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Manhattan Investment Market: Foreign Buyers Drive Activity, but Uncertainty Persists

By Columbus International,16 April 20249 November 2024

Manhattan’s investment sales market kicked off the year with a bang, boasting its most robust three-month period since 2022. However, the surge in activity primarily stems from affluent foreign investors with their sights set on a handful of select properties. During the first quarter, commercial property transactions across the city amounted to a staggering $3 billion, with Manhattan accounting for $2.2 billion of that sum.

Although the transaction count was lower than any point since Q1 2023, the last instance Manhattan saw CRE sales surpassing $2 billion was in the final three months of 2022. A significant portion of the borough’s sales tally was attributed to a single deal—the $963 million acquisition of 715-717 Fifth Ave. by Gucci’s parent company, Kering, from Wharton Properties and SL Green. James Nelson, Principal and Head of Tri-State Investment Sales at Avison Young, remarked, “This perfectly illustrates the trend of luxury retailers purchasing their own properties within this market.” Another notable transaction was the $153 million sale of retail condos anchored by Home Depot at 401 E. 60th St. from Israeli firm Gazit Horizons to Hennick & Co., the family office of Canadian real estate tycoon Jay Hennick. Reportedly, Chanel and LVMH are vying for another Fifth Avenue tower.

Brandon Polakoff, Principal at Avison Young, noted, “Sales activity and demand primarily stem from the private sector, particularly foreign high-net-worth individuals driving the mid-market, with end-users fueling the high end.” However, these high-end transactions do not reflect the broader market, which still experiences significantly less activity compared to the long-term average. If the pace of Manhattan sales in Q1 persisted throughout the year, it would be 62% lower than the 10-year annual average. Nelson expressed optimism that potential rate cuts could stimulate buyers and sellers, but recent inflation news has dampened investor enthusiasm for the market. Uncertainty continues to shroud office properties as tenants gravitate towards premier offerings, leaving Class-B and C properties in limbo.

Although trophy assets remain unsold, properties at the lower end of the market are changing hands, indicating a significant decline in value. Political uncertainty has also cast a shadow over the housing sector, hampering sales of development sites and existing multifamily properties. Multifamily properties accounted for just a quarter of the total dollar volume in the quarter, despite being the most frequently transacted asset class. The second-largest sale of the quarter was A&R Kalimian Realty’s luxury residential building, The Aire, acquired by a joint venture between The Carlyle Group and Gotham Organization for $265 million. Meanwhile, Kushner Cos. sold its East Village portfolio for $41 million to Penn South Capital. However, the sale of 120-125 Riverside Drive by BGO to Aya Acquisitions for $31 million signaled potential trouble for parts of NYC’s rental market. The lack of significant multifamily sales also impacted development sites, with sales volume down 10% from the previous quarter. Nonetheless, the dollar volume for development sales witnessed a threefold year-over-year increase, reaching $205 million, as more condo developers entered the fray. Investors are eagerly awaiting the outcome of housing legislation in the state budget, as decisions regarding good-cause eviction and 421-a incentives will significantly influence their strategies moving forward.

Source: Bisnow

New York City’s Midtown Reawakens: Power Lunches Return with a Vengeance

By Columbus International,15 April 202415 April 2024

As the dust settles from the tumultuous waves of the pandemic, New York City’s Midtown district is experiencing a renaissance of bustling activity, particularly during lunch hours. Wall Street firms like Goldman Sachs Group Inc. and JPMorgan Chase & Co., often the pulse of the city’s financial heartbeat, have played a pivotal role in propelling New York City’s return-to-office (RTO) rate to nearly 80% of its pre-pandemic levels, according to recent data. The revival isn’t confined to the financial powerhouse alone; Miami, too, is witnessing a similar resurgence, marking a positive shift in the broader economic landscape. Placer.ai’s Nationwide Office Building Index, analyzing foot traffic data from approximately 1,000 office buildings across the nation, underscores this trend, highlighting the remarkable rebound in RTO rates for both cities, surpassing the national average by a considerable margin. In the heart of the Big Apple, the iconic power lunch, once confined to select weekdays, is back on the menu five days a week. Midtown’s culinary landscape is witnessing a resurgence, with renowned establishments like Michael’s, Fresco by Scotto, and Daniel Boulud and Jean-Georges Vongerichten’s culinary ventures, witnessing a steady stream of patrons eager to combine gastronomic delights with deal-making discussions. Daniel Boulud, the visionary behind culinary gems like One Vanderbilt’s Le Pavillon and Wall Street’s Le Gratin, remarks on the palpable return of the lunch crowd, signaling a promising trajectory for Manhattan’s office spaces. Similarly, Jean-Georges Vongerichten’s Four Twenty Five, nestled in the heart of 425 Park Ave., has expanded its lunch service, catering to the renewed demand from office-goers and local denizens alike.

