxury market despite broader economic uncertainties.

While Casa Cipriani may be new to Miami, the Cipriani family’s impressive portfolio already boasts a significant Florida presence, including the under-construction Cipriani Residences Miami, Cipriani Downtown Miami restaurant on Brickell Avenue, the completed Mr. C Residences and Mr. C Hotel in Coconut Grove, and a forthcoming Mr. C Hotel & Residences in West Palm Beach.

“Casa Cipriani is fundamentally about comfort, privacy, service and elegance,” explains Maggio Cipriani, president of Cipriani USA and fourth-generation family member. He emphasizes that the Miami location will deliver the exceptional private club experience “that our members cherish” while offering a “unique opportunity to call this extraordinary place home.”

The development will feature an impressive array of premium amenities, including a dedicated private entrance for residents, signature dining experiences, comprehensive in-home dining and catering services, exclusive private dining rooms, a swimming pool serving Cipriani’s acclaimed food and beverages, a world-class spa, a sophisticated lounge, and a state-of-the-art fitness center.

Industry analysts note that this development represents a significant vote of confidence in Miami’s ultra-luxury market, as well as the continuing trend of prestigious hospitality brands extending into the residential real estate sector to meet growing demand for branded living experiences.

Source: New York Post

La coppia di Hollywood Tim Burton e Monica Bellucci acquista una tenuta in Toscana nel momento di boom immobiliare

By Columbus International,27 March 202527 March 2025

ITALIAN VERSION

Questo articolo appare nella sezione Newsroom di Columbus International dedicata alle tendenze del mercato immobiliare. Columbus International è una boutique immobiliare specializzata nel connettere clienti esigenti dagli Stati Uniti con proprietà eccezionali in tutta la Toscana. Sebbene Columbus International serva una clientela diversificata – dalle celebrità ai privati in cerca dell’autentica esperienza toscana – l’azienda non è stata coinvolta nella transazione descritta di seguito e non ha fornito dettagli specifici sulle parti menzionate. Columbus International rispetta la privacy di tutti i clienti e partecipanti al mercato, offrendo allo stesso tempo una competenza impareggiabile nella navigazione delle complessità degli investimenti immobiliari di lusso transfrontalieri.

Gli investitori stranieri continuano a guidare il mercato immobiliare premium italiano

Con uno slancio che esemplifica il fascino internazionale duraturo del mercato immobiliare toscano, l’acclamato regista Tim Burton e l’attrice italiana Monica Bellucci avrebbero finalizzato l’acquisto di una prestigiosa proprietà a Palazzone, un pittoresco borgo all’interno di San Casciano dei Bagni. Fonti del settore confermano che la transazione è stata completata, aggiungendo la coppia di celebrità al crescente elenco di personaggi internazionali che stabiliscono radici nella regione.

L’acquisizione non sorprende gli analisti del settore immobiliare di lusso, poiché la Toscana continua a dominare il mercato immobiliare di fascia alta in Italia. Secondo dati recenti di LuxuryEstate.com, la regione cattura circa il 20% di tutte le ricerche internazionali di proprietà di lusso in Italia, superando sostanzialmente la Lombardia (17%) e il Lazio (11,5%).

“La Toscana è in testa perché combina il richiamo culturale di Firenze con le bellezze paesaggistiche e marittime della Versilia”, spiega Paolo Giabardo, CEO di LuxuryEstate.com. Gli acquirenti tedeschi mostrano un particolare interesse per le proprietà toscane, rappresentando il 23% delle ricerche di case di lusso nella regione, con gli investitori francesi che seguono come secondo segmento di mercato più grande.

La proprietà di Burton e Bellucci, precedentemente appartenuta a una famiglia straniera che l’aveva utilizzata come rifugio privato per molti anni, si unisce a un portafoglio di residenze d’élite in un’area sempre più favorita dalle luminarie dell’industria dell’intrattenimento. La città termale di San Casciano dei Bagni ha attirato numerosi residenti di alto profilo nel corso dei decenni, tra cui l’artista concettuale Joseph Kosuth, arrivato negli anni ’70, e l’attore-regista Sergio Castellitto con sua moglie, la scrittrice Margaret Mazzantini.

La coppia è stata avvistata la scorsa estate durante una visita discreta nella zona, alimentando speculazioni sulle loro intenzioni immobiliari. La loro recente apparizione presso una galleria nelle vicinanze di Cetona ha ulteriormente confermato le voci sul loro investimento nella regione.

Altri importanti investitori nell’area includono l’attrice Sabrina Ferilli e suo marito, il dirigente Flavio Cattaneo; Duncan Niederauer, ex capo della Borsa di New York e attuale proprietario del club calcistico Venezia; e l’imprenditore Giovanni Bulgari della prestigiosa famiglia di gioiellieri, che ha fondato la vincente cantina ‘Podernuovo a Palazzone’ con suo padre.

