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The Noisy Restaurant of New York: A Welcome Sound for Former Mayor Bloomberg (source: Grub Street, New York)

By Columbus International,14 September 2023

It’s a common complaint among New York restaurant patrons: restaurants are loud. Very loud! Too loud! However, for former mayor Michael Bloomberg, that cacophony is – at least for the moment – a welcomed and reassuring sound. “I was just at a restaurant last night. You couldn’t hear, the noise was so loud,” he noted while speaking at the ribbon-cutting ceremony for the new Ronald Perelman Performing Arts Center.

The context for these comments: Bloomberg was praising current Mayor Eric Adams for his commitment to “supporting the arts and culture,” and he added that he has “never been more optimistic” about the city’s future or its vitality: “People were standing, literally, looking down at my dinner. I thought they were going to take something from the table.” Once again, this is seen as a positive thing in the eyes of the former mayor. The opening of the center – slated to kick off performances on September 15, with a restaurant by Marcus Samuelsson in its foyer – marks a sort of personal victory for the former mayor, who contributed $130 million towards its construction. But let’s return to the subject of this noisy restaurant. Where was all this wonderful and reassuring commotion coming from?

During his speech, Bloomberg didn’t mention the name of the establishment. However, when ‘questioned’ after the event, he revealed the name: Elio’s, the Italian club of the Upper East Side known for its history as a gathering spot for politicians.

In the Last Decade, Tech Titans Redefine Manhattan Real Estate Landscape: Google’s Bold Moves Leading the Way

By Columbus International,13 September 2023

In the past ten years, Google has taken massive strides in the Manhattan real estate sector, acquiring both the iconic Chelsea Market and the sprawling New York headquarters. The tech giant continued its expansion shortly after the pandemic with a historic $2.1 billion investment in the St. John’s Terminal construction project, marking the largest real estate transaction in the United States since the pandemic’s onset. This surge in real estate acquisition is not exclusive to Google alone. Amazon, Microsoft, Apple, Facebook, and Salesforce have also established their campuses on Manhattan’s West Side. This trend underscores how technology companies are rapidly overshadowing their counterparts in the banking and finance sectors, emerging as the dominant industry in the city post-pandemic.

These tech giants not only lead in employment growth but also dominate in terms of the number of companies. Twenty years ago, Tim Armstrong, now 50, became Google’s first New York-based employee. Reflecting on those early days, Armstrong remarked, “If you were hosting a cocktail party for everyone working on the internet in New York, you could have fit them all in a bar. Now, I imagine you’d have to take over Madison Square Garden and the Javits Center to accommodate everyone.” Data provided by the New York State Comptroller’s Office, as reported by Forbes, paints a vivid picture of this transformation. In 2020, the number of tech companies in the city exceeded 10,000, more than double the count from two decades prior, and nearly double the number of securities companies.

Tech employment has similarly grown, from 108,000 in 2000 to 167,000 in 2020, while the number of securities employees decreased from 190,000 to 176,000 during the same period. The tech industry’s dominance in Manhattan is evident in both overt and subtle ways. For instance, the Salesforce logo now adorns 1095 Sixth Avenue, replacing the previous MetLife sign near Bryant Park. Meanwhile, bank offices have quietly retreated. Since the aftermath of the 2008 financial crisis, the five largest U.S. banks by total assets—JPMorgan, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—collectively relinquished nearly 5.5 million square feet of office space in Manhattan, according to data provided by Real Capital Analytics. During the same period, just two tech firms—Google and Amazon—acquired approximately 6.5 million square feet of office space. Additionally, Apple, Microsoft, and Facebook secured leases covering millions of square feet across the city. In the midst of the pandemic, Facebook expanded its Manhattan footprint to 2.2 million square feet by leasing 730,000 square feet at the Farley Post Office building in Midtown. Apple also signed a 220,000-square-foot lease nearby at 11 Penn Plaza. Microsoft, on the other hand, holds an additional 200,000 square feet of leased space at 11 Times Square and was recently in negotiations to secure another 100,000 square feet at an undisclosed building in the Flatiron District.