The sentiments echo beyond the culinary sphere, encapsulating a broader narrative of revitalization sweeping across Midtown. As foot traffic steadily inches closer to pre-pandemic levels, the district is poised for a new era of prosperity, symbolized by the resurgence of beloved institutions and the emergence of new dining destinations. Rosanna Scotto, a prominent figure in New York’s culinary scene, emphasizes the readiness of establishments to welcome back patrons with open arms. Lauren Mitinas-Kelly, a seasoned broker, recounts her recent experience at Estiatorio Milos, underscoring the palpable energy reverberating through Midtown’s streets. The impending arrival of Rosemary’s, a beloved West Village haunt, further underscores the evolving landscape of Midtown, injecting a dose of warmth and hospitality into the bustling district. Carlos Suarez, the visionary behind hospitality gems like Bobo and Claudette, highlights the district’s craving for neighborhood camaraderie, a sentiment echoed by patrons and proprietors alike. Beyond the gastronomic delights, Midtown’s resurgence holds promise for the city’s economic recovery, with notable figures like Jonathan Tisch, CEO of Loews Hotels, rekindling the tradition of power lunches at iconic locales like the Loews’ Regency. As Midtown continues to reclaim its vibrancy, the echoes of its renaissance resonate far beyond its bustling streets, offering a glimpse into a future brimming with promise and possibility.

Luxury Upper East Side Townhouse, Renovated by Neighbors, Hits Market for $24.99 Million (New York Post)

By Columbus International,12 April 202412 April 2024

The New York Post reports that a meticulously renovated townhouse situated in the coveted Upper East Side, originally owned by the late Richard “Dick” Snyder, former chair of Simon & Schuster, has been listed for an impressive $24.99 million. This remarkable property, located at 120 E. 78th St., has stirred considerable interest due to its intriguing backstory. Meredith Verona, a prominent figure in the real estate arena and the listing agent for the property, shared insights into this captivating narrative. Verona, who resides adjacent to the townhouse, described the listing as emblematic of a quintessential New York tale, highlighting the vibrant dynamics of the city’s real estate landscape.

Verona and her husband Bryan acquired the residence in 2022 from Snyder’s estate for $9.25 million, subsequently embarking on an extensive renovation journey. The acquisition unfolded against the backdrop of a legal dispute initiated by Snyder, who alleged that the Veronas’ renovation activities on their neighboring property had adversely impacted the marketability of his own residence. However, Verona swiftly dismissed the lawsuit as baseless, emphasizing the positive impact of construction endeavors on enhancing property values within the locality.

Despite initially harboring no intentions of purchasing the townhouse, the Veronas eventually succumbed to the allure of the property as its price gradually declined. Motivated by a sense of responsibility and armed with a comprehensive understanding of the neighborhood’s nuances, they seized the opportunity to acquire the residence at an opportune moment. Spanning over 12,600 square feet, the neo-Georgian townhouse boasts a plethora of luxurious amenities, including nine bedrooms, 12 baths, and six fireplaces. Originally constructed in 1930 by esteemed banker Henry Winthrop, the property exudes timeless elegance, featuring exquisite French paneling, hardwood floors, and ornate marble mantels.