Per Burton, che ha recentemente rilasciato il seguito “Beetlejuice Beetlejuice” del suo film cult del 1989, e la Bellucci, nativa della vicina Città di Castello che mantiene forti legami con il suo patrimonio italiano nonostante risieda principalmente a Parigi, la proprietà toscana rappresenta non solo un investimento significativo ma anche un’ancora emotiva. La relazione della coppia è iniziata al Festival del Cinema di Lione nell’autunno 2022, dove la Bellucci ha consegnato a Burton il premio Lumière alla carriera.

L’acquisizione si allinea con le più ampie tendenze di investimento nel mercato immobiliare di lusso italiano, dove gli investitori tedeschi guidano gli acquirenti internazionali, seguiti da acquirenti francesi e americani. Mentre Milano e Roma rimangono mercati forti per le proprietà di lusso urbane, la pandemia ha accelerato la domanda di tenute isolate in campagna con servizi premium, particolarmente in regioni che combinano bellezza naturale con significato culturale.

Con valori immobiliari di lusso nelle principali località toscane che si apprezzano costantemente del 3-5% annuo e offrono sia benefici di stile di vita che sicurezza di investimento, l’acquisto di Burton e Bellucci rappresenta un’aggiunta sagace al loro portafoglio, garantendo al contempo privacy in una delle regioni più ambite d’Italia.

Fonti: La Nazione | Firenze Today

Hollywood Power Couple Tim Burton and Monica Bellucci Acquire Tuscan Estate Amid Luxury Real Estate Boom

ENGLISH VERSION

This article is presented in partnership with Columbus International, a boutique real estate firm specializing in connecting discerning clients from the United States with exceptional properties throughout Tuscany. While Columbus International facilitates transactions for a diverse clientele—from celebrities to private individuals seeking the authentic Tuscan experience—the firm was not involved in the transaction described below and has not provided specific details about the parties mentioned. Columbus International respects the privacy of all clients and market participants while offering unparalleled expertise in navigating the complexities of cross-border luxury real estate investments.

Foreign Investors Continue to Drive Premium Italian Property Market

In a move that exemplifies the enduring international appeal of Tuscan real estate, acclaimed director Tim Burton and Italian actress Monica Bellucci have reportedly finalized the purchase of a prestigious property in Palazzone, a picturesque hamlet within San Casciano dei Bagni. Industry sources confirm the transaction has been completed, adding the A-list couple to the growing roster of international celebrities establishing roots in the region.

The acquisition comes as little surprise to luxury real estate analysts, as Tuscany continues to dominate Italy’s high-end property market. According to recent data from LuxuryEstate.com, the region captures approximately 20% of all international luxury property searches in Italy, substantially outpacing Lombardy (17%) and Lazio (11.5%).

“Tuscany leads because it combines Florence’s cultural appeal with the scenic and coastal beauty of Versilia,” explains Paolo Giabardo, CEO of LuxuryEstate.com. German buyers show particular interest in Tuscan properties, accounting for 23% of luxury home searches in the region, with French investors following as the second largest market segment.

Burton and Bellucci’s property, previously owned by a foreign family who had used it as a private retreat for many years, joins a portfolio of elite residences in an area increasingly favored by entertainment industry luminaries. The thermal spa town of San Casciano dei Bagni has attracted numerous high-profile residents over the decades, including conceptual artist Joseph Kosuth, who arrived in the 1970s, and actor-director Sergio Castellitto with his wife, writer Margaret Mazzantini.

The couple was spotted last summer making a discreet visit to the area, fueling speculation about their real estate intentions. Their recent appearance at a nearby gallery in Cetona further substantiated rumors of their investment in the region.

Additional notable investors in the area include actress Sabrina Ferilli and her husband, executive Flavio Cattaneo; Duncan Niederauer, former NYSE head and current owner of the Venezia football club; and entrepreneur Giovanni Bulgari of the prestigious jewelry family, who established the successful ‘Podernuovo a Palazzone’ winery with his father.

For Burton, who recently released the sequel “Beetlejuice Beetlejuice” to his 1989 cult classic, and Bellucci, a native of nearby Città di Castello who maintains strong connections to her Italian heritage despite residing primarily in Paris, the Tuscan property represents not only a significant investment but also an emotional anchor. The couple’s relationship began at the Lyon Film Festival in autumn 2022, where Bellucci presented Burton with the Lumière career award.

The acquisition aligns with broader investment trends in Italian luxury real estate, where German investors lead international buyers, followed by French and American purchasers. While Milan and Rome remain strong markets for urban luxury properties, the pandemic has accelerated demand for secluded countryside estates with premium amenities, particularly in regions combining natural beauty with cultural significance.

