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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.

La Lombardia è la regione con più transazioni in Italia

(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).

Race Against Time: Inter Miami Scrambles to Build $350 Million Soccer Stadium Before Messi’s Clock Runs Out

By Columbus International,29 August 2023

Inter Miami CF has achieved a remarkable feat by bringing in soccer legend Lionel Messi to play for their team. Now, the challenging objective is to construct a stadium within the timeframe before their superstar’s contract expires by the end of 2025. Currently, the home matches are being held in Fort Lauderdale, Florida, 34 miles away from the heart of Miami, at a newly inaugurated stadium with a seating capacity of 21,000.

The excitement to witness Messi in action has been so overwhelming that the facility had to accommodate an additional 3,000 seats to meet the demand. Messi’s arrival has caused ticket prices to skyrocket and has played a pivotal role in transforming the last-place team into champions of the Leagues Cup. The city of Miami is eager to maximize on the growing enthusiasm of its residents for soccer. An ambitious plan is set to unveil a 25,000-seater soccer stadium as early as the summer of 2025.

This project, amounting to $350 million, is an integral part of the massive $1 billion Miami Freedom Park endeavor, which also encompasses over a million square feet of space dedicated to commercial activities, entertainment venues, offices, and even three hotels. Despite the support from authorities and urban development alterations, environmental approvals and the resolution of logistical issues are still prerequisites before stadium construction can commence, as affirmed by Miami-Dade County officials. The workforce and equipment are poised for action at the construction site, yet a path remains to be traversed. The star-studded Miami Freedom Park development team is relying heavily on surmounting these obstacles.

The entirety of this project is a collaborative effort among the owners of Inter Miami, including the former British soccer legend David Beckham, billionaire Jorge Mas, and his brother José Mas. Failing to navigate the final stages of authorization promptly could entail significant costs. Unless Messi extends his contract, there exists the possibility that the illustrious Argentine champion departs prior to the completion of Miami’s soccer stadium, forcing the team to fill the stands without his presence. Some experts in urban planning regard this prospect as plausible.

According to Howard E. Nelson, an attorney specializing in environmental law and territorial development at Bilzin Sumberg, a timeline of at least three years seems more realistic. Such a timeline would extend the completion date beyond August 2026, surpassing Messi’s contractual deadline. “It’s by no means a straightforward path,” commented Nelson in an interview with the Wall Street Journal. “There’s a multitude of checks to ensure everything is carried out correctly.” In an email, Jorge Mas expressed that the process of obtaining authorizations is proceeding according to plan. “We are excited to offer a destination for food and entertainment that families can enjoy year-round,” he stated in another declaration. A challenge to address is the stadium’s location, situated on a former city-owned golf course contaminated with pesticides and arsenic. Pesticide accumulation is a common occurrence on golf courses, while arsenic is a byproduct of municipal solid waste incineration, used as fill decades ago. Potential exposure to these chemical substances must be eliminated to adhere to required environmental standards.

Developers met with the Environmental Resources Management Division of Miami-Dade County in July and are anticipated to present a revised report for review and approval by the county in September. The stadium’s proximity to the Miami International Airport presents further complications. An initial report from Miami-Dade County raised concerns that the stadium’s height might violate airport zoning codes. The report also highlighted worries about stadium lighting potentially interfering with landings. In response to these height-related concerns, developers made the decision to scale down the stadium’s seating capacity from 40,000 to 25,000. Although the plans have gained approval from the Federal Aviation Administration, this authorization will expire next March if developers fail to commence stadium construction by then. In such a scenario, developers would need to submit a fresh application. According to an FAA representative, the standard processing time for such an application is at least 60 days.

Returning to the Office: Exploring the Evolving Landscape of Workplace Policies in Leading Corporations

By Columbus International,25 August 202314 September 2023

The tune is changing. Goldman Sachs is adopting a stricter approach to the remote work situation, requiring employees to return to the office on a full-time basis, as reported by Bloomberg. So, forget about the dream of opening the doors to your office only two or three days a week. The decision by Goldman Sachs to amplify expectations regarding in-office presence might motivate other organizations to do the same. According to Jason Greer, founder and president of Greer Consulting, the prevailing reality is that a return to the five-day office week is imminent. He expressed this sentiment during a CNBC interview, emphasizing that businesses are inclined to enforce this requirement. Greer emphasized that employers perceive the arrangement as straightforward: if you’re paid to work in the office, you’re expected to be there. If someone disagrees, they are free to seek opportunities elsewhere, considering the substantial group of job seekers competing for similar positions. Greer pointed out that the business landscape has changed significantly over the past two years. In the past, companies struggled to attract talent, offering various incentives and higher salaries. However, the current job market offers a surplus of potential candidates, granting them more bargaining power. As a result, companies are inclined to request a full return to the office, even if it means losing a portion of their workforce.