Darcy Stacom, a commercial broker who represented Google in its real estate acquisitions, commented, “The city was always considered a financial services city, and now it’s seen as a financial services and tech city. It has never been said before in my career.” With over four decades of experience in New York City real estate, Stacom believes that this recent surge could position the tech industry to surpass finance as the largest occupier of commercial real estate in New York by the end of the decade. Google asserts that it is strengthening its presence in New York because of the city’s abundant talent pool, a rationale echoed by Amazon, Facebook, and Microsoft. In 2021, in the midst of the pandemic, Google announced its intention to hire an additional 2,000 people in the city, expanding its local workforce to 14,000 individuals, with a focus on sales and marketing personnel at its new property. William Floyd, Google’s head of public policy and government affairs, affirmed, “With concerns about whether New York would bounce back, we thought this would be the perfect illustration of our corporate commitment to New York. In New York, tech is not only an industry but also a vital part of the city’s other industries.”

Tramway-Driven Renaissance: Florence’s Real Estate Market Thrives as New Lines Redefine Property Values and Urban Dynamics

By Columbus International,8 September 2023

One of the significant effects of the construction of the tram network is the surge in property values in Florence. The city’s real estate agencies are actively assessing which areas are more likely to experience an increase in property valuations. With the initiation of works for Line 3, Bagno a Ripoli and Gavinana are emerging as the primary contenders for this trend. Additionally, buildings along the future Line 4, extending to Campi Bisenzio, have garnered notable interest. Gianluca Testa of Immobiliare Punto e a Casa notes, “Individuals who previously didn’t consider areas like Statuto and Careggi have now witnessed a remarkable 10% increase in property value thanks to the tram project. It is expected that this effect will also extend to areas like Viale Spartaco Lavagnini and the entire south zone of Florence affected by the tramway.” In a city where property values have maintained significant stability over the last decade, the influence of the new tram lines is becoming increasingly evident in the real estate market. The Granducato Immobiliare agency asserts, “In the near future, the presence of the tram in popular areas like Piagge, Via Pistoiese, and Campi Bisenzio is expected to lead to a growth of up to 15% in property values.” Immobiliare Maraldi, an agency operating in Bagno a Ripoli, adds further details, “From the Pino stop to Viola Park, we expect a doubling of demand. However, there remains a concern related to the scarcity of available properties. As a result, many buyers are exploring areas like San Donato in Collina, Antella, Cellai, and Troghi, where properties can currently be purchased at 1500 euros per square meter.” Some investors are betting on Piazza Gualfredotto, while others are showing interest in Varlungo and Piazza Ravenna. However, these areas will have to contend with construction noise and potential traffic congestion, concerns for some residents of District 3.

As reported by Repubblica, the Tecnocasa Group explains, “The over one thousand days of construction work could cause congestion in the neighborhood. With less space and fewer parking spots, an increase in prices for parking spaces and garages is anticipated.” Immobiliare Maraldi emphasizes, “Some homeowners are already selling their properties between Via Kyoto and Via Kiev, partly due to concerns about construction noise and partly because they have not understood the mobility diversions.” This area has already witnessed an increase in prices of almost 1% in the second quarter of 2022 for entire buildings. Even just four used walls now start at a minimum of 3000 euros per square meter. Other areas affected by the new tram lines also testify to the increase in property prices. For example, Novoli and Statuto have witnessed a revival in property values over the last few years, with several industry operators reporting increases “ranging from 5 to 10% for homes available for sale and rent,” despite some areas experiencing prior devaluation. Take, for instance, the upper floors of Via Vittorio Emanuele. “Narrow streets and the constant flow of vehicles in front of homes do not help,” remarks Testa. Expanding our perspective, however, reveals that upscale four-room apartments now command prices starting at a minimum of 4000 euros per square meter.