With luxury property values in prime Tuscan locations appreciating consistently at 3-5% annually and offering both lifestyle benefits and investment security, Burton and Bellucci’s purchase represents a savvy addition to their portfolio while affording them privacy in one of Italy’s most coveted regions.

Exclusive San Vicente Debuts in West Village, Elevating NYC’s Luxury Real Estate Scene

By Columbus International,19 March 2025

In a significant addition to New York’s ultra-high-end commercial real estate landscape, the San Vicente club opened its doors Friday at 115 Jane Street in the West Village, adjacent to the former Jane Hotel property. This debut marks a pinnacle moment in Manhattan’s exclusive members-only club sector, representing a premium investment in one of the city’s most coveted neighborhoods.

The San Vicente arrives from Los Angeles, where it has established itself as a sanctuary for A-list clientele including Meghan Markle and Prince Harry. It joins Manhattan’s growing portfolio of exclusive venues including Jean-Georges’s Chez Margaux, London import the Twenty Two, ZZ’s from Carbone, Tao’s Crane Club, Zero Bond (a favorite of Mayor Eric Adams), and Casa Cipriani.

What distinguishes this property development is its exceptional exclusivity model. The club maintains complete separation from the adjacent hotel operations, with neither clientele having access to the other’s facilities. More notably, San Vicente’s membership criteria extend beyond mere wealth—even billionaires aren’t guaranteed entry without the right cultural capital and connections.

The West Village location has been in development since 2022 when owner Jeff Klein acquired the Jane property. Klein’s real estate portfolio includes the prestigious Sunset Tower Hotel in Los Angeles, which he purchased for $18 million and transformed into an iconic venue that hosted Vanity Fair’s Oscars parties for years.

Unlike some competitors in the market that command initiation fees reaching $20,000-$30,000, San Vicente’s fee structure ranges from $3,000-$15,000 for initiation and $1,800-$4,200 in annual dues, varying based on age. This pricing strategy positions the property in a unique segment of the luxury market.

The property features multiple revenue-generating spaces including ground floor and rooftop restaurants, plus food service throughout various amenity areas such as the drawing room, billiards room, and disco. Chef Nicholas Ugliarolo, formerly of Jean-Georges management and ABC Kitchen, leads the culinary operations after a rigorous selection process that reportedly involved over 100 candidates.

The food program offers a sophisticated menu with items ranging from $18 appetizers to $58 seafood entrées, positioning the venue in the premium dining sector. Bar operations are led by industry veteran Aaron Thorpe, previously associated with prestigious establishments including Raoul’s, Le Coucou, and Stephen Starr properties.

Industry analysts are watching closely to see if New Yorkers will embrace this West Coast import, particularly given Klein’s exacting standards. As Klein himself noted, New York presents significant challenges for achieving success in the luxury hospitality and real estate sectors.

Klein’s hands-on management style has been compared to that of the late Joe Allen, with The New York Times noting “You feel Jeff’s presence in every way” throughout the property. This attention to detail has been a hallmark of Klein’s previous successful real estate ventures and appears to be central to the San Vicente business model.

Source: Eater NY

Photo credit via San Vicente Clubs

Swiss Watchmaker Audemars Piguet Claims Prime Fifth Avenue Real Estate In Major Expansion

By Columbus International,18 March 2025

In a strategic move that signals confidence in luxury retail’s future, renowned Swiss watchmaker Audemars Piguet has secured a prominent Manhattan location, taking over a corner space that had remained largely unchanged for half a century.

According to an exclusive report by the New York Post, Audemars Piguet has signed a lease for nearly 12,000 square feet at 785 Fifth Avenue in Manhattan’s upscale Lenox Hill neighborhood. The deal encompasses the entire corner site at East 60th Street, a space that previously housed a Citibank branch with notably narrow windows that failed to maximize the prime retail potential of the location.

“The retail space used to have narrow windows befitting a bank, which have since been expanded,” the Post reported, noting that these alterations required approval from the Landmarks Preservation Commission due to the property’s location in a historic district.

This high-profile lease effectively extends Fifth Avenue’s luxury shopping corridor a full block northward. The prestigious address, known as the Parc Cinq, counts Hollywood mogul David Geffen among its residents. The building’s co-op board, which controls the retail space, began marketing the site in late 2023 through brokerage firm Newmark.

Premium Positioning Comes With Premium Price

The financial commitment reflects the location’s prestige. According to sources cited by the Post, the asking rent for the two-level space was approximately $4.8 million annually, though the duration of the lease remains undisclosed.

John LaValley, founder of Sunday Development, the consulting firm that facilitated the redevelopment, told the Post that the project faced initial challenges, including “getting the board to invest in the changes before a tenant was found and to excite retailers over a ‘forgotten corner of Fifth Avenue’ a block north of the Dior and Apple stores at the GM Building.”