Executives, as noted by Greer, acknowledge the possibility of losing employees due to stricter directives. However, they see this as an opportunity to replace departing staff with individuals who can be hired at more cost-effective compensation levels than those leaving. Greer cited cases where employers went to great lengths, offering $50,000 to $100,000 above the desired salary range during the labor shortage caused by the pandemic. In the current scenario, with layoffs widespread in many industries, employers are in a stronger position. Many companies have also realized that maintaining productivity is achievable with a leaner workforce. Moreover, the push to bring employees back to the physical office is not limited to Goldman Sachs alone.

Major players like Amazon and Meta (formerly known as Facebook) are also exerting similar pressure. Meta, for instance, has communicated the expectation that the majority of employees resume on-site work for at least three days a week starting from September 5. Non-compliance with this directive could potentially jeopardize employees’ jobs. Amazon, on the other hand, is promoting the return of remote employees to their designated “hub” locations or exploring alternative employment options. Interestingly, even Zoom, a company that played a critical role in catalyzing the remote work trend during the COVID Era, is now promoting a greater in-office presence. Zoom is encouraging employees located within 50 miles of its offices to return to on-site work for at least two days a week. Greer emphasized that the reason behind this push for in-office work is rooted in the understanding that certain connections and interactions are irreplaceable in a remote work context characterized by virtual operations. He highlighted the importance of face-to-face interaction in fostering a cohesive organizational culture. This involves managers getting acquainted with their team members, mutual understanding among colleagues, and establishing significant interpersonal dynamics, elements that can only be fully realized through direct, in-person interaction.

Additionally, Amazon officially unveiled its new Fifth Avenue office building, marking a significant shift in their approach to the workplace. Three years ago, they acquired the historic Lord & Taylor department store building from WeWork for nearly $1 billion. In May, the e-commerce giant implemented a three-day-a-week office policy and has been closely monitoring employee locations, reaching out to those suspected of remote work exceeding company guidelines. During the grand opening attended by New York City Mayor Eric Adams, Amazon’s Vice President of Global Real Estate and Facilities, John Schoettler, revealed that employee office presence has been steadily increasing since May, though he refrained from providing specific figures. The company is firmly committed to in-person work, viewing it as the optimal way to foster innovation and serve their customers. Schoettler emphasized the transition period, acknowledging that adjusting to remote work took time for many employees. However, those returning to the office have expressed satisfaction with the change.

The building, located at 424 Fifth Ave., has a rich history. Initially, it served as Lord & Taylor’s flagship department store when it opened in 1914, a distinction it held for over a century. After WeWork’s ambitious plan to transform it into a corporate headquarters fizzled out due to financial troubles, Amazon acquired the property for $978 million, commencing a complex renovation process. Approximately 2,000 of Amazon’s employees now call this building their workplace, constituting a fifth of the company’s current workforce in Manhattan, Queens, Brooklyn, and New Jersey, totaling around 10,000 employees. While Amazon regularly reviews its leases and real estate arrangements, Schoettler expressed uncertainty about any current plans for office space consolidation. The company also holds leases for spaces in other WeWork locations, including 90,000 square feet in RXR Realty’s 75 Rockefeller and nearly 210,000 square feet in 1440 Broadway. Adaptations to the former Lord & Taylor building reflect evolving worker preferences and behaviors. With an increased emphasis on collaboration spaces since the onset of the pandemic, conference rooms have diminished in size, and assigned seating has given way to a “neighborhoods” model.

