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Diptyque Paris Unveils Expansive Flagship Store on Madison Avenue, New York City

By Columbus International,27 November 2023

On December 1st, Diptyque Paris will reveal its new flagship store on Madison Avenue, in the heart of New York City, just in time to kick off the holiday season. With two floors and a spacious 2,100 square feet, this space is poised to become a beacon of real estate elegance. Highlighting the strategic importance of the United States as the brand’s leading global market in terms of sales, Julien Gommichon, President of the Americas for Diptyque Paris, emphasized the necessity of establishing a strategic presence with a local flagship store. The store showcases the entire range of Diptyque products, including candles, home and personal fragrances, home decorations, and bath and body products. While specific details about annual sales and brand growth were not disclosed, Gommichon revealed that 40% of Diptyque Paris sales come from the retail sector, expressing optimism that the new flagship store will become a robust revenue engine.

The National Candle Association reports that about 35% of candle sales occur during the holiday season, further underscoring the strategic opportunity of the store opening. Gommichon envisions the flagship store as a space for immersive experiences, with ample room to offer exclusive services and customization options such as engravings and stamps. He emphasized that enhanced experiences and services will be more prominent and accessible to customers in the flagship store. In addition to the extensive product offerings, the flagship store will provide additional services to enhance the customer experience. These include personal shopping, personalized education on fragrance layering, a fragrance refill station, and professional gift-wrapping services. VIP customers can even reserve a private dining room-style area to host exclusive parties and events.

The trend of luxury brands opening flagship stores in the United States has been a significant theme in 2023. Joining the ranks of renowned brands, Diptyque Paris positions itself with this expanded flagship store on Madison Avenue. The new store is twice the size of its original location on Madison Ave., which closed in May for renovations, presenting a more traditional storefront. The impact of Covid-19-related lockdowns on consumer behavior is evident in the renewed focus on home aesthetics and premium products. Diptyque Paris has seen an increase in demand for personal fragrances in the post-Covid period, constituting approximately 40% of the brand’s sales. Notably, the brand has championed non-gendered fragrances since its founding in 1961, a trend that has gained broader acceptance only in recent years.

As the holiday season approaches, Diptyque Paris is poised to capitalize on the anticipated increase in consumer spending. According to the National Retail Federation, holiday sales for 2023 are expected to increase by 3-4% year over year, reaching an impressive range between $957.3 billion and $966.6 billion, a yearly record. Jessie Dawes, Chief Marketing Officer of the Americas for Diptyque Paris, outlined the promotional strategy for the flagship store, including a city-wide out-of-home (OOH) campaign in New York City, paid social media ads, and an opening celebration scheduled for late November. The combination of strategic timing, a prime location, and an engaging shopping experience positions the Diptyque Paris flagship store to make a significant impact in the competitive real estate landscape.

Source: Glossy

Office Crisis: WeWork Files for Bankruptcy as the US Market Struggles with Space Reduction

By Columbus International,25 November 2023

Transforming the office landscape with an injection of flexibility is a challenge faced with courage. However, it is the burdensome rigidity of lease agreements with major property owners that has led WeWork, the American giant of shared office spaces, to file for bankruptcy under Chapter 11. Since the onset of the pandemic, the office market in the United States has failed to recover. A scenario of vacant square meters and declining rents, which WeWork’s case threatens to exacerbate. The leadership of WeWork assures that this situation is confined to the US and Canada market (the company has 777 locations in about 40 countries and does not affect Italy), but, as stated in the application filed by the company, it will result in the termination of over 40 lease contracts in New York alone.