The rise in interest rates on loans is applying pressure across the entire sector, resulting in increasing difficulties in obtaining bank mortgages for potential homebuyers. The fluctuating prices in the popular neighborhoods of Florence are also generating significant interest. Italiana Immobiliare Novoli reports, “In the last year, there has been an increase in prices of at least 20%.” Now, in front of a Via di Novoli tram stop, an 80-square-meter four-room apartment in need of renovation starts at 260,000-290,000 euros. District 5, in conjunction with Isolotto, has witnessed a revaluation of between 5% and 10% since the introduction of the tram, according to Attilio Annunziata of Dentrocasa. These estimates are corroborated by Italiana Immobiliare Isolotto, stating that “In the past three years, property rates along Viale Talenti and Piazza dell’Isolotto, just a stone’s throw from the tram, have risen by approximately 10%.

Villa by Major Food Group: Elevating Miami’s Skyline with Unparalleled Luxury Living and Gastronomic Delights

By Columbus International,4 September 2023

In a world where luxury living knows no bounds, the concept of branded residences has transcended the realm of opulent hotels and expanded into diverse domains. Renowned fashion houses such as Diesel and Missoni, alongside prestigious automakers like Porsche and Bentley, have ventured into the creation of residential towers that embody their brand essence. Now, a celebrated name in the hospitality and culinary scene is stepping into this extravagant arena. As the demand for integrated residential communities gains momentum, a discerning segment of buyers with a penchant for the finer things in life seeks to marry their upscale living with gourmet experiences within arm’s reach. Enter Major Food Group (MFG), the culinary powerhouse behind iconic establishments frequented by celebrities, including Carbone, Sadelle’s Parm, Dirty French, and Contessa. MFG is poised to make its foray into the luxury real estate landscape with the unveiling of “Villa,” a residential tower in the vibrant heart of Miami.

Collaborating with esteemed developers Terra and One Thousand Group, as well as the creative genius of Vicky Charles from Charles and Co. for interior design, MFG is set to redefine luxury living. Vicky Charles, a renowned interiors expert and former design director at Soho House, boasts an impressive portfolio that includes homes for luminaries like Mila Kunis, Ashton Kutcher, and David and Victoria Beckham, as well as projects for industry giants like Sony and Goop. Villa will majestically rise 58 stories above Biscayne Bay, offering an unrivaled 360-degree panorama of Miami‘s captivating skyline and waterfront. With its distinctive copper-hued exoskeletal design, this 650-foot-tall crystalline tower is a work of architectural art, housing a mere 50 exclusive units, each occupying an entire floor. Every facet of these residences, designed to evoke the essence of private villas in the sky, has been meticulously curated by the visionaries at Major Food Group. For instance, the kitchens bear the signature touch of chef Mario Carbone, the creative mind behind Carbone restaurants, while services and amenities have been conceived by MFG’s co-founder, Jeff Zalaznick. Zalaznick comments, “To say that this is a natural evolution is an understatement. At MFG, we don’t merely construct restaurants; we craft immersive worlds where every element is executed with an unparalleled sense of luxury and expertise, right down to the minutest detail. Coupled with our illustrious track record of collaborations with the crème de la crème in the realms of hotels, architecture, design, and art—innovators who comprehend the art of conceptualizing holistic experiences.”

The allure of Villa extends beyond its residential marvel. A three-floor MFG restaurant, exclusively designed for this project, is set to redefine culinary experiences, while private lounges, bars, and restaurants reserved for residents will indulge the most discerning palates. A private chef service adds a personalized touch to gastronomic delights. In total, Villa boasts over 20,000 square feet of amenities, promising an array of culinary activations and programming. Expect cooking classes and demonstrations featuring MFG’s roster of skilled chefs, among other enticing offerings. David Martin, CEO of Terra, sums it up succinctly, stating, “The Villa is a transformational project. It brings together the brightest minds in their respective industries to create a building marked by an unparalleled residential experience. MFG’s resounding success in the hospitality sector endows them with an unparalleled understanding of consumer needs, and this attention to detail is seamlessly integrated into every facet of the Villa brand.”

