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Fotografiska Gears Up for Relocation: New Home for New York’s Photography Museum

By Columbus International,28 May 2024

Fotografiska, the renowned global photography museum network, is preparing for a significant change in its New York City presence. After four years of operating from the historic Church Missions House on Park Avenue South, Fotografiska will bid farewell to its current location on September 29th, 2024.

The decision to relocate stems from the museum’s ambitious vision to showcase exceptional artistic talent in a grander, more conducive space. Fotografiska’s commitment to inspiring new perspectives and amplifying the works of celebrated photographers has outgrown the confines of its current home. Before closing its doors on Park Avenue South, Fotografiska will present two captivating exhibitions. From May 31st, visitors can immerse themselves in the enigmatic world of Vivian Maier, the self-taught photographer whose work gained posthumous acclaim. On June 21st, the museum will unveil a showcase dedicated to Bruce Gilden, the renowned New York street photographer. Fotografiska’s popular bar, housed in a former chapel, and its restaurant, Verōnika, will continue to operate until mid-June, allowing patrons to savor the ambiance one last time before the relocation.

Yoram Roth, the executive chairman of Fotografiska’s board, expressed the museum’s unwavering commitment to the city’s art scene, stating, “At the core of Fotografiska is a dedication to inspiring new perspectives by amplifying some of the greatest artists of our time. As it’s become clear that our current space is not conducive to this vision, our commitment to the city’s art scene remains unwavering.” After vacating its current premises, Fotografiska plans to temporarily exhibit a century of New York nightlife photography while actively seeking a larger, more suitable location to continue its mission of showcasing exceptional photography.

The Church Missions House, Fotografiska’s current home, is owned by RFR Holding, the real estate company of art collector Aby Rosen. In 2022, RFR Holding put the property up for sale with an asking price of $135 million, a significant increase from the $50 million they paid for it in 2014. As Fotografiska embarks on this new chapter, the anticipation builds for the museum’s next grand showcase, where it can continue to inspire and captivate audiences with the power of photography.

Photo via Instagram

Dream Home in the Hamptons: How a Restaurateur Spent $3M Transforming Her Waterfront Retreat

By Columbus International,24 May 202424 May 2024

For Donna Lennard, owner of the renowned Il Buco hospitality empire, finding the perfect Hamptons haven was a labor of love that spanned years and millions. But the payoff was a luxurious waterfront oasis tailored to her exacting tastes. When Lennard set her sights on the bucolic hamlet of Springs in 2017, she knew precisely where she wanted to put down roots – the enviable Gerard Drive peninsula jutting into both Gardiners Bay and Accabonac Harbor.

“From one side to the other, you see water,” gushes the entrepreneur over 50. Her gambit paid off when a 1,700 square foot cottage from 1960 hit the market. Swooping in with an all-cash $1.7 million offer, Lennard made the keys her own that August. But for the hospitality magnate behind hotspots like Il Buco Alimentari & Vineria, the dated digs wouldn’t do. A serendipitous reunion with college pal and architect Stuart Basseches set the wheels in motion for a start-to-finish overhaul that snowballed into a head-turning $3 million investment.

Over several years of meticulous planning alongside Basseches, Lennard’s original concept for a bedroom addition morphed into a full-scale transformation. The reimagined floor plan fuses old and new – relocating the light-filled kitchen and living room to the heart of the residence while tacking on a striking 1,100 square foot two-story extension housing a dining room, media lounge and lavish upstairs owner’s suite. No expense was spared in the bespoke finishes. Sun-drenched living spaces boast reclaimed oak floors, vaulted wood-beamed ceilings and artisanal Venetian plaster walls.