According to the latest Jll Office Report Q3 – source: Sole 24 Ore – office leasing in the US has decreased by 35% since 2019, with rents falling by 6%. In September, compared to the same month in 2022, defaults on loans for office buildings tripled to around 6%. The net absorption of office spaces decreased by 1.7 million square meters in the third quarter, bringing the total loss of office space to over 4.7 million square meters in just one year. On a quarterly basis, the vacancy rate increased by 39 basis points to 21%, and in just one year, construction began on only 730,000 square meters of new office space, which, in perspective, will mean a lower supply of new and high-quality products compared to demand (with corresponding price pressure). “WeWork – as George Schultze, founder of Schultze Asset Management Llp, wrote in Forbes – is an extreme example, but there is now much concern in the commercial real estate market in general. Banks and insurance companies have financed loans to investors who used a minimal share of their own capital when interest rates were very low, expecting them to remain low for a long time. Now that short-term rates are above 5%, many investors are in trouble, and many lending institutions will take a hard hit when buildings are revalued under current market conditions.”

According to Moody’s, this will have a negative impact on cash flows and market office values, increasing negative sentiment and making refinancing more difficult in the next 12-18 months. According to Nareit (the American Association of Real Estate Investment Trusts), compared to 2015, the market value of offices in publicly traded real estate investment trusts has dropped from 14% to 4%. Although fund managers, as shown by Jll data, note that demand for prime offices, i.e., new high-end spaces (strategic locations, zero emissions, innovative materials and spaces, services such as green areas, restaurants, gyms), remains healthy, albeit subdued. Rents have also increased by an average of 4% since 2019. However, as emphasized by Nareit, these are indeed innovative but “traditional” offices: “Coworking will remain, but it will be a niche.” Perhaps. But opinions diverge here. “Post-pandemic hybrid work is prompting tenants to reduce spaces,” explains Jose Pellicer, Global Head of Investment Strategy at M&G Real Estate, “but the situation in the US is different from in Europe. In the United States, the return rate is 50%, in Europe, it’s 75%, driven by factors such as smaller homes and shorter commuting times.”

“The case of WeWork has raised questions about the future of flexible offices,” wrote Julie Whelan, Global Head of Occupier Thought Leadership at Cbre. However, our recent survey among companies using them indicates a growing demand for flexible lease agreements to meet increasingly relevant space planning scenarios. Therefore, we believe that WeWork’s difficulties are largely attributable to its business model, which tied it to long-term lease commitments made before the pandemic, while simultaneously facing significant costs in a context of sharply rising interest rates. In the latest Bloomberg Market Live Pulse survey, 65% of investors believe that the US office market will only begin to recover after hitting rock bottom; two out of three expect this recovery to occur in the second half of 2024.

Lawsuit Alleges Conspiracy to Inflate Real Estate Commissions in Manhattan

By Columbus International,20 November 2023

On Monday, a legal action was initiated, accusing the Real Estate Board of New York (REBNY), along with over two dozen brokerages and companies, of collaborating to artificially boost commissions paid to agents involved in the sale of residential real estate in Manhattan. This proposed class action against the REBNY trade group, the Corcoran Group (HOUS.N), Douglas Elliman (DOUG.N), and others, comes in the wake of an October 31 verdict by a federal jury in Missouri, awarding home sellers $1.78 billion in a parallel case against the National Association of Realtors and multiple brokerages. The potential impact of this verdict, which a judge could triple to exceed $5.3 billion, has the potential to disrupt long-standing practices mandating sellers to pay commissions to buyers’ brokers.

The National Association of Realtors (NAR) is currently facing at least two other similar proposed class actions. In the federal court lawsuit filed on Monday in Manhattan, Monty March, the plaintiff, asserted that commissions on Manhattan residential sales persist at a stable 5% to 6%, even as home prices skyrocket, reaching an average apartment price exceeding $2 million by early 2022. March argued that sellers using REBNY’s listing service should not be obligated to pay 2.5% to 3% commissions to buyers’ brokers, especially when compared to lower commissions in “fully competitive” markets such as Brooklyn, where negotiations occur separately and average around 1%. REBNY’s General Counsel, Carl Hum, stated that the group is currently reviewing the complaint with its legal team and expressed confidence that the practices and procedures of its listing service “abide by all relevant laws.”