Source: Forbes

Arts and Real Estate. Rediscover Florence’s Hidden Treasures: The Cultural Associations Festival Returns

By Columbus International,3 September 2023

From the Complesso di Sant’Orsola to the Teatro del Maggio, from the Certosa of Florence to Villa del Poggio Imperiale, and all the way to Villa Tornabuoni Lemmi: Florence boasts thirty enchanting places, often unjustly overlooked by more traditional tourists, chosen for the third edition of the Cultural Associations Festival. This itinerant celebration, bringing culture to thirty of the city’s most fascinating locations, is scheduled from September 4th to 21st. Get ready for a series of events spanning history, art, literature, and music: a packed calendar featuring exhibitions, lectures, concerts, and performances that will not only entertain the public but also introduce them to the lesser-known side of the cradle of the Renaissance.

The Florence festival will kick off with a concert and a theatrical performance on September 4th, taking place on the captivating stage of Teatro della Pergola. Special guests include Eleonora Bellocci (soprano) and Elisabetta Sepe (pianist), along with Alessio Boni and Marcello Prayer, who will recite the verses of Alda Merini. In addition to guided tours of the spaces within Teatro del Maggio Musicale, Palazzo Ridolfi, and Villa Brewster Garden, the festival will be enriched by conferences dedicated to science, art, and cultural heritage: from meetings at the Complesso di Sant’Orsola to symposiums held at Villa Medicea La Petraia, and celebrations of Margherita Hack, with a series of events dedicated to her at the Fortezza da Basso, as well as events honoring Italo Calvino on the occasion of his centenary, at Villa del Poggio Imperiale. Notable initiatives include “From Residence to Final Rest” and “From House to House,” which will allow the public to get closer to some artists’ residences, such as the studio of the painter Carlo Adolfo Schlattler and the Villa La Pietra New York University.

In addition to the festival’s activities, organized by the Centro Associazioni Culturali Fiorentine APS, led by Antonia Ida Fontana, further events related to music and literature will take place for an entire month, from September 23rd to October 20th, during the “post-festival” period. Among these are “Pinocchio: A Myth” at the National Central Library of Florence and workshops at the Casa Museo Sigfrido Bartolini in Pistoia. “The gathering of associations […] provides the public with a multitude of stimuli aimed at social cohesion and the cultural growth of citizens, thus realizing the purpose expressed in our motto: Together to support culture,” says President Antonia Ida Fontana.

Source: Sky Arte

La Lombardia è la regione con più transazioni in Italia

Nest Seekers Real Estate Expands into Italy with a Focus on Premier Destinations (Source: Vanity Fair Italia)

By Columbus International,3 September 20233 September 2023

With 35 offices across the United States and Europe and a team of 1600 agents, Nest Seekers, renowned for its groundbreaking approach to real estate showcased in reality shows like “Million Dollar Listing New York” and “Selling The Hamptons,” is making its debut in Italy, starting in Milan. The agency’s reach will now extend to some of Italy’s most prestigious destinations, including the Amalfi Coast, Tuscany, Lake Como, and Puglia, as reported by Vanity Fair. Heading the Milan offices are Luca and Sara Traverso, two Genoese siblings with over two decades of experience in the international real estate market. While they initially honed their skills within Italy, they have spent the past 20 years navigating both the Milan and New York markets.

Alongside them is Eddie Shapiro, the President, Founder, and CEO of Nest Seekers, working on a TV series to showcase the Italian real estate market. Luca and Sara have two distinct goals: establishing a strong presence in internationally sought-after tourist destinations and focusing on new real estate developments. They recently opened an agency in Capri in early August, with plans to launch another in Naples in mid-September to cover the Amalfi Coast. Milan, on the other hand, will see a particular emphasis on new real estate projects. Demand for properties in Tuscany and Lake Como, especially from international clients, continues to grow. Furthermore, the team is exploring opportunities in other Italian cities. Among their upcoming projects is the unveiling of “Villa Covoni,” an elegant historic residence situated in Florence.