The showstopping kitchen island crafted by Sakonnet Furniture Makers tops a slab of repurposed Slovenian wood. And the serene upstairs retreat flaunts an antique Umbrian marble sink alongside a mobile vanity revealing dreamy water vistas. While the splurge surpassed her original budget, for Lennard, the over-the-top transformation was well worth it. “What came out of it was very much the house I’d been dreaming of,” she confides of her ultra-luxe oceanside compound expertly melding modern amenities with an eclectic, lived-in aesthetic reflective of her well-traveled tastemaker persona.

Florence’s Commercial Real Estate Landscape Reshaped by Trams, Tourism, and Regulations

By Columbus International,22 May 2024

Florence’s non-residential real estate market is experiencing a period of significant change. The expansion of tram lines, influx of tourists, and new municipal restrictions for businesses in the UNESCO historic center area, coupled with the opening of the Viola Park stadium, are reshaping the dynamics of this sector. According to data from Tecnocasa, by the end of 2023, there is an increase in sale prices and rental rates, although more contained compared to mid-year. On main thoroughfares, the price increase is more pronounced (+0.7%), while on other streets, it is +0.2%. For rental rates, the increase is 0.3% in both cases. In the historic center, luxury brands and restaurants maintain a strong presence, despite the restrictions on opening new dining establishments, which require purchasing an existing license.

In the Oltrarno area, prices remain high on streets like Guicciardini, Borgo San Jacopo, and Ponte Vecchio, with rents reaching €1,200 per square meter per year in top zones. Artisans are returning to streets like Maggio and Sant’Agostino, declared by the municipality as artisanal-oriented. On low-traffic streets, there is a higher turnover and an increase in sale and rental times. These locations attract startups that do not want to make significant initial investments but aim to accumulate capital to eventually move to high-traffic streets. Offices in the center are only purchased if they can be converted into residential units, making them attractive to investors. Otherwise, sale times are prolonged, and prices decrease significantly. Currently, the San Lorenzo neighborhood is the most vibrant area for non-residential real estate, thanks to the renovation works of the Sant’Orsola complex and the arrival of the tram line in Piazza San Marco, which is expected to appreciate the value of Via Cavour as well.

In Florence South, where the tram line to Bagno a Ripoli is scheduled for 2026, a vacancy is recorded on Viale Giannotti, while interest (and rental rates) is maintained on Viale Europa, leading to the new Viola Park stadium. However, there is a significant demand for offices in this area. In the Baracca-Novoli area, demand is low, and many shops remain vacant, except for Piazza Dalmazia and Via di Novoli, which are crossed by the tram line. Rental rates vary significantly depending on the location, ranging from up to €600 per square meter per year for Florence South, over €200 per square meter per year for Rifredi and Isolotto, between €120 and €144 per square meter per year for Florence North, and three-digit values for the UNESCO area. The gross annual returns requested by investors are also differentiated, ranging from 10% and above for Isolotto and Novoli, down to 8% for Florence South and the center, where in 2023, a settling around 6-7% was observed for shops in prime positions within the UNESCO area with reliable and solid businesses. In the second half of 2023, investors resumed purchasing apartments in Florence’s historic center, where prices increased by 3.1%, with the aim of generating income through short-term rentals, despite the municipality’s ban in the UNESCO area (which is currently under litigation at the Regional Administrative Court).

Coral Gables: The Ideal Oasis for Miami Investment

By Columbus International,21 May 2024

In the heart of Miami lies a hidden gem, Coral Gables, a city that has long captivated homebuyers with its Mediterranean-inspired architecture and lush greenery. However, the pandemic has propelled this idyllic neighborhood to new heights, transforming it into one of the most coveted real estate destinations in Florida.

The 33156 ZIP Code, once a haven for those seeking a tranquil retreat from the bustling city, has experienced a remarkable surge in property values. Once hovering around the $1 million mark, the median listing price has skyrocketed to an impressive $4.6 million as of April 2024, according to Realtor.com data. This remarkable appreciation has positioned Coral Gables as the second most expensive residential area in Florida, surpassed only by the illustrious Fisher Island, a Miami Beach-adjacent enclave with a staggering $12.75 million median listing price. As Miami experienced an economic renaissance during the pandemic, with businesses flocking to the area and a surge in mega real estate transactions around Miami Beach, Coral Gables emerged as a sanctuary for families seeking top-notch schools, proximity to thriving office culture, and a walkable downtown atmosphere.