As of now, Corcoran and Douglas Elliman have not responded to requests for comments. March claimed to have paid inflated commissions when he recently sold property on Manhattan’s Upper East Side, with property records revealing the sale of an apartment for $5.6 million in July 2022. Commencing January 1, REBNY will mandate sellers, rather than their brokers, to directly remit any commissions to buyers’ brokers, aiming to enhance “transparency and consumer confidence in the residential marketplace.” March expressed uncertainty about whether this change would lead to lower commissions or potentially cause delays in sales as buyers’ brokers negotiate with sellers. The lawsuit seeks damages for sellers of Manhattan residential property over the past four years who paid buyer brokers’ commissions under REBNY rules.

Source: Reuters

Appartamenti quartiere Financial District | New York

Financial District Resurgence: Converting Office Spaces into Homes

By Columbus International,17 November 2023

In the ongoing discussions about repurposing New York City‘s stagnant office buildings into residential spaces, it’s the Financial District that has taken the lead in this transformative endeavor on a significant scale. This trend, as reported by The New York Times, showcases a remarkable shift in the landscape of the Financial District, challenging its traditional image as a purely business-centric area. In recent years, the Financial District has seen the conversion of prominent structures into luxury apartments. Notable examples include the transformation of a 1907 office tower at 84 William Street and an Art Deco skyscraper at 1 Wall Street, the former headquarters of the Bank of New York.

This wave of change extends beyond high-rise conversions, encompassing various modifications that began decades ago with the renovation of low-rise buildings and continues today with the construction of towering glass and steel structures. The Financial District, once criticized as a deserted expanse after the bankers’ departure, has now evolved into a thriving residential enclave at the southernmost tip of Manhattan. The demographic landscape of the area has witnessed a substantial increase, with the resident count soaring from 13,700 in 1990 to the current 66,000. The boundaries of this burgeoning community stretch from Chambers Street and the Brooklyn Bridge to the north, extending to the West Side Highway on the west. Notably, even a new Whole Foods establishment has become part of this revitalized neighborhood. The transformation of the Financial District serves as a potential roadmap and a source of optimism for other neighborhoods in Lower to Midtown Manhattan grappling with a surplus of vacant offices. As companies continue to reduce office space in the aftermath of the pandemic, real estate analysts anticipate that a significant number of buildings, particularly outdated offices with inefficient layouts, may remain unattractive to most companies, necessitating alternative uses. Both Mayor Eric Adams and Governor Kathy Hochul have endorsed residential conversions as a solution to address both the office surplus and the city’s housing shortage. However, the adoption of such conversions faces challenges, given their expense and the impracticality of transforming dark, deep interiors into light-filled residences.

The Financial District’s metamorphosis traces back to two pivotal events—the migration of banks and insurance companies from Lower Manhattan to Midtown and the impact of the September 11 attack. These setbacks led to a transformation in the district’s demographics, gradually replacing suited 9-to-5 workers with families and parents pushing strollers. The compact lots in the area facilitated the conversion process, resulting in a prevalence of slender buildings with high ceilings and large windows. Since the onset of the pandemic, the neighborhood has witnessed the addition of nearly 1,500 residences in new constructions and conversions, with thousands more expected in the coming years. Among these, the largest conversion in the country involves the creation of 1,300 apartments in an office tower vacated by JPMorgan Chase in early 2021. The article also features the perspective of a resident, Cory Levy, who highlights the Financial District’s unique charm, its historical roots, and the evolving residential character that offers a distinct advantage over other neighborhoods.