This strategically located villa is just minutes away from Fiesole and Florence’s historic city center. Nest Seekers’ Italian team also includes Bianca D’Alessio, recognized as the top real estate agent in New York for 2022, specializing in new construction properties. In the past, Nest Seekers has served a VIP clientele that includes names like Chiara Ferragni, Mariah Carey, Serena Williams, Rihanna, and Chris Mullin, demonstrating their commitment to delivering high-quality services and an extraordinary real estate experience. Nest Seekers’ entry into Italy promises to bring innovation and extensive real estate expertise to an international clientele seeking the most exclusive destinations in the country.

Source: Vanity Fair Italia

Financial Times Reports: Surge in Demand for Luxury Housing in Miami as Financiers Flock to the City

By Columbus International,3 September 20239 November 2024

The migration of New York financiers to Miami has created a shortage of luxury housing in upmarket suburbs, where buyers have purchased multimillion-dollar homes in search of easy commutes, more space, and proximity to prestigious schools. Real estate agents say one firm stands out for driving demand: Citadel. Citadel, the $59 billion hedge fund and market maker run by Ken Griffin, in June 2022 announced it would move its headquarters from Chicago, citing lower crime in Florida and the sunshine state’s lower taxes. “They’ve been buying here aggressively,” said Michael Martinez, a real estate agent with Sotheby’s in Miami, who recently brokered the sale of a $5 million home in Coconut Grove, a quiet salubrious suburb, to a Citadel employee. Most of the luxury homes he has sold in recent months have been to hedge fund buyers, half of them from Griffin’s firm, he estimates. “The Citadel migration is definitely occurring.”

Buyers from Citadel were particularly active in the early spring, agents said, as employees raced to secure properties in time for school enrollment deadlines. “Employees have been enthusiastic about the headquarters’ move to Miami and appreciate the vibrant energy and quality of life the city has to offer,” said Citadel. Citadel has moved almost 300 employees to Miami during what the hedge fund describes as a multiyear effort to shift its operations out of Chicago. One employee said the relocation benefits on offer were “generous”, helping to cover the higher cost of living in a city that has boomed since the pandemic. “The hottest price point in the Gables is between $4 million and $7 million for a five or six thousand square foot house,” said Erin Sykes, a real estate agent in Miami and economist for Nest Seekers, referring to upscale suburb Coral Gables. “That’s what all of these families are looking for.” “These neighborhoods are tropical, they’re lush, kind of like the way Florida is imagined to be,” she said. “In the Grove there’s literally peacocks that walk across the street. You have to be really careful driving.” But a shortage of supply has created a paucity in the high-end home market, as construction backlogs and labor shortages slow development. In July, Florida governor Ron DeSantis, who is running to be the Republican party’s presidential nominee, signed a law targeting illegal immigration that imposes steep fines on employers who do not check workers’ documentation.

The move has resulted in a shortage of construction workers and is expected to slow development of new homes. “A project that would take six months will now take 12,” said Brett Harris, executive director of luxury sales at real estate firm Douglas Elliman. “There is much more of an inventory shortage in those desirable suburbs. Supply is down by half compared to a year ago,” said Sykes. The number of luxury homes between $3 million-$7 million in Coral Gables and Coconut Grove has fallen by more than 50 per cent since the start of the pandemic, according to Zillow data. Homes in this price range now account for 40 per cent of total listings. Sykes said the Citadel effect in Miami was akin to the impact that Google had on Venice Beach in Los Angeles when it opened a large office there. “Every seller was targeting these new Google employees. That’s the only time I’ve seen a single employer-driven market like this.” Citadel bosses moving to the Miami suburbs have been willing to spend more for “turnkey” homes that are ready to move into and require no renovations because they want to settle in before the school year started in mid-August, agents said.