Designed by renowned Beaux-Arts architects Delano & Aldrich, the eight-story residence epitomizes architectural grandeur, with its elliptical staircase, expansive living spaces, and state-of-the-art facilities. The meticulous renovation process, which spanned approximately 12 months, ensured that the townhouse seamlessly melded historic charm with modern comforts. Verona, drawing upon her familial ties to the real estate development sector and her firsthand experience with renovations, spearheaded the restoration efforts with unwavering dedication. Reflecting on the arduous yet fulfilling journey, she expressed profound admiration for the property’s rich history and unwavering commitment to preserving the neighborhood’s architectural legacy. In essence, the listing of this exquisite townhouse symbolizes not only a testament to meticulous craftsmanship but also a celebration of New York City’s vibrant heritage and enduring allure.

Climate Crisis Drives Miami Toward Gentrification: At-Risk Neighborhoods Under the Spotlight

By Columbus International,9 April 2024

Miami‘s scintillating real estate scene blazes like the South Florida sun, with its market ablaze in a frenzy of activity. In recent years, an influx of new residents has set the city’s property values and rental rates ablaze, rendering the dream of living in the Magic City an increasingly unattainable reality for many lower-income Floridians. Yet, amid the allure of ocean views and beachside proximity, the city’s waterfront neighborhoods face a growing menace: the encroaching peril of the climate crisis. Despite their undeniable charm, these low-lying havens are now fraught with the looming threat of rising sea levels, prompting a sobering reassessment of their desirability. Interestingly, some of Miami’s less affluent communities find themselves perched on higher ground, providing a sanctuary from the watery woes besieging their coastal counterparts. However, this sanctuary is not without its own risks, as the specter of “climate gentrification” casts its shadow over these once-overlooked neighborhoods.

With wealthier denizens setting their sights on safer, less flood-prone locales, a wave of change threatens to engulf these resilient communities. The tide of transformation is unmistakable, as neighborhoods like Little Haiti, Overtown, and Liberty City witness a surge in real estate values. Developers, sensing the shifting winds, are redirecting their focus toward areas less vulnerable to flooding, a trend underscored by recent research findings. Moody’s, in a freshly minted report, underscored the socio-economic implications of this migration dance. “Such shifts in migration patterns accelerate the displacement of established residents and inflate property values and taxes, widening the socio-economic divide,” the report warned, serving as a poignant reminder of the collateral damage wrought by Miami’s changing landscape.

A chilling study published last year in Environmental Research Letters hinted at the magnitude of the looming crisis. If sea levels surge by 40 inches, more than half of Miami-Dade County’s 2.6 million inhabitants could find themselves displaced, adding a sense of urgency to the city’s plight. Unfortunately, the forecast offers little solace, as the convergence of rising temperatures, swelling seas, and fiercer storms threatens to compound the city’s woes. Compounding this predicament is the rising influence of millennials, a cohort acutely attuned to the perils of climate change, who are poised to reshape the real estate landscape in the years ahead. Yet, Miami is but one pawn in Mother Nature’s grand chessboard, as coastal flooding and extreme weather events ravage cities across the nation. It is often the most vulnerable among us who bear the brunt of these cataclysms. A sobering analysis by McKinsey in 2023 laid bare the harsh reality: lower-income and predominantly Black neighborhoods are disproportionately exposed to the ravages of climate change, painting a stark picture of inequality in the face of nature’s fury.

Revitalizing Milan’s Southeast: MCA Unveils €3.5 Billion Milano Santa Giulia Project

By Columbus International,8 April 20248 April 2024

The new urban plan designed by MCA (Mario Cucinella Architects) has been unveiled, marking one of the largest urban regeneration projects in Italy. The central idea is to create a structure resembling a leaf, connecting services, commercial areas, schools, and residences around what aims to become Milan’s third-largest park. Present at the project’s launch were Mayor Giuseppe Sala and Urban Regeneration Assessor Giancarlo Tancredi.

Milano Santa Giulia is set to become a new gateway to the city and a neighborhood featuring residences, services, and retail spaces. It represents one of the major urban revitalization initiatives in Lombardy’s capital, focusing on the Southeast quadrant and the former industrial areas of Montedison. Total estimated investments for the project exceed €3.5 billion. Led by Lendlease, a real estate giant responsible for the area, the project will deliver 3,500 new housing units catering to various market segments, from private residences to student and senior living, to the innovative build-to-rent model. Lendlease will also oversee the development of business, food, and commercial districts. These complexes will be located adjacent to the multifunctional arena of Milano Cortina 2026 and a 260,000 square meter park. The masterplan, signed by MCA – Mario Cucinella Architects, envisions a total development of 1.1 million square meters, with completion targeted for 2032 and a strong emphasis on sustainability. Starting from June 2023, Lendlease, already engaged in the city with the Mind operation, acquired surface and development rights for the entire area, currently managed through the Msg Heartbeat real estate closed-end fund owned by Lendlease Sgr. With this acquisition, the fund becomes the effective promoter of the regeneration of the Northern Area.