Exclusive Membership: The Riviera Country Club
For those seeking an unparalleled lifestyle, the Riviera Country Club offers an 18-hole golf course meticulously designed and built by the legendary Donald Ross in the 1920s. In 2015, the course underwent a major renovation by the renowned Kipp Schulties, further enhancing its allure and prestige.

Event of the Year: The Mango Festival
Coral Gables is not only a haven for luxury living but also a celebration of nature’s bounty. Each summer, the Fairchild Tropical Botanic Garden hosts the highly anticipated Mango Festival, a weekend-long event paying homage to the fruit with activities such as mango tasting. The garden boasts the world’s largest collection of mangoes, with nearly 400 varieties, and spans 83 acres, housing nearly 30,000 individual plants in its immaculate collection, making it a true Coral Gables mainstay.

Advice for the Buyer
While Coral Gables encompasses a 13-square-mile area with overlapping ZIP Codes, the driving force behind the soaring real estate prices in the 33156 ZIP Code is the prestigious gated community of Gables Estates. According to some local real estate agents, “The most expensive neighborhood in Coral Gables is Gables Estates. It offers direct waterfront access, expansive views, and properties spanning an acre or more.” Gables Estates is one of the few neighborhoods in the Miami area where such luxurious waterfront real estate can be found, rivaled only by the exclusive enclave of Indian Creek.

In conclusion, Coral Gables stands as the ideal oasis for those seeking a luxurious and tranquil lifestyle in the heart of Miami. With its unparalleled amenities, prestigious communities, and unmatched natural beauty, this neighborhood presents an unrivaled opportunity for discerning investors seeking a piece of paradise in one of Florida’s most sought-after real estate markets.

Source: WSJ

Photo: Coral Gables

Palm Beach: A Gilded Age Gem Reimagined

By Columbus International,17 May 20249 November 2024

The ultra-exclusive island of Palm Beach has been luring the elite since the early 1900s when industrialist Henry Flagler transformed the marshy backwater into an opulent winter escape. Today, this 16-mile long barrier island continues to redefine luxury with new upscale additions blending seamlessly with its Gilded Age heritage. From magnificent architecture to world-class culture, exceptional dining and pampering pursuits, here is how to experience the best of Palm Beach over a indulgent weekend getaway.

Where to Stay

The Colony is the chicest place to bed down in Palm Beach. This iconic “pink paradise” reopened after a dazzling renovation that pays homage to its 1950s tropical glamour. Custom designed rooms, cheeky monkey motifs, and the lively scene at Swifty’s Pool Bar & Grill exude a playful, see-and-be-seen vibe befitting the style setters who frequent nearby Worth Avenue.

Day One

After settling in at The Colony, spend the afternoon exploring the Mediterranean-inspired shopping mecca of Worth Avenue. Pioneering architect Addison Mizner crafted this whimsical district of hidden courtyards, stair stairs, and eclectic tilework to evoke an Old World aesthetic. Browse the chi-chi boutiques like Gucci and Tiffany & Co or hunt for vintage gems at consignment salons like Attitudes.

Cap off the day with sunset cocktails at Spruzzo, a breezy rooftop bar overlooking the Intracoastal Waterway and dine alfresco on Italian classics at Elisabetta’s across the street.