The Financial District’s makeover began in the mid-1990s, driven by tax incentives for developers converting office towers into residences. This initiative resulted in a building boom, creating nearly 13,000 units by the time the incentives expired in 2006. Despite the expiration of incentives, the conversion of offices into residences continued, albeit at a slower pace. Real estate experts, such as Joey Chilelli from Vanbarton Group, anticipate that the recent challenges in the office market will likely accelerate more conversions in the Financial District, given its status as having the highest office vacancy rate in Manhattan. Vanbarton Group is actively involved in the latest conversion project, transforming 160 Water Street into 588 apartments. The high office vacancy rate in the neighborhood, now standing at nearly 27 percent, up from 11 percent before the pandemic, underscores the potential for further transformations. The article concludes by highlighting examples of former skyscrapers, including 15 Park Row, and modern office buildings that have successfully transitioned into residential spaces. The stories of residents like Ruth Cheng, who chose to stay in the Financial District for its evolving amenities, schools, and community offerings, further emphasize the neighborhood’s growing appeal.

Real Estate and Luxury. New Owner for the Historic Villa Michelangelo on the Florentine Hills

By Columbus International,15 November 2023

New Owner for the Historic Villa Michelangelo on the Florentine Hills.

Villa Michelangelo, the only building remaining intact on the hills of Florence, known to have been the residence and workplace of Michelangelo Buonarroti, has a new owner, as reported by La Repubblica.

Built between the 14th and 15th centuries, the historic residence was recently acquired for 8 million euros by a foreign investment fund. Located in the upper part of Settignano, a short distance from the heart of Florence, the villa was originally owned by the Buonarroti family. According to Michelangelo’s biographies, after his birth in Caprese, he moved to the Florentine hill, where he was nursed with “milk kneaded with marble dust,” nurturing his early passion for sculpture. The residence, spanning four levels and approximately 900 square meters, still retains its original structure, including a square internal tower used as a guardhouse. The surrounding land, featuring a small orchard and a plantation of 200 olive trees on nearly a hectare, adds further value to the property. The villa boasts a main facade with two open arched external terraces, while on the ground floor, there is an uncovered terrace with three cross-vaults with semicircular arches.

The uniqueness of this sale follows shortly after the transfer of a prestigious Boutique Hotel in Florence, which was sold for 28 million euros.

The Evolution of a Grand Playground – Unveiling the Cultural Renaissance of Miami Beach

By Columbus International,13 November 2023

Miami Beach, the sun-kissed real estate paradise on Florida’s southeastern coast, has long been synonymous with luxury, excess, and a vibrant scene. Behind its glamorous façade, however, lies a city that has undergone a fascinating series of transformations throughout its history. From its origins as a playground for the wealthy elite to social challenges and subsequent rapid ascent, Miami Beach has consistently demonstrated resilience and adaptability. Today, as the city faces new challenges, it prepares for a fresh reinvention, one that embraces cultural enrichment and redefines its very essence.

Miami Beach: A Journey Through Time
Nearly a century ago, in the roaring ’20s, Miami Beach experienced its first real estate boom. Millionaires like Harvey Firestone, J.C. Penney, and Rockwell LaGorce flocked to this three-mile stretch of paradise known as Millionaire’s Row. It was during this period that Art Deco architecture began to take shape, leaving an indelible mark on the city’s identity. The bubble burst with the onset of the Great Depression, plunging Miami Beach into a severe economic crisis. Nevertheless, the city found a way to bounce back.

Revival and Reinvention
In the ’40s and ’50s, Miami Beach witnessed a revival fueled by an influx of retirees and post-war economic boom. The construction of numerous hotels along Collins Avenue propelled the city’s tourism industry. As the ’50s approached, the so-called “Miami Beach experience” was packaged and marketed to the American middle class, losing some of its authentic charm in the process. Nevertheless, Miami Beach pressed on. The city maintained a busy schedule of events, attracting prominent artists like Sinatra’s Rat Pack and the newly discharged army man, Elvis Presley. However, with the rise of countercultural movements and shifting social attitudes, Miami Beach found itself disconnected from the evolving times. Over time, historic communities established themselves, and by the late ’70s, its decline was marked by crime and deteriorating infrastructure. Yet, as in every cycle of transformation, Miami Beach had its moment of rebirth.