Of the total €3.5 billion, €2.7 billion will be invested by the international real estate and urban regeneration group, with additional contributions from other parties, such as the Canadian pension fund PSP Investment, which invested in the Spark Business District. According to Fabrizio Zichichi, executive project director at Lendlease, this investment marks a significant step forward for the city, as highlighted by Mayor Beppe Sala during an event emphasizing the importance of developing Milan’s Southeast quadrant in the coming years. Milano Santa Giulia benefits from its privileged location, with access to Linate Airport, the ring road and highway system, the high-speed FS station at Rogoredo, and metro lines M3 and M4, surrounded by natural areas on the outskirts of the city. The new neighborhood aims to attract over 10 million visitors annually, including residents, students, event spectators at the Arena, athletes, and workers. It will be divided into two main zones, North and South, connected by pedestrian and cycling paths, public transport, and a promenade. The North zone will host commercial spaces and sports and recreational services near the multifunctional Eventim Arena, home to the 2026 Olympic Games.

Residences in the area will focus on the concept of sustainable living. The South zone will feature the Spark Business District, with offices and residences, as well as cultural institutions like the Conservatory of Music and the Spark Food District, dedicated to food and beverage. Manager Zichichi announced the imminent launch of the “Who we are Msg” campaign, which will activate the neighborhood with social, cultural, and sports initiatives, in preparation for the Olympics and beyond.

Image via Lendlease

Jennifer Lopez and Ben Affleck: The Hollywood Power Couple on the Hunt for a Home in the Upper East Side

By Columbus International,4 April 20244 April 2024

In a city renowned for its luxury residences, the power couple of Jennifer Lopez and Ben Affleck is once again making headlines as they set their sights on exclusive properties in the Upper East Side of New York City. Sources close to the couple have revealed to Gimme Shelter their recent forays into the Big Apple, where they’ve been spotted exploring exquisite residences befitting Hollywood royalty. Among the properties that have caught their discerning eyes was a family-sized townhouse located at 226 E. 68th St., with an impressive price tag of $45,000 per month.

Another noteworthy stop on their tour was a stunning 3,024-square-foot townhouse at 342 E. 69th St., currently listed for $5.95 million. Clad in her distinctive style, J. Lo, a seasoned real estate investor, exuded elegance as she explored potential new abodes alongside Affleck. Despite her ventures into new territories, Lopez remains rooted in the New York real estate scene, retaining ownership of a penthouse at the renowned Whitman in NoMad, a property she acquired for $20.2 million back in 2014. With exclusive access granted to Gimme Shelter, it was revealed that her penthouse, nestled among esteemed neighbors including Chelsea Clinton and her family, is currently listed for $24.99 million. While Lopez’s Bronx roots add a touch of authenticity to her New York endeavors, her presence in the city isn’t solely tied to her real estate commitments. Reports from Page Six suggest she’s in town to shoot a new rendition of the beloved classic, “Kiss of the Spider Woman.” This cinematic venture, following in the footsteps of its predecessors that garnered critical acclaim, adds another layer of excitement to Lopez’s packed schedule. In their quest for the perfect New York residence, Lopez and Affleck spared no expense in exploring luxurious options.

A standout property that caught their attention is a spacious 6,700-square-foot townhouse on East 68th Street. With six bedrooms, six bathrooms, and an array of luxurious amenities including radiant floors and an elevator, this townhouse embodies modern opulence. Its carefully designed interiors, adorned with floor-to-ceiling windows offering panoramic views of a landscaped garden, elevate the concept of urban luxury living. Not far from their initial discovery, the couple set their sights on another prestigious residence. A four-story masterpiece meticulously crafted by AD100 designer Timothy Corrigan, enticed them with its timeless elegance. Featuring exclusive details like a wood-burning fireplace, spa-style bathrooms, and a terrace boasting breathtaking city views, this residence expertly blends classic charm with contemporary comforts.