“It’s definitely created a shortage of good properties,” said Jennifer Goldstein, a luxury real estate agent with Official. Buyers like the idea of waterfront living after years of surviving Chicago winters, she added. “We’ve had a lot of Citadel and hedge fund clients that are looking for a resort type house that’s the opposite of what they’ve had . . . They want to play tennis, go fishing and entertain.” Of the 20 properties Goldstein sold in the past 12 months, she said 70 per cent of buyers worked at hedge funds, many of them Citadel. “And they’re all cash buyers.” While agents said the pandemic-era bidding wars have largely abated as prices have plateaued, demand for luxury homes persists. “Even in the higher luxury homes it’s not unusual to receive multiple offers on a $10 million plus home,” Martinez at Sotheby’s said. Shortages were feeding through to homes that were not seen as ultra-luxurious, agents said as Citadel moves not just top earners but also back-office staff to Miami. “When you have an organisation like Citadel, not everyone is making $5 million, $10 million, or $50 million a year,” Sykes said. “They’re not searching for $5 million properties, they’re looking more at the $2 million properties. “They want to go to the same schools, and eat at the same restaurants . . . they want the fairy tale as well.”

Source: Ft

Resilience and Revival: The Future of New York’s Workspace. Read the latest article from the New York Times

By Columbus International,3 September 2023

In the heart of New York City, the future of offices is poised for a dynamic and exciting transformation. The New York Times paints a picture of change that carries a positive outlook for the city’s professional landscape. In trendy SoHo offices, the stage is set for a revitalized work environment. Rows of desks, once empty, are gradually filling up as a shaggy dog accompanies its owner back to work, reminiscent of the pre-pandemic camaraderie. Downtown, a burst of youthful energy infuses tech workplaces, where spirited teams rally under the banners of “Orange team” and “We’re going to kill it!” during lively in-person game nights. On the subway, commuters revel in newfound freedom, comfortably spreading their bags across two seats as they anticipate a vibrant future. After Mayor Eric Adams’ spirited call to action, encouraging workers to shed their pajamas for office attire, New York’s offices have made impressive strides. In late August, office occupancy rebounded to 41 percent of pre-pandemic levels. The year began with just 9 percent of office workers in the city returning to their workplaces five days a week.

The Partnership for New York City, a prominent business group, reports these encouraging numbers, and across the nation, remote work is seamlessly merging with the traditional office experience. For New York, the prevailing sentiment within offices is reminiscent of the city’s resilience. It’s akin to sitting on the subway, momentarily halted, yet filled with optimism about the impending journey. Passengers exchange hopeful glances, feeling reenergized and ready for action. The real estate industry is experiencing an exciting metamorphosis as companies embark on a mission to revitalize their offices. Building owners are proactively preparing for a brighter future. They are embracing innovative strategies to adapt to the evolving needs of their tenants. Amidst this transformation stands Eric Gural, whose family’s commercial real estate empire, GFP Real Estate, plays a pivotal role in shaping the city’s skyline. With ownership and management of over 55 properties encompassing 13 million square feet, they are at the forefront of a new era for New York’s office spaces. Although past economic downturns have tested the Gural family’s resolve, they remain undeterred. They draw inspiration from their unwavering commitment to providing affordable office spaces, a tradition passed down through generations. Now, in a changing landscape, they are eager to innovate and cater to the evolving needs of their tenants.