Preservation and Passion
In the ’80s, the groundbreaking TV series Miami Vice entered the scene. Debuting in September 1984, it portrayed an exaggerated and glamorous version of the city, showcasing its vibrant energy and enveloping atmosphere. Miami Vice not only saved South Beach from demolition but also played a significant role in shaping Miami Beach’s image. Activists fought passionately to preserve the decaying Art Deco hotels that emerged in Miami Beach towards the end of the Depression era, providing affordable accommodations to snowbirds. Led by Barbara Capitman, these activists succeeded in getting the Art Deco District and its Tropical Deco building inventory listed on the National Register of Historic Places in 1979. This listing ensured the protection of the city’s unique architectural heritage. Additionally, artists, designers, and entrepreneurs recognized the potential of Miami Beach and flocked to the city during its ’90s renaissance. In particular, the fashion industry fell in love with Miami Beach’s dynamic atmosphere and vibrant colors, solidifying its status as a global hotspot for nightlife. During this era, Miami Beach became a magnet for celebrities seeking a subtropical vacation spot away from the spotlight. Icons like Madonna and Gianni Versace were drawn to the allure of this sensual paradise, embracing its vibrant lifestyle and contributing to its aura of mystery. The late ’90s and early 2000s marked the peak of Miami Beach’s transformation. Its reputation as a playground for the rich and famous was solidified, becoming a global hotspot for nightlife. Celebrities and jet-setters from around the world flocked to Miami Beach, attracted by the lively entertainment scene, luxury hotels, and world-renowned restaurants.

Glamour and Sophistication
Over the years, Miami Beach faced the challenge of maintaining a delicate balance. The city had to reconcile its image as a glamorous entertainment hub with the desire to cultivate a more refined and inclusive atmosphere. High rents and the departure of distinctive merchants led to vacant storefronts, especially in coveted areas like Lincoln Road. This departure of small businesses disrupted the city’s unique charm, diminishing its appeal for European and South American visitors who once sought longer vacations with more disposable income.

Cultural Renaissance
Today, Miami Beach stands at a crucial moment, ready to redefine its identity once again. The city aims to shed the reputation of a lawless spring break destination and embrace a cultural renaissance. A recent bond issuance, totaling $97.6 million, is funding improvements to cultural projects like the Miami City Ballet and the Bass Museum of Art. These bonds are secured by property taxes, which have increased in recent years due to Miami Beach’s appeal to the wealthy. The bond issuance represents a significant effort by Miami Beach to transform its image and pivot towards a cultural landscape. The city seeks to attract “cultural tourists” rather than crowds of young vacationers. Miami Beach has seen an increase in residential property values, with nearly a 125% growth in the last decade. The arrival of high-income individuals, including billionaires like Puerto Rican entrepreneur Orlando Bravo, H.I.G. Capital Co-Founder and Co-CEO Sami Mnaymneh, and hedge fund executive Ken Griffin, has led to the development of modern office buildings, new restaurants, and success in hosting international events like Art Basel. Miami Beach has always had a rich cultural base, boasting institutions like the New World Symphony and the Miami Beach Botanical Garden. The recent bond funding will build on this history, promoting the city’s arts and cultural offerings. Investments aim to create an unprecedented growth in museums, theaters, and public performance spaces, further enriching Miami Beach’s vibrant community. As Miami Beach embarks on its latest chapter, the delicate dance between growth and preservation will shape its future, a narrative that carries the potential for enchantment and cautionary tales. The city’s transformative journey serves as a compelling reminder that reinvention is a nuanced dance, requiring a delicate balance between progress and respect for its unique identity.