The co-op board ultimately selected Audemars Piguet because it “best matched the area and enhanced the story of the building,” LaValley explained to the Post.

Strategic Expansion In Luxury Markets

This new flagship location represents Audemars Piguet’s third Manhattan presence. The luxury watchmaker currently operates a sales boutique at 66 East 57th Street and maintains a service center in the Meatpacking District on Gansevoort Street.

The investment comes at a transformative time for Fifth Avenue. The iconic shopping destination is set to undergo a major redesign that will double the width of sidewalks between Bryant Park and Central Park, creating more pedestrian-friendly spaces that could further enhance the luxury shopping experience.

For Audemars Piguet, the move aligns with its global expansion strategy, which has included opening showcase venues in fashion capitals including Paris and Milan. By securing this prominent Fifth Avenue address, the Swiss watchmaker is positioning itself at the heart of one of the world’s most prestigious shopping destinations, reinforcing its status as a premier luxury brand committed to experiential retail in key global markets.

“12 Yachts You Can’t Miss at the Palm Beach Boat Show 2025,” According to Forbes

By Columbus International,14 March 2025

According to Forbes, the Palm Beach International Boat Show is quickly establishing itself as one of the premier events in the yachting calendar. The 2025 edition promises to be the largest yet, featuring approximately €2.2 billion worth of superyachts over 82 feet for sale. With 191 vessels in that size range expected to attend—surpassing 2024’s count of 173—the show combines an impressive selection of second-hand inventory with world debuts and new model announcements.

Forbes highlights that the event’s easy navigation format and prime location along West Palm Beach make it particularly appealing to yacht enthusiasts. With the show days away from opening, Forbes has compiled a list of twelve standout vessels that shouldn’t be missed.

The Must-See Vessels

204-foot Bravissima
Builder: Benetti
Year: 2023
This highly-anticipated and secretive Benetti creation will make her world debut at the show. According to Forbes, no one has glimpsed inside this unique vessel designed by Cassetta Yacht Designers and Van Oossanen Naval Architects since her delivery.

186-foot Santosha
Builder: Heesen
Year: 2024
Forbes notes this vessel marks a new chapter for Dutch shipyard Heesen as their first in a new series of aluminum yachts in this size range. The award-winning yacht features low-profile lines, an ample swim platform, and amenities including a well-equipped sundeck with bar and dining facilities.

148-foot Go
Builder: Tankoa
Year: 2024
Making her world debut, this Italian model was purchased by an American client who requested subtle layout changes to maximize space and volume. Forbes reports the yacht has remained largely out of the spotlight until now.

196-foot Alfa G
Builder: Oceanco
Year: 2004
Fresh from an extensive refit, Alfa G sports a completely new exterior with a distinctive dark hull and scarlet trim. The interior has undergone a comprehensive overhaul featuring classic art pieces, Art Deco touches, and clean lines.

155-foot M
Builder: Sanlorenzo
Year: 2024
Forbes describes this vessel as balancing hardy explorer capabilities with fresh, elegant design. Studio Indigo created interiors with a soft, warm ambience featuring touches like a pink-velvet walk-in wardrobe and a crisp espresso and ivory color palette.

130-foot Riva Bellissima
Builder: Riva
Year: 2023
This 299-GT model carries signature Riva design elements into the interior, with large windows in the saloon, gleaming wood finishes, and multi-functional entertainment spaces.

114-foot Fox
Builder: Pendennis
Year: 2024
One of Pendennis Shipyard’s first pocket explorers, Fox features an 1,114-square-foot main deck aft designed for carrying toys and tenders—including a submersible—and a bridge deck with a DJ station.

191-foot Diamond Binta
Builder: Tankoa
Year: 2024
Making her US debut, this yacht features automotive-inspired design by Francesco Paszkowski with dark marbles, contrasting light panels, and cream accents. Forbes highlights the beach club with triple openings and an engine room with a transparent corridor.

180-foot Gene Machine
Builder: Amels
Year: 2014
Owned by DNA sequencing scientist Dr. Jonathan Rothberg, this vessel and her support yacht Gene Chaser will be displayed as a pair. Forbes notes they were equipped to support scientific discoveries, featuring a molecular biology laboratory with 3D printers.

62-foot Grand Banks 62
Builder: Grand Banks
Year: 2024
Forbes recommends this vessel for classic boat lovers, noting its timeless appeal and downeast styling. The yacht features the brand’s V-Warp Technology for fast, efficient performance with top speeds of 30 knots.

95-foot Pearl 95
Builder: Pearl
Year: 2024
This British vessel features Kelly Hoppen interiors with an impressive five-cabin layout. Forbes describes its penthouse-inspired interior that utilizes timber veneers, onyx marbles, and metal details.

