Uncategorized

Milan’s Green Revolution: Bosconavigli Brings the Forest to the City

By Columbus International,1 August 20241 August 2024

In the heart of Milan’s historic San Cristoforo neighborhood, a groundbreaking residential complex is redefining urban living. Bosconavigli, designed by the renowned Stefano Boeri Architetti in collaboration with Arassociati and AG&P greenscape, is not just another apartment building – it’s a vertical forest that bridges the gap between city life and nature.

This innovative project reimagines the traditional Lombard courtyard house, spiraling upwards to create a harmonious blend of architecture and greenery. With 170 trees of 60 different species adorning its facades, roofs, and balconies, Bosconavigli is a testament to sustainable urban development. But Bosconavigli is more than just a pretty face.

The complex offers 90 apartments, each designed with large outdoor spaces that serve as “outdoor rooms,” blurring the line between interior and exterior living. Public amenities, including a restaurant-bistro and wellness facilities, make it a true community hub. The project’s commitment to sustainability goes beyond its lush greenery. Solar panels, rainwater harvesting, and geothermal energy production are just a few of the eco-friendly features integrated into the design. Moreover, the building’s green elements act as natural barriers against noise and air pollution, enhancing the quality of life for residents. Bosconavigli isn’t just changing the skyline of Milan – it’s changing the way we think about urban living. As cities worldwide grapple with environmental challenges, this project offers a glimpse into a greener, more sustainable future where nature and architecture coexist in perfect harmony.

Photo via Bosconavigli

Home Is Where We Are – https://columbusintl.com/newsroom/

Jennifer Lopez Cashes Out: Manhattan Penthouse Sells for $23 Million After 7-Year Listing

By Columbus International,31 July 20249 November 2024

Pop icon and business mogul Jennifer Lopez has finally unloaded her Manhattan penthouse, netting $23 million in a long-awaited deal that closes a protracted chapter in her real estate portfolio. The sale of the Madison Square Park property, confirmed by city records, comes seven years after the multi-hyphenate star first listed it on the market.

The luxurious duplex, situated at 21 E. 26th St., spans an impressive 6,540 square feet. Boasting four bedrooms and 6½ bathrooms, the property’s true crown jewel is its expansive outdoor space—nearly 3,000 square feet spread across four terraces on two levels. This urban oasis features unique amenities including a croquet pitch, a landscaped roof deck, and a putting green, offering a rare combination of space and privacy in the heart of New York City.

Lopez acquired the property in 2014 for $20.1 million, initially listing it in 2017 at $26.95 million. The journey to sale was marked by market fluctuations, with the penthouse appearing intermittently on listings under two separate brokerages before securing a buyer.

The penthouse resides in an exclusive six-story, neo-Georgian building housing only four units. Notable neighbors include Chelsea Clinton and her family, who occupy the floor below. The building has attracted other high-profile residents, including four-time NASCAR Cup Series champion Jeff Gordon and media mogul Dan Abrams.

Architectural highlights of the Lopez residence include soaring 12-foot-6-inch ceilings, pristine white oak floors, and a private keyed elevator opening into a great room adorned with a skylight and Palladian-style windows. The main floor showcases a state-of-the-art chef’s kitchen, complete with a breakfast bar and two wine fridges capable of storing over 100 bottles. A guest wing featuring three en-suite bedrooms rounds out this level.

The upper floor houses the primary suite, boasting two spa-like bathrooms, a spacious dressing room, and two private terraces. A media room with terrace access adds to the penthouse’s entertainment appeal.

This high-profile real estate transaction coincides with recent speculation about Lopez’s personal life, including rumors of relationship changes with Ben Affleck. As Lopez closes this chapter in her New York real estate holdings, industry watchers are keen to see where the savvy businesswoman and entertainer will invest next.

The sale, which went into contract in April and closed on Monday, was first reported by the Real Deal. It marks a significant move in the luxury real estate market, showcasing the enduring appeal of prime Manhattan properties despite recent market challenges.

As Lopez continues to make headlines in both her professional and personal spheres, this sale underscores her status not just as an entertainment icon, but as a shrewd player in the high-stakes world of New York real estate.

Source: New York Post
Photo: Brown Harris Stevens

Miami’s Architectural Renaissance: A New Era of Luxury Living Transforms the Magic City

By Columbus International,30 July 2024

Miami, long known for its vibrant real estate market and picturesque beaches, is undergoing a transformative period that promises to redefine luxury urban living. A series of ambitious developments are not only reshaping the city’s iconic skyline but also setting new global standards for residential and hospitality experiences. From record-breaking heights to unprecedented amenities, these projects are attracting international attention and solidifying Miami’s position as a premier destination for high-end real estate.