Researchers from Columbia and New York University predict a vibrant future for New York’s office buildings, with values set to soar in the coming years. The city’s diverse and dynamic workforce is poised to embrace the office experience with newfound enthusiasm. Eric Gural remains steadfast in his optimism. He believes that a broader return to the office is imminent, and he finds encouragement in the desires of the younger generation. His own children, in their twenties, yearn for the camaraderie of office life and the daily subway commute. It’s a sentiment echoed by many young professionals eager to experience the vibrancy of the city’s bustling offices. As the city grapples with change, it draws on its remarkable resilience, as seen in the enduring humor of its residents. The current challenges have prompted New Yorkers to adapt, innovate, and envision a brighter future. The commercial real estate landscape is evolving, but the future shines bright for New York’s office spaces. The city’s iconic buildings, once symbols of bustling productivity, are poised for a renaissance.

With a dash of optimism and a sprinkle of innovation, New York’s offices are set to reclaim their vibrancy and play a central role in the city’s resurgence. In this exciting chapter of New York’s history, the offices are not merely places of work; they are the beating heart of a city that thrives on resilience, adaptability, and the unwavering spirit of its people. The future of New York’s offices is bright, promising, and brimming with opportunities for a vibrant professional landscape.

Discover Your Luxury Oasis in Miami: The Perigon – Where Elegance Harmonizes with the Atlantic’s Beauty

By Columbus International,1 September 2023

Sales have commenced for The Perigon, an upscale condominium development situated on the oceanfront in Miami Beach. Mast, a Coconut Grove-based company led by Camilo Miguel Jr., partnered with Barry Sternlicht’s Starwood to undertake the construction of this 17-story, 82-unit structure located at 5333 Collins Avenue.

The residences within The Perigon embody a harmonious blend of design and sophistication, meticulously crafted to make the most of Miami‘s natural surroundings. These homes boast a dynamic interplay of clean lines and graceful curves, seamlessly integrating with the building’s exterior while embracing the beauty of the surrounding environment. Expansive floor-to-ceiling windows bathe each floor in sunlight, casting a kaleidoscope of hues as the sun makes its daily journey. The open and spacious floor plans encourage unrestricted movement, with rooms effortlessly flowing into one another. Expansive wraparound terraces, designed for privacy, seamlessly extend from communal areas, forming a visual connection between land and sea. Impeccable attention to detail, enduring elegance, and breathtaking coastal vistas are all hallmarks of The Perigon. Jason Long, a Partner at OMA New York, spearheaded the architectural design, conceiving a series of “towers” that have been artfully rotated to optimize views of the Atlantic Ocean from every residence, while also offering splendid panoramas of Biscayne Bay and the Miami skyline overlooking Miami Beach.

These towers have been ingeniously merged and elevated into a singular structure that appears to delicately touch the ground, freeing up valuable space for lush gardens below. The design of the interconnected towers is set to achieve LEED Gold certification upon completion, with the subtle contrast between their organic and orthogonal shapes emphasizing their unique juxtaposition. The Perigon was conceived to provide its residents with an uninterrupted view of the vast Atlantic expanse and the iconic sands of Miami Beach, allowing them to immerse themselves in this picturesque setting. Designed to offer a distinctive indoor-outdoor living experience, this waterfront sanctuary boasts an array of luxuries that seamlessly blend interior and exterior spaces, enabling residents to connect with the land, water, and natural surroundings from the comfort of their own abode.

(Source: Sole24Ore) Milan’s Rental Market Skyrockets: Double the Growth Rate of Rome in One Year

By Columbus International,31 August 2023

In the month of July, prices and rental rates remain stable in the two major Italian cities, although the year-on-year growth for rents remains significant. The affordability of the market in the two cities under examination also follows the trends of the previous months, with an average resident able to access only 3.6% of the available options in the city of Milan and 6.3% in the Capital. This is the outcome of the monthly Real Estate Market Observatory for Rome and the main city of Milan, compiled by Immobiliare.it Insights, a company within the Immobiliare.it group, as reported by Sole24Ore.