50-foot De Antonio D50 Coupe
Builder: De Antonio
Year: 2024
Forbes calls this dayboat “sleek yet robust,” noting its extended hard top makes it ideal for use in Florida and the Bahamas, while its two-cabin layout suits it for longer passages.

Photo Credit: Palm Beach Boat Show + Instagram

Manhattan Rents Shatter Records: New York’s $1 Trillion Real Estate Market’s Post-Pandemic Transformation

By Columbus International,14 March 2025

When the pandemic struck New York in early 2020, it delivered a seismic shock to what was already the world’s most valuable real estate market. Office towers emptied overnight. Luxury condos sat vacant. Rental prices plummeted. The prevailing narrative quickly became one of exodus and existential crisis for a city whose identity has always been inextricably linked to its real estate.

Five years later, that apocalyptic vision has given way to something more nuanced: New York hasn’t died—it’s transformed.

The Ultra-Wealthy Have Doubled Down on Manhattan

While nearly 350,000 residents fled between 2020 and 2023, the widely predicted collapse of New York’s high-end real estate market never materialized. In fact, data shows the opposite has occurred.

“The luxury segment has outperformed every forecast,” says Jonathan Miller, CEO of Miller Samuel Real Estate Appraisers & Consultants. “We’re seeing unprecedented demand at the $10 million-plus price point, particularly in new development.”

This resilience is reflected in record-breaking transactions. In Q4 2024, Manhattan saw 47 residential sales above $10 million, a 28% increase from pre-pandemic levels.

The initial pandemic exodus of ultrawealth—when the city lost approximately 17,500 residents from the top 1% income bracket—has reversed. By 2023, net migration of high-net-worth individuals stabilized, with family offices reporting a surge in Manhattan investment activity.

“For sophisticated investors, New York presented an unprecedented buying opportunity,” explains Elizabeth Warren, head of urban investment strategy at Blackstone Real Estate. “The fundamentals never changed—limited land, global appeal, and institutional-grade assets available nowhere else.”

Trophy Assets, Trophy Prices

The median Manhattan sales price hit $1.3 million in Q4 2024, up 36% from Q1 2020. Brooklyn followed with median prices crossing the $1.1 million threshold.

Even more telling: prime assets have commanded extraordinary premiums. The penthouse at 220 Central Park South traded for $102 million in September 2024, while commercial properties in prime locations have maintained cap rates under 4%, defying national trends.

But this prosperity has been highly concentrated. “We’re witnessing a barbell market,” notes Donna Olshan, president of Olshan Realty. “Unprecedented strength at the luxury end, desperation in the middle, and a social services emergency at the affordable end.”

The Office Market’s $100 Billion Question

Manhattan’s 419 million square feet of office space—valued conservatively at $500 billion—faces unprecedented challenges. Vacancy rates hover at 18.2%, more than six times higher than 2000 levels, with empty space equivalent to 32 One World Trade Centers.

This vacancy crisis has triggered the most significant repricing of commercial assets in modern history. Class B and C office buildings have experienced value declines of 40-60%, with distressed sales becoming increasingly common.

“We’re seeing the Great Conversion,” explains Mary Ann Tighe, CEO of CBRE’s New York Tri-State Region. “Properties that no longer make economic sense as offices are finding new life as residential, life sciences, or mixed-use developments.”

This transformation is accelerating, with over 14 million square feet of office space currently undergoing conversion plans. The Adams administration has streamlined zoning to facilitate these transitions, recognizing that commercial-to-residential conversions represent a critical opportunity to address the housing crisis.

The Housing Crisis Intensifies: Manhattan Rents Break Records

For ordinary New Yorkers, the post-pandemic real estate market has become increasingly punishing. The median Manhattan apartment rent reached an all-time high of $4,500 in February 2025, surpassing the previous record of $4,400 set in August 2023, according to data from brokerage Douglas Elliman.

This new peak signals an ominous trend for renters amid slowing housing construction and stubbornly high housing prices across all boroughs. Industry experts see no relief in sight for the multifamily market that has consistently defied expectations of a correction.

Even the historically affordable Bronx has seen rent increases approaching 40%. Nearly 630,000 households—or roughly one in four New York renters—now spend more than half their income on housing.

This affordability crisis has pushed the city’s rental assistance spending to unprecedented levels—$1.1 billion for the current fiscal year, compared to $302 million in 2021.

Despite these challenges, 2024 saw 34,000 new housing units delivered, the highest production since 1965. “But we need to triple that output annually for the next decade to achieve market equilibrium,” warns Vishaan Chakrabarti, founder of PAU architectural firm and former Manhattan planning director.