Valentino’s latest boutique has just landed at 654 Madison Avenue (Source: V Magazine)

By Columbus International,10 November 20239 November 2024

Valentino‘s latest boutique has just landed at 654 Madison Avenue. After introducing their innovative global retail concept in 2022, which revolves around creating distinctive spaces based on a reinterpretation of the building’s structure through various sales experiences and approaches to interior architecture, the new flagship store in Manhattan is now a pivotal destination for Valentino enthusiasts. Boasting a selling space of 1142 sqm, the new establishment is situated on the corner of Madison Avenue and 60th Street. The building spans three floors, including a basement, a ground floor, a mezzanine, and a second floor. Adorned with iconic columns and tall windows, the space is meticulously designed to provide a glimpse into the materials and architectural silhouettes that define the essence of the boutique’s interiors.

Each floor narrates a unique visual story through chromatic compositions and thoughtfully curated materials palettes, incorporating the maison’s signature red tone. Upon entering, customers are welcomed by grand double doors featuring sculptural marble handles, inspired by the work of artisans whose creations are showcased in Valentino stores worldwide. These handles, crafted in ceramic by the artist Massimiliano Pipolo, are also incorporated within the store. Visitors can explore the grand features of the building, including seven-meter-high ceilings, exposed steel columns (spanning all floors), and a rough concrete finish around the perimeter, highlighted by illuminated shelving dedicated to Valentino Garavani Accessories.

The space is intelligently divided into functional zones through bespoke elements, such as a commanding green onyx display unit at the center, and diverse materials like marble carpets and concrete on the floors that delineate specific areas and functions. Towards the rear of the store, various interpretations of the iconic Rosso Valentino are displayed, along with a dedicated area for footwear featuring floors and seating in contrasting travertine red against the luminous onyx and concrete shelving. On the second floor, the Valentino Women Ready-to-Wear collection is showcased in oversized red lacquered wardrobe structures and matching seating, complemented by chequered floors in white Botticino and black Nero Marquina marbles. La nuova boutique di Valentino è appena sbarcata al 654 di Madison Avenue

Source: V Magazine

Top 50 Priciest New York Neighborhoods in Q3 2023: Brooklyn Breaks into the Top 3 for the Second Time This Year

By Columbus International,8 November 2023

In the third quarter of 2023, residential property sales in New York City continued to experience a gradual decline, with both sales numbers and median prices dropping compared to the same period the previous year. By the end of September, the median sale price in NYC stood at $750,000, which was a 1% decrease from the third quarter of 2022. However, the most significant decline was seen in the number of sales, as there were 24% fewer residential transactions in the city compared to the previous year, resulting in approximately 2,400 fewer closed deals in the third quarter of this year.

On a positive note, quarter-over-quarter sales numbers showed an increase of 418 transactions, indicating a seasonal trend similar to 2022 and 2021, where third-quarter sales surpassed those of the second quarter. During the same period, the median sale price remained relatively stable. Nevertheless, the year-to-date data through September revealed a 28% decrease in the number of closed residential deals in NYC compared to the same timeframe in the previous year, with a total of 20,833 sales recorded. Notably, among the top 50 neighborhoods (which included 56 neighborhoods due to some ties), 24 were from Manhattan, 23 from Brooklyn, and nine from Queens. Notably, none of the Bronx neighborhoods made it to the list this quarter, despite the Bronx’s historic appearance in the top 50 during the first quarter of the year. The median sale price in the Bronx was $362,000, marking a 6% decrease from the previous year, which was the most significant year-over-year decline in median sale price among the four boroughs. Across all four boroughs, median sale prices experienced slight declines compared to the previous year, with Queens following the Bronx with a 2% drop, and Brooklyn and Manhattan both seeing 1% decreases. Similarly, overall sales activity decreased in each borough, with Brooklyn experiencing a 26% drop, Manhattan and Queens both recording 24% decreases, and the Bronx seeing a 22% decrease compared to the third quarter of 2022.