Regarding prices, specifically in Milan, the selling prices have reached an average of €5,270 per square meter, showing a rise of 0.3% compared to the previous month (+5.4% year-on-year). Meanwhile, in Rome, they have settled around €3,336 per sqm (-0.1% in the last month, and also compared to twelve months ago). At the same time, Milan’s rental rates stand at an average of €22.1 per sqm, while those in Rome stop at €15 per sqm. In both cases, there is an increase of approximately half a percentage point compared to the previous month, though the year-on-year growth is more pronounced: +10% in Milan and +5.4% in Rome. The demand for apartments for sale continues to contract in Milan, registering a decline of 7% in July. This is coupled with a reduction in the stock of properties on offer, down by 2.1% during the same period, a clear contradiction to the annual figure. A similar situation can be seen in the capital: stock contracts by 0.7% in July, while demand decreases by 5.9% during the same period. In the rental sector in Milan, there is an accumulation of offered properties in the last month, amounting to +7.9%, and an increase in demand during the same period by +4.5%. In both cases, the positive trend is maintained on an annual basis, with monthly demand even growing at a triple pace compared to the rate observed over the last 12 months. In contrast, the Roman market behaves differently from its Milan counterpart.

Primarily, in the last month, a net reduction of almost 5 percentage points in rental properties on offer was observed. However, demand is moving at double the pace of Milan, with a +9.4% increase in the last month. The most expensive neighborhoods in the two main Italian cities are their respective historic centers: the Lombard capital’s historical center exceeds €10,100 per sqm, while the Roman historical center surpasses €7,100 per sqm. Beyond this largely expected data, the Observatory also reveals the neighborhoods that have appreciated the most over the past year. In the capital, the accolade goes to Termini, Repubblica, which has appreciated by 11.8% in a year (remaining stable on a monthly basis) and reaching an average of €4,459 per sqm. It is followed by Battistini, Torrevecchia, and Appio Claudio, Capannelle, which are close in the range between €3,200 and €3,300 per sqm on average: the first sees sales prices increase by 6.8% in the last year, the second by 6.6%. As for Aventino, San Saba, and Caracalla, apart from being the second most expensive neighborhood in Rome with its €6,278 per sqm on average, it is also the one that has seen prices grow the most in the last month: +1.7%, despite remaining stable compared to a year ago. Turning to Milan, as in the case of Rome, a neighborhood near a train station is once again seeing the main appreciation: Corvetto, Rogoredo appreciated by 10.7% in a year (+1.5% in the month) and reached an average of €3,980 per sqm. Garibaldi, Moscova, Porta Nuova, apart from being the second most expensive neighborhood in the city (and in Italy) at €9,958 per sqm, also holds the same city position for sales price growth: +9.7% compared to July 2022. The third most revalued neighborhood compared to a year ago is once again close to a station, in this case, the Lambrate station: Udine, Lambrate reached €4,187 per sqm after a yearly growth of 9.6%. No surprises for the most expensive neighborhoods in the rental sector: the two historic centers are the priciest areas in this case as well, with nearly €30.2 per sqm for the Center of Milan and €24.2 per sqm for the Roman Historical Center.

In Rome, the neighborhood with the highest rental growth in the year is Aventino, San Saba, Caracalla: its +19.4% (despite stability in the month) brings it to €23.3 per sqm on average, confirming it as the second most expensive neighborhood in the city for rentals. Behind it, we find Trionfale, Monte Mario, and Ottavia (+15% annually), and Pigneto, San Lorenzo, and Casal Bertone at +11.6%. Parioli, Flaminio, on the other hand, is the one that grows the most in the month, reaching €19.7 per sqm (+2.7% in July). Returning to Milan’s real estate market, the area of Bisceglie, Baggio, and Olmi is the most economical, at €15.9 per sqm, but it is also the one that has grown the most compared to a year ago: +21.3%. Also on the podium are Cimiano, Crescenzago, and Adriano (+21.1%), followed by Famagosta and Barona (+15.6%), just ahead of Affori and Bovisa (+15.4%). In the month of July, however, there is an appreciation for rental properties in the Pasteur, Rovereto area: +3.3% (still +13.4% on an annual basis).