The Demographics Driving Demand

New York’s real estate future hinges on demographics, and the trends are contradictory. The city recorded just 99,000 births in 2021-2022, the lowest level since the Great Depression. Public school enrollment has plummeted, with 111,000 fewer students than in the 2018-19 academic year.

Families with young children were more than twice as likely to leave the city in 2023 as childless households. Black residents continue to exit at twice the rate of white residents, accelerating a pre-pandemic trend.

Yet immigration has provided crucial population stability. More than 230,000 migrants have arrived since spring 2022, helping push the population back to 8.48 million by the end of 2024—still 262,000 below 2020 levels.

A Real Estate Market for the 1%

The pandemic has accelerated New York’s evolution into a city of extremes. While lower-paying jobs in home healthcare have grown 45% since December 2019, middle-income sectors like retail and construction have contracted dramatically, shedding 54,100 and 30,700 jobs respectively.

This economic polarization is reflected in housing development. “Luxury units and affordable housing get built because they have separate financing ecosystems,” explains Rafael Cestero, former NYC Housing Commissioner. “What’s disappeared is market-rate housing for the middle class.”

The data bears this out: 60% of new housing starts in 2024 were either luxury (defined as exceeding 175% of median prices) or subsidized affordable housing. The middle market has all but vanished.

Investment Implications: The Next Five Years

For real estate investors, New York presents both extraordinary risks and opportunities:

Trophy commercial assets will maintain value. Prime office buildings with ESG credentials and modern amenities continue to command premium rents and institutional capital.
Distressed commercial assets represent generational buying opportunities. Buildings trading at 40-60 cents on the dollar can yield exceptional returns through conversion or repositioning.
Multifamily remains the safest bet. With rental demand exceeding supply by approximately 200,000 units, well-located rental properties continue to outperform all other asset classes.
Retail is experiencing a renaissance in select corridors. High-street retail in SoHo, Fifth Avenue and the Meatpacking District has recovered to pre-pandemic rents, while secondary locations remain challenged.
Industrial and logistics assets command premium valuations. Last-mile delivery facilities in the outer boroughs have seen 85% value appreciation since 2019.

As New York evolves, its real estate market is becoming even more stratified—a mirror of the city’s widening economic divide. The question isn’t whether New York is “back,” but rather, what kind of New York is emerging. The answer, increasingly, is a tale of two cities within the same 302 square miles, each operating under different economic realities but bound by the same fundamental asset: some of the most valuable real estate on earth.

“The pandemic didn’t break New York’s real estate market,” concludes Barry Sternlicht, CEO of Starwood Capital Group. “It accelerated trends that were already underway, creating a market that’s simultaneously more global and more local, more luxury-focused and more subsidy-dependent than ever before.”

For investors with the capital and vision to navigate this new landscape, the opportunities remain as outsized as the buildings that define the skyline—provided they understand which New York they’re betting on.

Sources: Bisnow | The New York Times

The Invaluable Role of Real Estate Brokers in New York City

By Columbus International,13 March 2025

In the concrete jungle of New York City, where the real estate landscape is as towering and complex as its iconic skyline, navigating property transactions without professional guidance can be a daunting endeavor. While New York state law doesn’t mandate broker representation, those who venture into the NYC real estate market solo are often left wondering if they’ve made the right decisions.

Navigating the Labyrinth: Why NYC Real Estate Demands Expertise

New York’s real estate market operates unlike any other in the world. With its distinctive co-op boards, complex approval processes, and hyper-competitive environment, even seasoned investors can find themselves overwhelmed. Each neighborhood comes with its own unwritten rules, price trends, and hidden gems that only market insiders truly understand.

The difference between someone who uses a broker and someone who doesn’t is often measured in thousands of dollars and countless hours saved. At Columbus International’s New York office, brokers frequently see clients who initially tried to navigate the market themselves, only to realize they were missing crucial information that significantly impacted their investment decisions.

Beyond the Search: The Multi-Faceted Role of Today’s Broker

The modern real estate broker is far more than someone who simply shows properties. Today’s brokers are:

Market Intelligence Specialists: With real-time data and years of experience, brokers can identify value opportunities that online listings simply can’t reveal.
Negotiation Experts: In a city where every square foot comes at a premium, skilled negotiation can mean the difference between closing a deal or losing your dream property.
Paperwork Navigators: NYC’s real estate transaction documents can reach hundreds of pages. Brokers ensure that every detail is properly addressed.
Relationship Curators: The best deals in New York often happen before properties ever hit the public market. Established brokers maintain networks that give their clients first access to off-market opportunities.

The International Advantage

At Columbus International, our unique position bridging the American and Italian markets provides our clients with distinctive advantages. Whether you’re an Italian investor looking at Manhattan opportunities or an American seeking the perfect Milanese apartment, our bicultural expertise ensures you’re never navigating unfamiliar territory alone.