The building boasts amenities like a rooftop terrace, a dog run, lounges, and a cafeteria named after former Lord & Taylor President Dorothy Shaver. Original artifacts from the department store’s history are integrated into the design. Additional features, such as a plant-adorned staircase, elevators, updated bathrooms, and kitchens, have been incorporated. The ground floor houses both retail and 1,500 square feet of community space established through a partnership with the City University of New York. This opening coincides with the broader challenge of adapting to remote and hybrid work environments. Office availability in Manhattan has reached a historic high of 19.9%, and many employees remain hesitant to return en masse despite encouragement from landlords and officials. Mayor Adams commended Amazon for its contribution to the city’s economic landscape, celebrating the transformation of the Lord & Taylor building as a symbol of growth and adaptation in the heart of New York City. He also playfully encouraged more frequent office attendance, especially for those seeking social interactions in the bustling city.

Aston Martin Residences: Unveiling Miami’s Triumph Over Market Challenges with a Real Estate Gem

By Columbus International,23 August 2023

The Aston Martin Residences, an ambitious luxury condo tower situated in downtown Miami at 300 Biscayne Boulevard Way, is once again making headlines as construction resumes following a resolution between the project’s general contractor and a subcontractor. The Miami-based stucco and drywall company, Edgewater Construction, had filed for Chapter 11 bankruptcy in March, which led to a two-month delay in the project’s timeline. The impasse was attributed to cost increases linked to inflation, culminating in financial strain for Edgewater Construction. According to the South Florida Business Journal, Jacqueline Calderin, the attorney representing Edgewater Construction, explained that the company had to absorb these elevated costs due to its original contract with Coastal Construction, the general contractor, established in early 2019. G and G Business Development, under the ownership of the Coto family from Argentina, initiated the Aston Martin Residences project in 2017. This nearly 400-unit, 50-story tower was initially slated for completion in the preceding year. Aston Martin’s spokesperson confirmed that the tower is on the brink of being sold out and is anticipated to be finalized by the year’s end.

Edgewater Construction’s Chapter 11 filing affected six ongoing developments, including the Estates at Acqualina in Sunny Isles Beach, AMLI Wynwood, Society Wynwood, Bayshore Grove, and a project in Tampa. It remains uncertain whether Edgewater Construction will resume work on the other South Florida sites where agreements with general contractors were in place. Notably, the company will not be returning to Coastal Construction’s Tampa development project, as disclosed by Edgewater’s legal representative. Developers have grappled with substantial cost hikes over the past few years, spanning land acquisition, construction materials, labor, insurance, and financing. These augmented expenses, coupled with disruptions in the supply chain and other contributing factors, have compounded the challenges faced by developers, making project initiation and completion increasingly complex. Meanwhile, Aston Martin has seized the spotlight with its prestigious 66-story luxury high-rise in Miami. The brand recently unveiled the interiors of its much-anticipated triplex penthouse, fittingly named “Unique” for its exceptional design attributes. This extraordinary property spans an expansive 19,868 square feet across three floors, housing seven bedrooms and eight bathrooms. Each level boasts a wrap-around terrace, boasting a grand total of 7,300 square feet of outdoor space. The Unique penthouse represents Aston Martin’s inaugural foray into the penthouse property market worldwide.

What further distinguishes this residence is an exclusive buyer’s privilege—an accompanying Aston Martin Vulcan, a limited-edition race car valued at $3.2 million. The provision of a custom-built, climate-controlled garage within the building ensures that this masterpiece finds a fitting home. Adding to the allure, the buyer will receive an 80-page fine-art book chronicling the conception of Unique through paintings, sculptures, music, and poetry. Germán Coto, CEO of G&G Business Developments, anticipates the book to be coveted by connoisseurs who appreciate the irreplaceable. Intricately designed to maximize natural light, the interiors of the penthouse are adorned with expansive wall-to-wall glass panels, offering panoramic views from the Atlantic Ocean to the vibrant cityscape. At the heart of the residence lies a custom-crafted staircase, embodying the elegant wings of the Aston Martin logo. Anchoring the living room is an equally sculptural light fixture, complementing the luxurious ambiance. The penthouse includes a private pool, a spa, a gym, and an elevator, enhancing the exclusive lifestyle it promises to deliver. Marek Reichman, EVP & Chief Creative Officer of Aston Martin Lagonda, articulates, “The creation of art is one of the most important things on the planet, and at Aston Martin, we articulate the soul of our brand through art and beauty.” With its triumphant return to the Miami skyline, the Aston Martin Residences exemplify a harmonious fusion of luxury, artistry, and innovation in the realm of real estate.