Day Two

Delve into Palm Beach’s Gilded Age legacy at the magnificent Flagler Museum, a lavish 75-room mansion built by the railroad pioneer in 1902. Then explore the outstanding art collection at the Norton Museum, recently revamped by Norman Foster. Contemporary art lovers can browse intriguing exhibits at Sarah Gavlak Gallery. Afternoon calls for a round at one of the area’s celebrated golf courses – splurge for an oceanfront tee time at The Breakers or tackle a redesigned championship layout at PGA National Resort. Celebrate the perfect drive at Jeremy Ford’s new Butcher’s Club with indulgences like a 50oz. Tomahawk steak.

Day Three

Book a rejuvenating Biologique Recherche facial and massage at the gorgeous Four Seasons spa to start your day, then linger over a Mediterranean-inspired brunch at Florie’s helmed by acclaimed French chef Mauro Colagreco. If visiting during polo season, attend the weekly champagne brunch at the International Polo Club, where you can watch the fast-paced “sport of kings” and participate in the traditional divot stomp during half-time. Otherwise, bask in the warm Florida sun on one of Palm Beach’s pristine white sand beaches before departing this gilded paradise refreshed and revitalized.

Source: CN Traveler

Photo by Arnel Hasanovic via Unspash

South Florida’s Bustling Offices Buck National Trend

By Columbus International,16 May 20249 November 2024

While remote work remains prevalent across most of the United States, South Florida stands out as an exception where office attendance is nearly back to pre-pandemic levels. According to data from Placer.ai, which tracks mobile phone location data, office visits in the Miami metro area (including Fort Lauderdale and West Palm Beach) were just 14% below April 2019 levels. This contrasts sharply with the national figure of a 32.2% decline compared to four years ago.

For the past three months, South Florida has led all U.S. metro areas in office attendance after overtaking New York City. April marked the region’s highest level of office foot traffic since before the COVID-19 pandemic began. The gap from 2019 narrowed slightly last month to 14.1%, down from 9.4% in February. The only other metro area achieving at least 75% of its 2019 office occupancy is New York City at 16.9% below its pre-pandemic benchmark. Washington D.C. (-26.5%), Dallas (-27.6%), San Francisco (-49.3%), Los Angeles (-43.3%), and Chicago (-41.1%) all lag further behind. Despite San Francisco’s last place national ranking, it actually led the country in year-over-year office visit growth at 26%. Miami took second with a 23.5% annual increase in foot traffic. Nationwide, office visits grew 18.2% year-over-year, with the gap from 2019 levels the smallest since August of that year. South Florida’s robust office market has benefited commercial property owners.

Asking rents in Miami rose over 9% annually in Q1 2023 per Cushman & Wakefield. Tenants are flocking to premium modern buildings while older offices see high vacancy. Over 70% of 3 million SF available for sublease is in pre-2000 properties, with just 220,000 SF available in buildings constructed after 2015. Largest leases are also concentrating in top-tier properties more than in past years. Since 2019, the average size of new leases has been bigger in Class A buildings compared to lower tiers according to Avison Young data. These trends have allowed most of South Florida’s office markets to achieve greater rent growth than nearly anywhere else in the U.S. since 2019, with stable vacancy outside of Fort Lauderdale. Class A asking rents in Miami-Dade County spiked over 20% between Q1 2023 and Q1 2024.

A European Wellness Enclave Blooms in New York Harbor

By Columbus International,13 May 2024

In the heart of New York Harbor lies a European oasis that is set to expand its boundaries. Governors Island’s luxurious Italian day spa, QC NY, is unveiling an ambitious growth plan, with a new building, a restaurant, and an array of wellness offerings slated to open this July. Since its inception in March 2022, the $50 million retreat has captivated New Yorkers with its resort-level experience and distinctly foreign ethos. Nestled amid former Army barracks, QC NY has proven that a European-inspired sanctuary can thrive even in the midst of the city’s hustle and bustle, albeit at a premium price point of $98 for timed admission.