Understanding both markets enables the Columbus International team to provide contextual guidance that’s invaluable to clients. The company prides itself on translating not just the language, but the entire real estate culture, ensuring a seamless experience regardless of which side of the Atlantic the transaction occurs.

The Cost of Going Solo: What You Risk Without Representation

Many first-time buyers or sellers are tempted to handle transactions themselves, believing they’ll save on commission fees. However, this approach often proves more expensive in the long run:

Unrepresented buyers frequently overpay by 3-7% compared to broker-represented transactions
Solo sellers typically receive 5-10% less than properties marketed by professional brokers
Without expert guidance, transaction timelines often extend by weeks or months
Legal complications arising from improper documentation can cost thousands in remediation

Making the Right Choice

Whether you’re purchasing your first NYC apartment or expanding an international real estate portfolio, professional representation transforms what could be an overwhelming process into a strategic opportunity.

The value of a broker extends far beyond the transaction itself. It’s the confidence that comes from knowing every decision is informed by expertise and experience that truly matters. In a market as competitive and complex as New York City’s, that peace of mind becomes perhaps the most valuable asset of all for clients navigating these challenging waters.

Columbus International Real Estate specializes in residential and commercial properties, with offices in New York, Miami, Milan, and Florence. Our multilingual team of expert brokers provides seamless service for clients navigating both American and Italian real estate markets.

Agenzia investimenti immobiliari | Firenze

Florence, former Majestic hotel reborn: new life for Piazza dell’Unità

By Columbus International,12 March 2025

After more than a decade of abandonment and decay, the former Majestic Hotel in Piazza dell’Unità in Florence will shine again by the end of April, transformed into a prestigious luxury hotel. The redevelopment project will not only return an iconic renovated building to the city but will also catalyze the regeneration of the entire square, which today is little more than a parking lot.

From symbol of decay to prestigious hotel

The structure, which extends over 12,500 square meters distributed across nine floors (three of which are underground), will be managed by the American hotel chain Marriott International under the “W Hotel” brand. The building’s history dates back to 1926, when another hotel of the same name stood in its place. The current construction, designed by architect Lando Bartoli and commissioned by Banca Popolare di Novara, was built in 1972 and inaugurated the following year. The bank occupied only the first floor and basement levels, while the rest of the property was used for hotel activities.

After closing in 2009, the building went through a long period of decline: from the failure of sale negotiations in 2014, to an auction in 2015, until it became a site of illegal occupations despite the installation of fences in 2011. The turning point came with the final acquisition and the start of redevelopment work in March 2022.

The new project: contemporary luxury open to the city

“Between the end of April and early May, we will inaugurate 60% of the rooms, while in June we will open the entire hotel, which will have a decidedly contemporary character,” explains Roberto Puccini, sole administrator of Progetto Majestic. The facility will house 119 luxury rooms, areas dedicated to wellness, and spaces for fine dining.

One of the most innovative aspects of the project is the creation of an internal courtyard that will be directly connected to Piazza dell’Unità through fully glazed entrances, creating a harmonious integration between the hotel and the surrounding urban fabric. “It has been a long journey: we purchased the property in 2015 and obtained permits in 2021, but finally in June we will cut the ribbon. We thank all the public offices of the Municipality of Florence and hope that the redevelopment of Piazza dell’Unità will proceed quickly,” adds Puccini.

A gastronomic and cultural hub

The ground floor of the building will house a large living area and two high-level restaurants: Trattoria Contemporanea, an established Milanese brand, and Akira Back restaurant, specializing in refined Asian cuisine. A particularly evocative element will be the former bank vault, destined to be transformed into a multifunctional space for events and a contemporary art gallery.

The architectural intervention, overseen by project manager Niccolò Falleri and works director Stefano Boninsegna from Studio Gla, is inspired by a contemporary style that enhances the large common spaces and strengthens the connection between the hotel structure and the city.

Economic and employment impact

The project will also bring significant benefits in terms of employment: “We will hire 140 people in Florence, and currently 170 workers are working for us directly, 80% of whom are from the local area,” emphasizes Puccini. This highlights how the redevelopment represents not just an architectural recovery but also an important economic investment for the entire community.

The rebirth of Piazza dell’Unità

Parallel to the redevelopment of the former Majestic, the municipal administration has planned a significant restyling intervention for Piazza dell’Unità, an access point to the city for millions of visitors. “We have allocated one million seven hundred thousand euros, which is in addition to the private investment for the redevelopment of the area in front of the hotel. The project includes the renovation of the roadway, the planting of new trees, and the installation of seating. We will share and present it to the citizens soon,” states Andrea Giorgio, Councilor for Security and Mobility.