While details regarding their potential acquisition remain hidden, one thing is certain: the allure of New York City’s Upper East Side has once again captured the hearts of Hollywood’s elite. With esteemed brokers Thomas Wexler, Morgan Garofalo, and Tyler Wexler of Leslie J. Garfield at the helm guiding them on this journey, Lopez and Affleck are poised to make a statement in the city that never sleeps. As the saga of their house hunt unfolds, all eyes remain eagerly fixed on the next chapter of this New York power couple’s story.

Jeff Bezos Buys Third Mansion in Indian Creek: Controversy Among Residents

By Columbus International,4 April 20249 November 2024

Jeff Bezos, the visionary force propelling Amazon to unprecedented heights, continues to fortify his dominion over the esteemed Indian Creek island, securing a third opulent mansion in his illustrious real estate portfolio.

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In a discreet off-market transaction shrouded in exclusivity, the acquisition commands a staggering price tag hovering around the $90 million mark, as reported by Bloomberg, thus elevating Bezos’ standing as a titan in the realm of property acquisitions. Insiders familiar with the matter, who spoke on condition of anonymity to The Post, divulged Bezos’ intentions to make this newly acquired residence his primary abode, while concurrently orchestrating the dismantling of his two preceding island abodes. Nevertheless, this audacious maneuver hasn’t gone unnoticed by the affluent denizens of the island, who covet their own slice of the prestigious enclave. “As the pinnacle destination in the nation, exclusivity reigns supreme on Indian Creek. The wealthy elite are drawn to its allure,” confided a source well-versed in the area’s real estate dynamics.

“With properties on the island already in high demand, Bezos’ clandestine dealings are bound to stir the aspirations of those vying for residency.” The revered Indian Creek island, spanning a scant 300 acres, is home to only 41 residential estates alongside the esteemed Indian Creek Country Club. Representatives for Bezos have remained tight-lipped regarding the transaction. Historical records reveal that the property last changed hands in 1998 for a modest $2.5 million, exemplifying the astronomical surge in its valuation over the intervening years. Bezos’ latest venture into the Miami real estate arena follows swiftly on the heels of his relocation from the Seattle region to the sun-kissed shores of the Sunshine State. With a formidable net worth totaling $203.7 billion, as per the Bloomberg Billionaires Index, Bezos epitomizes the epitome of luxurious living. His prior acquisitions on Indian Creek, amassing a staggering $147 million, firmly entrench him within the echelons of the island’s elite. With his residences boasting prestigious addresses such as 11 Indian Creek Island Rd, 12 Indian Creek Island Rd, and his latest acquisition at 28 Indian Creek Island Road, Bezos’ investment in the area now eclipses a staggering $237 million.

Often dubbed the “Billionaire Bunker,” Indian Creek counts amongst its residents illustrious figures such as power couple Jared Kushner and Ivanka Trump, football maestro Tom Brady, and esteemed investor Carl Icahn. Bezos’ presence on the island adds yet another luminary to its glittering constellation of residents. While Bezos’ financial acumen is undeniably formidable, his recent maneuvers have ignited speculation regarding his long-term strategies and investment trajectories. In February, he divested Amazon shares worth an eye-watering $8.5 billion, marking his first substantial departure from the company since 2021. The allocation of these proceeds remains shrouded in mystery, further fueling conjecture surrounding Bezos’ fiscal machinations.

Beyond his acquisitions in Miami, Bezos boasts an impressive array of properties, including residences in Washington, a sumptuous estate in Maui, and a grandiose mansion in Beverly Hills, procured for a princely sum of $165 million in 2020. The seller of Bezos’ latest acquisition, situated at 28 Indian Creek Island Road, is identified as former banker Javier Holtz, thus adding another chapter to the island’s storied legacy of opulent transactions.