888 Brickell Avenue: A New Pinnacle of Luxury

Leading the charge is 888 Brickell Avenue, an audacious project born from the collaboration between JDS Development and Studio Sofield. Set to become Miami’s tallest building at an impressive 1,049 feet, this hybrid hotel and luxury condominium complex is poised to be a game-changer in the city’s architectural landscape.

Drawing inspiration from iconic modernist skyscrapers like New York’s Seagram Building and infused with elements of Milanese mid-century design, 888 Brickell Avenue boasts a striking façade that combines ivory travertine, white stucco, and matte black steel beams. This elegant composition gives the building a distinctly vertical appearance, setting it apart from its neighbors and creating a new focal point for the Miami skyline.

One of the most distinguishing features of 888 Brickell Avenue is its ground-level aesthetic. A gold-beaded screen wraps around multiple stories, emitting a warm, golden glow that has quickly become the property’s signature look. This dazzling display sets the tone for the luxurious experience that awaits within, where white-glove service and gracious hospitality are the norm.

The development is a testament to JDS Development Group’s reputation for pushing the boundaries of engineering and design. Led by Michael Stern, the team brings a wealth of experience from high-profile projects like New York’s 111 West 57th Street and the Brooklyn Tower. With 888 Brickell Avenue, they’re not only continuing their track record of creating supertall residential towers but also making their first foray into the hospitality sector.

The Residences at 1428 Brickell: Elevating Waterfront Living

Rising 70 stories above the Brickell neighborhood, The Residences at 1428 Brickell is set to become another iconic centerpiece of Miami’s evolving skyline. This architectural masterpiece offers 189 exclusive homes, each designed to maximize the quality of life for its residents.

With units ranging from 1,800 to 4,000 square feet for standard residences, and up to 10,000 square feet for penthouses, The Residences at 1428 Brickell caters to those seeking spacious, luxurious living spaces. Every home in this 70-story tower faces Biscayne Bay directly, providing stunning water views and thoughtfully designed to maximize natural light.

The development’s location at the intersection of Brickell Avenue and Southeast 14th Terrace puts it in the heart of one of Miami’s most desirable neighborhoods. Its proximity to the Four Seasons Residences Miami further cements its status as a prime piece of real estate in the city’s luxury market.

Mercedes-Benz Places: Automotive Luxury Meets Urban Living

In a groundbreaking move, Mercedes-Benz is making its first foray into the residential market in North America with Mercedes-Benz Places. This visionary community in Brickell represents a unique fusion of innovative living solutions and the unparalleled standards synonymous with the Mercedes-Benz brand.

Developed by JDS Development Group, the project brings together an all-star team of designers and architects. The Mercedes-Benz design team has collaborated with award-winning SHoP Architects (working alongside ODP), while interiors are being crafted by Woods Bagot, and landscaping is under the expert guidance of Field Operations.

The development is set to include luxurious condominium residences, office and wellness spaces, a world-class hotel, and a newly-built open park designed by Field Operations. This last feature is particularly noteworthy, as it aims to create a leafy oasis in the heart of urban Brickell, complete with winding paths, local flora and fauna, playgrounds, sports courts, and ample green spaces.

With 130,000 total square feet dedicated to amenities and hospitality spaces, Mercedes-Benz Places is designed to be more than just a residence – it’s a lifestyle destination that combines sophistication, convenience, and sustainable living in one extraordinary location.

The Residences at Mandarin Oriental: A New Benchmark in Waterfront Luxury

The Residences at Mandarin Oriental represents a pinnacle of refined luxury along Miami’s waterfront. This development brings together a highly acclaimed global design team, each member renowned in their respective fields, to create a truly unique living experience.

Kohn Pederson Fox Associates (KPF) is responsible for the striking exterior architecture that promises to redefine the city’s skyline. The interiors of The Residences will be infused with the sophisticated aesthetic vision of Parisian designer Tristan Auer, while the esteemed Laura Gonzalez, featured on the AD 100 and Elle Décor A-List, will craft the hotel interiors. The landscape architecture, led by the renowned Thai firm Shma, completes this world-class team.