The goal is to transform what is essentially a transit space today into a true pedestrian “living room square,” with new trees and rest areas that invite residents and tourists to fully experience this renewed corner of Florence.

“This change marks the rebirth of a place that has for too long been a symbol of abandonment,” concludes Aldo Cursano, president of Confcommercio Florence and owner of Caffè Le Rose located right in Piazza dell’Unità. “We thank the Municipality of Florence for its commitment to carrying forward the square’s redevelopment project and entrepreneurs like Roberto who are investing their heart and soul in this transformation.”

Source: La Nazione

Miami’s Real Estate Transformation: Million-Dollar Mansions Rise as Affordable Homes Vanish

By Columbus International,11 March 2025

Miami’s skyline isn’t the only thing reaching new heights. As ultra-wealthy buyers flood the South Florida market, they’re reshaping the entire real estate landscape, creating a city where luxury properties abound while entry-level homes become relics of the past.

The Vanishing Starter Home

As per The Wall Street Journal, the statistics tell a startling story. Between 2019 and 2024, single-family homes priced below $500,000 in Miami-Dade County have plummeted by an astonishing 79.6%, according to research firm Analytics Miami. This dramatic shift coincides with hedge-fund titan Ken Griffin’s historic $100 million home purchase—the first of its kind in Miami—which seemingly opened the floodgates for similar high-end transactions.

The data reveals the complete transformation of Miami’s housing market. What was once a city with diverse housing options has rapidly evolved into a playground for the ultra-wealthy, with profound implications for everyone else.

The Griffin Effect

Griffin’s record-breaking purchase wasn’t just a headline—it was a harbinger. Since that landmark transaction, Miami has experienced an unprecedented surge in eight and nine-figure home sales, reshaping market expectations and pricing strategies throughout the region.

Griffin’s statement purchase validates Miami as a true luxury destination on par with New York, London, and Hong Kong. This landmark transaction has influenced other wealthy individuals to see Miami differently—not just as a vacation spot but as a place to establish a significant presence.

The trend has accelerated further with Russian billionaire Vladislav Doronin’s recent sale of his Star Island estate for a staggering $120 million—setting a new record for Miami-Dade County. The property, which Doronin purchased from retired NBA star Shaquille O’Neal for $16 million in 2009, represents a remarkable 650% return on investment. According to reports from The Real Deal and the South Florida Business Journal, the luxurious residence is rumored to be a teardown purchase, signaling that even trophy properties may be viewed as merely land acquisitions in today’s ultra-luxury market.

Economic Ripple Effects

This transformation extends far beyond real estate statistics. As affordable inventory disappears, Miami’s workforce—the teachers, healthcare workers, and service industry employees who keep the city functioning—face increasingly untenable housing situations.

Average earners now commute from ever-distant suburbs, with some traveling more than 90 minutes each way to reach jobs in Miami’s core. This migration creates additional pressure on transportation infrastructure while simultaneously altering the demographic makeup of Florida’s most dynamic city.

There’s a real risk of Miami becoming a tale of two cities—one populated by the ultra-wealthy and the other by those who serve them, with very little in between. The ongoing middle-class exodus threatens the diversity and vibrancy that made Miami special in the first place.

Investment Drivers

Several factors fuel this market transformation. Florida’s favorable tax environment, combined with Miami’s international appeal and lifestyle amenities, creates perfect conditions for wealth migration. The pandemic accelerated these trends, as remote work capabilities allowed executives from high-tax states to relocate permanently.

Miami offers what wealthy individuals from New York, California, and international locations seek: financial advantages, cultural dynamism, and extraordinary quality of life. This isn’t a temporary trend—it’s a fundamental realignment of where capital and influence concentrate in America.

The New Normal?

Industry experts debate whether this market shift represents a permanent change or a cyclical extreme. Some point to similar patterns in cities like San Francisco and New York, suggesting Miami will eventually reach a new equilibrium that accommodates diverse income levels.

Others see Miami’s transformation as more profound and potentially irreversible. The combination of limited developable land, strong international demand, and climate-related challenges to new construction creates unique pressures that may permanently alter the city’s housing ecosystem.

The $500,000 single-family home in Miami-Dade isn’t just endangered—it’s practically extinct. Looking ahead, the market will need to completely rethink how housing functions in this region, because the old paradigms simply no longer apply.

For now, the city continues its remarkable metamorphosis, with each eight-figure transaction further cementing Miami’s status as America’s newest ultra-luxury real estate capital—and pushing the prospect of affordable homeownership further beyond reach for everyone else.

This article represents analysis based on current market conditions and expert opinions. Real estate investments involve risk, and market conditions may change.

For inquiries regarding distinguished Miami properties—whether for acquisition or divestment—the esteemed real estate professionals at Columbus International remain at your service. info@columbusintl.com

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