Now, over two years after its initial debut, QC NY is poised to unveil its transformation of a second structure, the 15,000-square-foot Building 112. This expansion will introduce a panoply of amenities, including “sensory saunas,” a salt room, an ice room, and a relaxation room adorned with water beds. Andrea Quadrio Curzio, CEO and founder of the QC Spa of Wonders brand, shared his vision with The New York Post, “We will have a breath room serving as a reminder to breathe, and a lavender room reminiscent of the lavender season in Provence or walking through the lavender field only steps away from us in Governors Island.”

The expansion will also feature Casa QC, a 142-seat, 5,000-square-foot restaurant offering a blend of soft and alcoholic beverages, as well as a variety of Italianesque fare, including artisanal gelato and aperitivo trays. A third facility, housed within another former Georgian Revival-style barrack, is slated for completion by spring 2025, bringing the spa’s total footprint on Governors Island to an impressive 100,000 square feet. Currently, QC NY offers guests access to an array of Vichy showers, saunas, infrared beds, more than a dozen relaxation rooms, massages (for an additional charge), and its most Instagrammable feature: year-round outdoor pools with sweeping views of lower Manhattan.

“The expansion is another step in transforming Governors Island into a wildly popular, year-round destination,” reads a release about the new building, noting that until QC NY’s arrival, the ferry only ran to the former Coast Guard base seasonally. The spa’s year-round operations have ushered in a new era for the island, “another change you can thank the Italians for.” In a city known for its relentless pace, QC NY’s European wellness enclave on Governors Island promises an oasis of tranquility and indulgence, catering to those seeking a luxurious escape without leaving the city limits.

Photo via QCNY

Tuscany Leads Italy in Value of Auctioned Vineyards in 2023

By Columbus International,13 May 2024

While not ranking first in the number of vineyard lots sold at auction nationwide, Tuscany stands at the top for the overall value, exceeding 24 million euros. Umbria and Sicily follow in terms of value. A decline has been observed over the past five years, when 142 Tuscan vineyards were auctioned: “Good news for the market.” Third at the national level for the number of auctioned vineyards, although fortunately the numbers are in a marked decline, but first in value, confirming its high-quality production. In 2023, 27 lots were sold in Tuscany, taking the bronze medal of a podium topped by Sicily with 48 and Puglia with 34. However, when considering absolute value, our region has no rivals: 24,589,990 euros, leaving Umbria far behind with nine million and 267 thousand euros. These are the figures emerging from the analysis conducted by the AstaSy Analytics Study Center of Npls Re_Solutions. Overall, last year in Italy, 244 vineyard lots went under the hammer, for a total value of 66,648,711 euros. The calculation is straightforward: those in Tuscany represent 11% of the total but account for over 36% of the value. The ranking with Tuscany and Umbria in the top two positions is confirmed by judicial procedures: the properties currently for sale at the highest value are related to the Courts of Pisa and Spoleto.

In particular, in the municipality of Crespina Lorenzana (Pisa), there is an agricultural company spanning 484 hectares, of which 24 are vineyards, valued at 11.4 million euros, with a varied production including Chardonnay, Vermentino, Sangiovese, Cabernet Sauvignon, Syrah, Trebbiano, and Merlot grape varieties. The last survey by the Astasy Study Center on the sector dates back to 2019, the pre-pandemic period. At that time, the vineyards that went to auction were almost five times the current quantity (1142). About 40% were concentrated in Tuscany (more than 450), where the price of vineyards in foreclosure amounted to over 100 million euros. According to analysts, the decrease in auctioned properties represents “a positive decline, testifying to a sector, the wine industry, that is regaining strength and determination.”

“Analyzing it from a real estate perspective, the vineyard sector is as interesting as it is peculiar and challenging,” explains Massimiliano Morana, CEO of Npls Re_Solutions, who warns: “It is an appealing type of property that can offer profitable investment opportunities, but it requires in-depth knowledge of the wine sector, including agricultural practices, winery management, and market trends. It is important to consider the challenges and specific characteristics of the sector before embarking on this type of investment: the costs associated with managing a vineyard, including labor, equipment, phytosanitary treatments, and maintenance, can be high.”