Starting at $3.5 million, The Residences at Mandarin Oriental offers a range of exclusive amenities that set a new standard for luxury living. Residents will enjoy panoramic views of Biscayne Bay, access to multi-tiered landscaped infinity swimming pools, private cabanas, executive work lounges, private dining rooms with chef kitchens, world-class restaurants, a signature spa, and state-of-the-art health and wellness facilities.

Okan Tower: At the Crossroads of Miami’s Future

With its alluring curved façade and soaring height, Okan Tower is designed to be the dramatic centerpiece of downtown Miami’s skyline. Its central location puts residents at the heart of the city’s vibrant cultural scene and growing business districts.

The tower’s strategic position provides easy access to key transportation routes, including the downtown Metromover loops and Government Center Metrorail Station. This connectivity, combined with proximity to major highways, the Brightline commuter rail station, and Port Miami, makes Okan Tower an ideal base for those who value both local convenience and global connectivity.

Residents of Okan Tower will find themselves at the forefront of an exciting urban residential experience, with easy access to parks, shops, restaurants, museums, professional sports venues, concerts, performing arts centers, festivals, and nightlife. The tower’s location also allows for quick escapes to the waters of Biscayne Bay or Miami Beach, offering a perfect balance of urban energy and coastal relaxation.

Villa Miami: Bringing Italian Elegance to the Magic City

Villa Miami introduces a unique concept to the city’s luxury real estate market: airy, Italianate living high above the Miami skyline. Developed by New York design studio Charles & Co, the residence interiors marry sophisticated European sensibility with a focus on warmth, romance, and waterfront living.

Each residence at Villa Miami is designed to evoke the feel of a European countryside estate, with sunlight pouring in from all directions, sprawling living rooms made for gathering and lounging, and dining rooms built for entertaining. The heart of each home is the kitchen, equipped with chef-grade appliances and designed by MFG’s Mario Carbone, featuring CornuFé series ovens and stovetops from La Cornue, Wolf appliances, and pasta sinks.

The bedroom suites offer unending views of the bay and the Miami skyline, with expansive floor plans that include private dressing rooms. Bathrooms are an extension of the building’s hydrotherapy amenities, featuring curved, deep-soaking tubs and soft marble, brass, and fluted glass finishes throughout.

As these developments near completion, they collectively promise to transform not only Miami’s physical landscape but also its reputation on the global stage. By combining cutting-edge architecture, world-class amenities, and innovative living concepts, these projects are cementing Miami’s status as a leader in luxury urban living. For investors, residents, and visitors alike, the Magic City is entering a new golden age of architectural and lifestyle innovation, setting the stage for an exciting future in one of America’s most dynamic cities.

Photo via Villa Miami

Manhattan’s Retail Renaissance: Storefronts Surge Despite Economic Headwinds

By Columbus International,26 July 2024

In a striking display of resilience, Manhattan’s retail sector is experiencing a robust revival, according to a recent report from the Real Estate Board of New York (REBNY). The first half of 2024 has seen a surge in storefront activity, particularly in the small to mid-sized market, with the food and beverage industry leading the charge.

This resurgence comes as welcome news to a city still grappling with the aftermath of the pandemic. Despite rents hovering 20% to 30% below pre-COVID levels, demand for retail spaces remains strong, driven by a potent combination of rebounding tourism and the gradual return of office workers.

Keith DeCoster, REBNY’s director of market data and policy, notes, “Surging tourism invigorated Manhattan retail in 2022 and 2023.” This trend shows no signs of slowing, with New York City cementing its position as a top destination for sports tourism, bolstered by events like the 2024 Cricket World Cup.

The retail landscape is evolving, with savvy businesses adapting to new market realities. As prime locations in SoHo and Madison Avenue become scarce, retailers are exploring opportunities in less traditional corridors. The Penn District and Avenue of the Americas are benefiting from increased office activity, while residential neighborhoods like the Upper East and West Sides are seeing an influx of diverse businesses, from apparel stores to comedy clubs.

However, the recovery is not uniform across the borough. Times Square, once the beating heart of New York’s tourist economy, continues to struggle. DeCoster cautions, “Tourism and return to office remain below pre-Covid peaks, and lagging neighborhoods and pockets of vacancy underscore the reality that retail businesses still face significant obstacles.”

The city is not standing idle in the face of these challenges. Initiatives like the City of Yes: Economic Opportunity plan aim to streamline zoning and ordinances, potentially accelerating the filling of vacant storefronts and revitalizing streetscapes.