The Private Club Scene in New York: A Haven for the Elite

By Columbus International,2 April 2024

New York City, often touted as the concrete jungle where dreams are made, is also home to some of the most exclusive and prestigious private clubs in the world. These enclaves cater to the elite, offering not just social status but access to luxurious amenities, culinary delights, and a network of influential individuals. Let’s delve into some of the most notable private clubs shaping the social landscape of the Big Apple.

Core Club: Redefining Luxury and Community
Nestled within the opulent confines of the SHVO-owned building at 711 Fifth Avenue lies the illustrious Core Club. Founded by CEO Jennie Enterprise, Core Club embodies a commitment to curating a global community of individuals driven by curiosity, cultural exploration, and a passion for life without compromise. With initiation fees ranging from $15,000 to $100,000, Core Club offers its members a plethora of amenities spread across its 60,000 square feet of space.

From rejuvenating spa treatments to a meticulously curated wine library overseen by sommelier Yannick Benjamin, Core Club spares no expense in delivering unparalleled experiences. Members can indulge in culinary delights crafted by renowned chefs like Michele Brogioni, whose Mediterranean-inspired cuisine promises to tantalize the taste buds and foster bonds akin to Italian family gatherings.

ZZ’s Club: Where Culinary Excellence Meets Exclusivity
Helmed by the culinary virtuoso Mario Carbone, ZZ’s Club at Hudson Yards beckons discerning palates with its bespoke dining experiences. Carbone’s unwavering dedication to culinary perfection is evident in dishes like the Lobster Risotto all’Arrabbiata, meticulously prepared to order, ensuring each bite is a symphony of flavors. With initiation fees of $20,000 and annual dues of $10,000, ZZ’s Club is a sanctuary for those seeking gastronomic indulgence in an atmosphere of refined elegance.

SoHo House: A Tale of Glamour and Struggle
Once a bastion of coolness, SoHo House finds itself at a crossroads amidst reports of an existential crisis and dwindling appeal among New York’s elite. Despite its storied past and celebrity allure, the club grapples with criticisms of overcrowding and subpar service, prompting questions about its future viability. With speculations of a potential privatization looming, SoHo House stands at a pivotal juncture, navigating the delicate balance between exclusivity and accessibility.

Casa Cipriani: A Symphony of Italian Luxury
Nestled within Lower Manhattan’s historic Battery Maritime Building, Casa Cipriani epitomizes the epitome of contemporary Italian luxury. With its restrained opulence and panoramic views of the East River, Casa Cipriani transports guests to a bygone era of sophistication and refinement. Under the stewardship of design legend Thierry Despont, the club exudes an ambiance reminiscent of vintage luxury ocean liners, offering guests an immersive experience steeped in Italian charm and hospitality.

The Knickerbocker Club: A Legacy of Exclusivity
Established in 1871 by dissatisfied members of the Union Club, The Knickerbocker Club remains a bastion of exclusivity and tradition. With a rich history boasting notable members like Douglas Fairbanks and JP Morgan, The Knick continues to uphold its legacy of elitism, maintaining a strict men-only policy and a code of secrecy shrouded in intrigue.

The Lotus Club: A Haven for Literary and Artistic Minds
Since its inception in 1870, The Lotus Club has served as a sanctuary for literary and artistic luminaries seeking intellectual stimulation and camaraderie. From Mark Twain to Arthur Conan Doyle, the club has played host to some of history’s most renowned figures, embodying its mission to promote literature, art, and culture. With its illustrious past and commitment to fostering creative expression, The Lotus Club remains a beacon of enlightenment in the heart of New York City.

Metropolitan Club: A Symbol of Prestige and Tradition
Founded in 1891 by luminaries like JP Morgan and Cornelius Vanderbilt II, the Metropolitan Club stands as a testament to the union of social duty and intellectual pursuits. Housed within a majestic Renaissance Revival structure, the club exudes an aura of grandeur and refinement, offering members a sanctuary for socializing and intellectual exchange amidst the hustle and bustle of Midtown Manhattan.

University Club: Bridging Academia and Social Life
Rooted in the celebration of intellectual pursuits, the University Club of New York has stood as a beacon of erudition and social camaraderie since its inception in 1865. With its storied history and prestigious membership, the club serves as a nexus for scholars, professionals, and thought leaders, fostering a vibrant community dedicated to the pursuit of knowledge and enlightenment.