Unsurprisingly, Manhattan continued to host some of the most expensive neighborhoods in New York City, with seven out of the top 10 spots. Brooklyn also made its presence felt in the top three, securing two spots. Among the top 10 neighborhoods, seven saw an increase in the median sale price, while sales activity decreased in seven of them. Hudson Yards remained the most expensive neighborhood in NYC with a median sale price of $8,150,000, marking a substantial 39% increase from the previous year. This increase can be attributed to the larger average square footage of properties sold in the third quarter of 2023 compared to the previous year. However, Hudson Yards saw an 8% year-over-year decline in the number of residential deals during the quarter. SoHo secured the second spot with a median sale price of $4.2 million, surpassing TriBeCa in the second quarter of 2023. The median sale price in SoHo was 77% higher than in the third quarter of 2022, although the number of sales decreased significantly by 48% during the same period. Brooklyn’s DUMBO took the third position, with a 60% year-over-year increase in its median sale price, rising from $1,775,000 in the third quarter of 2022 to $2,833,000 in the third quarter of 2023. Hudson Square, TriBeCa, Flatiron District, Red Hook, Little Italy, Theatre District-Times Square, and Greenwood Heights completed the top 10. Manhattan’s median sale price was $1,125,000, while Brooklyn’s median reached $805,000 by the end of the third quarter, with more than half of Brooklyn’s neighborhoods experiencing a drop in median sale prices compared to the previous year.

Notably, DUMBO’s 60% increase in median sale price made it one of the top three neighborhoods, marking the second time a Brooklyn neighborhood achieved this since the first quarter of 2023 when Vinegar Hill held the position. DUMBO’s success can be attributed to 15 of its 33 sales taking place at Olympia, a condo building that significantly influenced the median sale price, with condos at Olympia selling for a median price of $4.95 million. Red Hook returned to the rankings after a year, recording nine residential sales above the $2 million median price threshold. Its median sale price also increased by 30% on a quarter-over-quarter basis. Greenwood Heights, previously ranked #23, climbed to the 10th position this year, experiencing the fourth-highest increase in median sale price year-over-year in the third quarter among the top 50 neighborhoods.

The neighborhood also saw a 6% increase in sales activity. In addition to these three neighborhoods, nine more neighborhoods had medians above $1 million, including Cobble Hill and Gowanus, which ranked 11th and 12th, respectively. Both neighborhoods experienced declines in medians and sales activity. Cobble Hill recorded the second-largest decline in year-over-year sales activity, falling by 58%, while Gowanus saw a 35% decrease in sales compared to the previous year. The most significant increase in sales activity was recorded in Manhattan Beach, up 25% year-over-year. Despite the increase in the number of transactions, the median sale price in Manhattan Beach dropped by 5% from the third quarter of 2022 to the third quarter of 2023, standing just below $1 million. Queens saw the sharpest increase in median sale price, with Little Neck experiencing a remarkable 121% year-over-year surge in the third quarter. Little Neck’s median sale price rose from $370,000 in the third quarter of 2022 to $818,000 in the third quarter of 2023, securing its place among the top 50 priciest neighborhoods in NYC. This increase occurred despite a notable drop in sales activity. Among the 50 most expensive neighborhoods, Queens also recorded the most significant decline in sales activity, with Queensboro Hill seeing a 61% decrease in the number of transactions. The most expensive neighborhood in Queens was Hunters Point, with a median sale price of $1,205,000, which was a 14% increase compared to the previous year, although sales activity fell by 21%. Auburndale was the next-priciest neighborhood, with a median sale price of $958,000, marking a 9% year-over-year increase.

Source: Property Shark

The Renaissance of Isola: Milan’s Blend of Art and Life (Sources: Time Out and La Repubblica)

By Columbus International,7 November 2023

Milan once again proves itself as one of the trendiest cities in the world, and this time it’s the Isola neighborhood that shines in the spotlight. The annual Time Out ranking, published by La Repubblica, lists the most fashionable urban areas worldwide, and the Italian city makes its appearance among the top ten.