As Manhattan’s retail sector navigates this complex landscape, one thing is clear: the borough’s legendary resilience and adaptability are once again on full display. With continued innovation and support, New York’s storefronts are poised to write the next chapter in the city’s enduring retail story.

Tom Ford’s $250 Million Real Estate Empire: From Fashion Mogul to Property Tycoon

By Columbus International,25 July 2024

Fashion designer turned real estate mogul Tom Ford has been quietly amassing a property portfolio worth over $250 million, according to The Wall Street Journal. Following the $2.8 billion sale of his eponymous fashion brand to Estée Lauder in early 2023, Ford has been on a real estate buying spree, adding at least three trophy homes to his already impressive collection.

“Ford presides over a real-estate empire that includes homes in New York, Los Angeles, Palm Beach, Fla., and the Hamptons,” reports The Wall Street Journal. The publication also reveals that Ford recently acquired an Aspen, Colorado mansion for $42.25 million in a previously undisclosed deal.

The designer’s penchant for architecturally significant properties is evident in his portfolio. The Wall Street Journal notes that Ford has “bought and sold numerous architecturally significant homes, including properties in London and Paris, a Tadao Ando-designed ranch near Santa Fe, N.M., and a midcentury home in L.A. designed by Richard Neutra.”

Ford’s real estate acumen may be attributed to his background. As The Wall Street Journal reports, “Growing up in Santa Fe, his parents were both real-estate agents and he later studied interior architecture at Parsons School of Design in New York.”

Howard Morrel of Christie’s International Real Estate, who sold Ford the iconic Halston house in Manhattan, describes the designer’s portfolio as “subtle and sophisticated,” mixing historic homes with more modern architectural properties. “It’s not ostentatious, but it’s high drama,” Morrel told The Wall Street Journal.

From fashion to film directing and now real estate, Tom Ford continues to demonstrate his keen eye for style and value across multiple industries. As his property empire grows, it’s clear that Ford’s business acumen extends far beyond the runway.

Photo via Instagram

Italian Luxury Retailer Luisaviaroma Makes Bold U.S. Debut in Manhattan’s NoHo

By Columbus International,24 July 2024

In a strategic move that underscores the resilience of high-end retail and the enduring allure of New York City, Italian luxury fashion powerhouse Luisaviaroma has unveiled its first international brick-and-mortar location in Manhattan’s trendy NoHo district.

The 11,300-square-foot flagship store, which opened its doors on Monday at 1 Bond Street, marks a significant milestone for the 95-year-old company as it expands its global footprint beyond its iconic Florence headquarters. This calculated expansion comes at a time when Manhattan’s retail landscape is showing strong signs of post-pandemic recovery, buoyed by an influx of tourists and the gradual return of office workers.

Brandon Singer, CEO and founder of Retail by MONA, the brokerage firm behind the deal, spoke to CoStar about the strategic importance of the location. “Luisaviaroma recognized the incredible momentum on Bond Street,” Singer explained. “NoHo has rapidly evolved into one of Manhattan’s most coveted and stylish neighborhoods, making it the perfect backdrop for this luxury brand’s U.S. debut.”

The prime real estate doesn’t come cheap, with an annual asking rent of $3.2 million, reflecting the premium placed on high-visibility locations in Manhattan’s luxury retail corridors. However, for Luisaviaroma, the investment appears well-calculated. CEO Tommaso Andorlini previously revealed to Women’s Wear Daily that the United States accounts for a quarter of the company’s online sales, with New York City leading as its largest market.

This brick-and-mortar expansion strategy aligns with a broader trend of digital-first retailers recognizing the value of physical stores in building brand awareness and providing immersive shopping experiences. For Luisaviaroma, which has built its reputation on curating cutting-edge fashion from top designers, the New York store offers an opportunity to showcase its unique aesthetic and connect with its American customer base in a tangible way.

As Manhattan’s retail sector continues its upward trajectory, Luisaviaroma’s arrival is likely to be closely watched by industry insiders and competitors alike. It not only represents a vote of confidence in the city’s economic rebound but also signals the ongoing importance of New York as a global fashion capital.

With this bold move, Luisaviaroma is poised to capitalize on the resurgence of luxury retail and cement its position as a key player in the international fashion landscape. As the company writes its next chapter on American soil, the success of this venture could pave the way for further expansion and inspire other international brands to follow suit.