In the tapestry of New York’s social landscape, private clubs serve as exclusive sanctuaries where the elite gather to indulge in luxury, foster connections, and bask in the glow of prestige. From culinary extravagance to intellectual stimulation, these enclaves offer a cornucopia of experiences, each contributing to the rich tapestry of New York City’s social fabric.

Florence: the heart of real estate investment still beats. Here’s what emerges from a Tecnocasa study

By Columbus International,1 April 20241 April 2024

The real estate market in Florence continues to attract investors, as revealed by a recent study conducted by Tecnocasa. In 2023, 23% of property purchases were made for investment purposes, a figure higher than the national average of 19.5%.

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However, Florence ranks below other Italian cities such as Verona, which boasts a significant 43.1%, followed by Naples (41.2%), Palermo (35.3%), and Milan (35%). The most active age groups in terms of real estate investments are those between 45 and 64 years old, representing 59.2% of the total, with an increasing average age compared to 2022. The two-room apartment remains the preferred housing type for investors, chosen by 38.5% of them, followed by the three-room apartment at 26.9%. The majority of buyers, accounting for 63%, are couples and families, while 37% are single individuals. The latter group has seen a significant increase in market share compared to the previous year, rising from 32.4% to 37%. 81.5% of investors purchase properties paying in cash, while only 18.5% opt for bank financing.

This percentage reflects a further decline compared to previous years, in line with the national trend, attributed by Tecnocasa to the progressive increase in interest rates, prompting investors to avoid bank loans. According to Tecnocasa, in the past year, there has been a further decrease in real estate purchases through mortgages, as the rise in interest rates has encouraged investors to prefer direct purchases without the assistance of financial institutions.

The LEGO Group and Percassi redefine Milan’s real estate space

By Columbus International,28 March 2024

The Italian real estate landscape is destined for a vigorous evolution, catalyzed by the strategic alliance between the LEGO Group and Percassi, poised to inaugurate their latest endeavor in the heart of Milan.

March 29 marks an unmissable moment with the opening of the 26th LEGO Certified Store, located at Via Dante 4, an enchanting oasis of creativity embraced by the vibrant city center. The inauguration will be anchored by an unprecedented event: facing the store, in Piazza Cordusio, stands a monumental LEGO egg, 4 meters tall and weighing 1,200 kg, a captivating installation destined to enchant passersby. Matteo Morandi, CEO of Percassi Retail, shares the enthusiasm for this adventure, emphasizing the importance of positioning this iconic store in the pulsating heart of Milan, renowned as “the new street of Milan”, destined to become a beacon of creativity for all LEGO enthusiasts. Rossana Mastrosimini, Channel Director LEGO Certified Stores West Europe, reinforces this enthusiasm, celebrating the expansion of LEGO’s presence in Italy and the continuous innovation in the retail concept.

The new flagship store skillfully combines digital and physical elements, offering an ‘immersive’ experience that will enchant both young and old alike. As Milan prepares to welcome this new entry into retail, attention on the real estate market remains lively, especially in the context of a 40% decline in mortgages. However, the luxury segment of the real estate shines as a beacon of stability amidst uncertainties, representing only a small fraction of the total market but significantly contributing to its overall value. According to the Observatory of the Luxury Real Estate Market in Italy 2023, Milan excels as the gravity center for the luxury segment, with a stock of over 6 billion euros, representing 13% of the national total. This data remains surprising considering the solidity and consistency of the sector, with 99% of the stock composed of apartments, reflecting constant demand and sustained growth.

This upward trend has not escaped the LEGO giant, which in 2022 has already made its triumphant entry into Florence, converting spaces previously occupied by the Disney store.

In collaboration with Percassi, this new LEGO emporium introduces unprecedented innovation: the “Mosaic Maker”. Customers now have the opportunity to create personalized portraits using only LEGO bricks, through a process that transforms a photo into a set of 4,500 pieces, making the memory tangible and unique. In a context of continuous transformation, the LEGO Group and Percassi emerge as small but great pioneers, redefining not only the retail landscape but also the real estate space, weaving an increasingly vibrant and creative urban fabric for future generations.

Image: LEGO Firenze