The surprise is significant, considering that the top ten of this list is generally dominated by well-known tourist destinations like Paris, Barcelona, Lisbon, and Zurich. Isola, located in the heart of Milan, has long been considered an isolated neighborhood, quite literally cut off from the rest of the city by the railway line that runs alongside it. However, in recent years, the district has undergone an extraordinary transformation through redevelopment projects initiated after Expo 2015. Today, Isola has been recognized by Time Out as one of the coolest neighborhoods in Milan.

The neighborhood is characterized by colorful houses, artist studios, and authentic local spots. While maintaining its original spirit, Isola has managed to balance it with a lively atmosphere, featuring street art, shops run by young entrepreneurs, independent galleries, and numerous trendy bars. Time Out notes that before Expo 2015, many people would never have considered visiting this neighborhood, but now Isola proudly claims the title of the trendiest neighborhood in Milan. This recognition demonstrates that it’s not always necessary to head to the most famous neighborhoods to discover the authentic soul of a city. Areas like Isola, which have transformed from neglected industrial areas into vibrant cultural and artistic centers, attract young people, students, and families seeking a genuine community, social initiatives, and a superior street life quality. The Time Out ranking takes these factors into account, highlighting places loved by local residents. Isola in Milan is just one example of how lesser-known neighborhoods can emerge as trendy destinations. This assertion shows that beauty and style can be found anywhere, making the urban world an increasingly fascinating and full of surprises place.

Jeff Bezos’ bold move: Miami beckons as he leaves Seattle behind (Source: People)

By Columbus International,3 November 2023

The Amazon Titan, Jeff Bezos, is trading the rain-soaked Pacific Northwest for the sun-drenched allure of Miami’s real estate scene. The 59-year-old tech mogul made a splash on Instagram when he unveiled his plans to relocate to Miami in the near future. In his social media announcement, Bezos shared a nostalgic clip from the early days of Amazon, reflecting on his roots in Seattle. “Seattle has been my home since 1994 when I started Amazon out of my garage,” he fondly reminisced. Notably, Bezos revealed that his father, Miguel Bezos, played the role of the cameraman in the video, adding a personal touch to the post.

“My parents [Miguel and Jacklyn] have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High class of ’82 — GO Panthers!).” Bezos went on to explain the driving force behind his upcoming relocation, stating, “I want to be close to my parents, and [fiancée] Lauren and I love Miami.” He also highlighted the shifting focus of his aerospace company, Blue Origin, towards Florida’s Cape Canaveral. While expressing his deep attachment to Seattle, Bezos acknowledged the bittersweet emotions surrounding the move. “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart.” In the video clip from 1994, a young Bezos guided a tour of Amazon’s early headquarters in his three-bedroom Seattle home. The scene showcased a cluttered yet promising office space filled with papers, books, fax machines, and dated computers. Bezos humorously quipped, “That’s about it. It doesn’t take long to tour the offices of Amazon.com.”

This monumental decision to relocate follows Bezos’ recent acquisition of a luxurious seven-bedroom mansion on a private island in Miami’s Biscayne Bay. The opulent property, nestled on a man-made island, was secured in September for an impressive $79 million, according to Bloomberg. This purchase came on the heels of Bezos’ earlier acquisition of a neighboring home in June, which he acquired for $68 million.

Together, these two properties span approximately 1.8 acres on the exclusive Florida island, marking a significant footprint in Miami’s real estate landscape. Before embarking on this real estate adventure, Bezos took another significant step in his personal life when he proposed to his girlfriend, Lauren Sánchez, in late May. Friends close to the couple expressed their excitement, describing it as “her dream come true.” Bezos and Sánchez made their relationship public in 2019, following Bezos’ divorce from his wife of 25 years, MacKenzie. Miami is now poised to be the backdrop for the next chapter in Bezos’ extraordinary journey.

Source: People