CityLife Milan: Redefining Urban Living in the Heart of Italy’s Fashion Capital

By Columbus International,22 July 202422 July 2024

In the bustling metropolis of Milan, a revolutionary urban development is reshaping the city’s skyline and redefining the concept of modern living. CityLife Milan, an ambitious project spanning an impressive 366,000 square meters, is setting new standards in urban planning and architectural innovation.

The Future of Urban Development

At its core, CityLife Milan represents a bold vision for the future of urban spaces. This meticulously planned development seamlessly blends public and private sectors, creating a harmonious ecosystem that caters to both residents and businesses. The project’s innovative approach challenges traditional city planning norms, offering a glimpse into the future of urban living.

A Skyline Transformed

The development’s crown jewels are three towering commercial structures that dominate the Milan skyline. These architectural marvels serve as more than just office spaces; they are the heartbeat of CityLife, around which the entire project revolves. Their striking designs not only symbolize modernity but also act as a beacon for Milan’s economic ambitions.

Redefining Residential Living

Surrounding these commercial giants are clusters of residential buildings that redefine luxury living. These homes are not mere afterthoughts but integral components of the CityLife vision. Each residential complex is a testament to contemporary design, offering residents a unique living experience that seamlessly integrates with the development’s commercial and public spaces.

Green Spaces: The Lungs of CityLife

In a refreshing departure from typical urban developments, CityLife Milan places significant emphasis on public green spaces. These areas are not just aesthetic additions but are crucial to the project’s holistic approach to urban living. Lush parks and carefully landscaped gardens serve as communal retreats, offering residents and visitors a much-needed escape from city life.

The Economic Implications

CityLife Milan is more than just an architectural feat; it’s a strategic investment in Milan’s future. The project is poised to attract international businesses, boosting the city’s already formidable economic status. Moreover, it’s likely to spark a real estate boom in surrounding areas, potentially reshaping Milan’s property market.

A Model for Future Cities

As urban populations continue to grow globally, developments like CityLife Milan offer valuable insights into sustainable urban planning. Its integrated approach to combining commercial, residential, and public spaces could serve as a blueprint for future city developments worldwide.

The Bottom Line

CityLife Milan represents a bold step into the future of urban development. By reimagining the relationship between commercial spaces, residential areas, and public domains, it sets a new standard for city planning. As the project continues to evolve, it will undoubtedly cement Milan’s position as a leader in innovative urban design and sustainable living.

For investors and urban planners alike, CityLife Milan is a project to watch closely. It may well be the harbinger of a new era in urban development, one that prioritizes holistic living experiences over mere functionality. As cities worldwide grapple with the challenges of urbanization, CityLife Milan stands as a shining example of what’s possible when vision meets execution in the realm of urban planning.

Photo via City-Life

Ivana Trump’s Manhattan Mansion: A Gilded Legacy Faces Market Realities

By Columbus International,19 July 20249 November 2024

In the world of high-end New York real estate, few properties capture the imagination quite like the late Ivana Trump’s East 64th Street townhouse. Two years after the passing of the Czech-American businesswoman and socialite, her opulent Manhattan residence remains on the market, now with a significantly reduced price tag.

According to recent StreetEasy data, the asking price for Trump’s former home has been slashed to $19.5 million—a substantial $7 million drop from its initial listing of $26.5 million in November 2022. This latest adjustment follows a previous reduction to $22.5 million last year, signaling a shifting luxury real estate landscape in the wake of economic uncertainties.

The 8,725-square-foot limestone townhouse, acquired by Trump for $2.5 million in 1992 following her high-profile divorce from former President Donald Trump, stands as a testament to her larger-than-life personality and unapologetic embrace of luxury.

Stepping into the five-bedroom, 5.5-bathroom residence is like entering a time capsule of 1980s excess, reimagined through Trump’s distinctive lens. The grand entryway, featuring a crystal chandelier and custom gilded paneling, sets the tone for the rest of the 17-room property.

Perhaps the most striking space is the leopard-print library on the third floor—a room that encapsulates Trump’s bold aesthetic choices. Here, spotted wallpaper and upholstery create a dramatic backdrop for gold accents and personal mementos, including a photograph of Trump with her daughter Ivanka.

The dining room, described by Trump herself as “how Louis XVI would have lived if he had had money,” showcases walls draped in gold fabric and an impressive chandelier. This space, along with the rest of the home, played host to numerous high-profile gatherings, with guests ranging from Hollywood stars to royalty.

Eric Trump, in a previous interview with The Wall Street Journal, shared fond memories of family life in the townhouse. “My mom absolutely loved that house,” he recalled, noting that he and his siblings spent their formative years within its ornate walls.