Manhattan Rents Soar to Dizzying New Heights

By Columbus International,13 May 2024

New York City’s rental market is reaching dizzying new heights, shattering previous records and exacerbating the city’s affordability crisis. According to a report released by Douglas Elliman and Miller Samuel, median rents in Manhattan and Brooklyn soared to unprecedented levels in April 2024, with no signs of abating as the peak leasing season approaches.

The data paints a grim picture for renters struggling to keep up with the relentless rise in housing costs. In Manhattan, the median rent climbed to a staggering $4,250 last month, a 3.7% increase from March and a 0.2% annual hike. This figure represents a staggering 26.7% surge compared to the pre-pandemic average in April 2019. Brooklyn followed a similar trajectory, with the median rent reaching $3,599, a 3% monthly increase and a 26.7% jump from April 2019 levels.

The report’s author, Jonathan Miller, warns that these eye-watering numbers could be just the beginning. “This is the third time in the four months of 2024 that we’ve seen rental prices rise year-over-year,” Miller said. “And this is increasing the odds — because rents don’t peak until the summer — that we could actually see last year’s July/August record broken.” The rental frenzy extends beyond Manhattan and Brooklyn, with northwest Queens also experiencing a sharp spike. The median rent in the area reached $3,244, the second-highest April figure on record, marking a 1.4% increase from March and a 15.1% jump from April 2019. The escalating rents are compounding New York City’s affordability crisis, which has reached alarming proportions. A recent report from the city comptroller revealed a worsening food insecurity crisis, with one in nine households unable to access adequate nutrition.

Moreover, a StreetEasy/Zillow analysis found that New York City has the largest gap between wage and rent growth in the country, with rents growing over seven times faster than wages did last year. As summer approaches and leasing activity typically peaks, the city’s renters brace for further strain on their already stretched budgets. The affordability crisis threatens to deepen, leaving many struggling to keep a roof over their heads in the city they call home.

New York Remains Global Wealth Capital Despite Millionaire Migration

By Columbus International,10 May 2024

While some wealthy residents have left New York City for lower-tax destinations like Florida, the Big Apple still reigns supreme as the world’s wealthiest metro area. A new report by immigration consultancy Henley & Partners reveals that New York has a staggering $3 trillion in total private wealth held by its citizens. The city boasts nearly 350,000 millionaires, up 48% over the last decade, giving it the highest millionaire population of any city globally. Approximately one in every 24 New York residents is a millionaire, compared to just one in 36 a decade ago. The city’s concentration of ultra-high-net-worth individuals is also unmatched – it has 60 billionaires and 744 people worth over $100 million.

This wealth has been bolstered by strong gains in financial markets in recent years. Global equities surged 20% in 2022 and are up nearly 7% so far this year, benefiting New York’s position as the U.S. financial capital. However, the city has seen some of its wealthiest residents decamp to lower-tax states like Florida during and after the COVID-19 pandemic. Over 91,000 New York residents relocated to Florida in 2022 alone as part of a larger migration of over 545,000 people leaving the state that year.

This trend has fueled a rise of “Wall Street South” in Florida, with major hedge funds like billionaire Carl Icahn’s and Paul Singer’s Elliott Management relocating headquarters to the Miami and West Palm Beach areas since 2020. In total, 160 Wall Street firms have moved out of New York in recent years, 56 of them to Florida, taking a combined $1 trillion in assets under management. The impact has been felt in South Florida’s luxury real estate and clubs, with golf memberships doubling or tripling in price. Miami now ranks 33rd globally for its millionaire population, up 78% over 10 years. Still, New York’s position at the top remains unmatched for now. Following it are the Silicon Valley region with 305,700 millionaires, Tokyo, Singapore, a fading London, Los Angeles, Paris, Sydney, Hong Kong and fast-growing Beijing.