The property’s outdoor spaces offer a serene contrast to the lavish interiors. A south-facing garden and a terrace connected to the primary bedroom provide tranquil retreats in the heart of Manhattan’s Upper East Side.

As the real estate market continues to evolve, the future of this iconic property remains uncertain. What is clear, however, is that Ivana Trump’s Manhattan mansion represents more than just a high-end listing—it’s a gilded chapter in New York City’s social history, waiting for its next steward.

As the property enters its third year on the market, industry watchers will be keen to see if this latest price adjustment will finally attract a buyer willing to embrace Trump’s extravagant vision of Manhattan living.

Source: New York Post

Photo/Copyright: Evan Joseph Photography | Evan Joseph | Interior and Architectural Photographer NYC | studio@evanjoseph.com | 646.515.0316

Luxury Real Estate Market in Italy: Trends and Prices

By Columbus International,17 July 2024

The luxury real estate landscape in Italy shows a significant concentration in major cities, with Milan and Rome at the forefront. According to a recent analysis by Immobiliare.it, these two metropolises account for over a quarter of the country’s high-end property offerings.

Milan emerges as the undisputed leader, with about 16% of the national luxury stock, a trend that has been growing in recent years. Rome follows with nearly 11%, but shows signs of contraction. Florence, while ranking third, represents only 3% of the total offer.

At the regional level, Lombardy and Tuscany dominate the market, with 29% and 22.4% of high-end offerings respectively. Lazio ranks third with 14.8%.

Tourist destinations play a key role in the luxury segment. Como has seen an increase in offerings, while destinations like Forte dei Marmi have experienced a decline.

In terms of prices, Portofino stands out as the most expensive municipality, with an average of 19,074 euros/sqm. It’s followed by Villasimius in Sardinia and Capri. Tourist destinations generally surpass large urban centers in terms of cost per square meter.

Among regions, Valle d’Aosta leads the ranking with average prices of 9,173 euros/sqm, followed by Sardinia and Campania. Lombardy, despite its strong presence of luxury properties, ranks only fifth in terms of average prices.

This analysis highlights a dynamic and geographically diverse luxury market, with a clear preference for coastal and tourist locations in terms of property valuations.

Source: Monitor Immobiliare

Aman New York Penthouse Acquired by Developer Vladislav Doronin for $135 Million (Source: WSJ)

By Columbus International,17 July 2024

In an unexpected turn of events, Russian-born billionaire Vladislav Doronin has purchased the crown jewel of his own development, the penthouse at Aman New York, for $135 million. This revelation comes five years after Doronin initially claimed an Asian buyer would acquire the property for $180 million.

The luxurious penthouse, occupying the top five floors of the historic Crown Building, boasts approximately 13,236 square feet of interior space and an additional 4,462 square feet of outdoor areas. Featuring seven bedrooms, the unit was sold in unfinished condition, allowing for customization by its new owner.

Doronin’s OKO Group spearheaded the conversion of the 1920s Crown Building, transforming its upper floors into 22 exclusive condominium units. The project, which began sales in 2018 and completed in 2022, has now sold out entirely. Notable transactions include a 24th-floor residence closing for $61.58 million in February and a 20th-floor unit selling for $75.8 million in 2022.

At 61, Doronin already possesses an impressive real estate portfolio, including homes in Miami Beach, London, Ibiza, and a Zaha Hadid-designed residence near Moscow. In 2019, he expressed interest in acquiring a unit at Aman New York, citing a desire for amenities like a fireplace and terrace that his Time Warner Center apartment lacked.

While it’s not uncommon for developers to invest in their own projects, Doronin’s acquisition stands out for its scale and price tag. Sources familiar with the deal indicate that an earlier agreement with an Asian buyer for a fully built-out unit fell through, explaining the difference between the initial $180 million figure and the final $135 million sale price for the raw space.

Doronin acknowledged in 2019 that he was entering a saturated market for ultra-luxury condos, particularly along Manhattan’s Billionaires’ Row. However, he remained confident in the project’s unique appeal, stating his hope that it would “fly above the clouds” in New York’s competitive real estate landscape.

The developer’s bold move reflects his belief in the project’s value, echoing his 2019 statement: “If you don’t take a risk, you don’t drink champagne.”

As of now, neither Doronin nor Aman representatives have responded to requests for comment on this significant transaction.

Source: WSJ

Photo via Aman New York