Photo via Aston Martin Residences

Manhattan’s Luxury Real Estate: One High Line and 432 Park Avenue Lead the Way with 19 Prime Contracts Amidst Summer’s Heatwave

By Columbus International,21 August 2023

Last week, the luxury property market in Manhattan continued to move at a slow pace during the hot summer days. However, between August 14 and 18, a total of 19 homes were placed under contract, as reported in Olshan Realty’s weekly real estate transaction report for properties in the neighborhood with prices of $4 million or more.

The most prestigious contract of the week was awarded to a condominium located at 500 West 18th Street. This marks the fourth time that the Witkoff Group, led by Steve Wikoff, and Len Blavatnik’s Access Industries have secured the top contract of the week with their One High Line project. Unit PH32A, which was initially listed at $25 million, saw its price drop by $3 million from its launch in 2018 when it was known as the Xi. The project, consisting of two buildings – a hotel and a residential property – faced a foreclosure of over a billion dollars two years ago before being reintroduced to the market. The 5,700-square-foot apartment boasts five bedrooms and 5.5 bathrooms. Its standout features include a spacious kitchen, a 48-foot living area, and a living room that opens onto a 240-foot loggia. Residents can enjoy amenities from the adjacent Faena Hotel, such as a fitness center, a 75-foot lap pool, a golf simulator, and spa facilities.

The second-highest priced unit to go under contract last week was unit 63B at 432 Park Avenue. Originally listed at $24.5 million, the price was reduced from the $28 million it was listed for when it hit the market in February 2022. This corner unit spans 4,000 square feet and offers three bedrooms, 4.5 bathrooms, and 10×10 windows that provide views of Central Park, the city skyline, and the river. The unit features 12.5-foot ceilings and was purchased by the seller for $24.6 million in 2016. The supertall building located on Billionaire’s Row boasts 96 stories and offers top-notch amenities including a fitness center, a 75-foot lap pool, a private dining room, a garden, and a children’s playroom.

Of the 19 properties that were placed under contract last week, 14 were condominiums and four were co-op units. The only townhouse that was placed under contract belonged to the late Stephen Sondheim. The home of the eight-time Tony Award winner, located at 246 East 49th Street, was listed for sale in July with an asking price of $7 million. The combined asking price for all the properties amounted to $167.6 million, resulting in an average price of $8.8 million and a median price of $5.8 million. On average, properties remained on the market for 657 days and received a 9 percent discount.

Real Estate: Milan 2023’s Booming Rental Market Revealed by Immobiliare.it’s Room Observatory

By Columbus International,18 August 202318 August 2023

626 euros per month is the average for the monthly rent of a single room in Milan in 2023, a stable price (+1%) compared to last year but still the most expensive in Italy. This is what emerges from the latest “Osservatorio sulle Stanze” (Rooms Observatory) by Immobiliare.it. But is this amount the same throughout the city of Milan? The answer is no, and here is the neighborhood-by-neighborhood breakdown of how much you pay for a single room in different areas of Milan. The most expensive areas The Porta Venezia – Centro – Porta Genova triangle represents the gold podium of rentals: those who want to secure a single room in these three prestigious neighborhoods must be prepared to pay more than everyone else. The prices here have reached:

– 871 euros in the Genova, Ticinese area, after an annual increase of 29%
– 769 euros in the Porta Venezia, Indipendenza area, with a +22% compared to 2022
– 758 euros in the Centro area, +10% compared to last year

Where you spend less

However, there are areas where the city offers opportunities for savings compared to the city’s average. It must be said, though, that in no area do you ever spend less than other more populous Italian locations for out-of-town students. Milan, even where you save, remains the most expensive overall. For those who don’t want to give up the city but want to try to spend less than colleagues living in the center, here are the three cheapest zones:

– Napoli, Soderini, where a single room costs an average of 536 euros per month – Zona Forlanini, with 553 euros
– Udine, Lambrate, where the average spending is 567 euros (a figure not far from the average of Abbiategrasso and Cascina Merlata)

Where prices have increased the most and the least If so far we have provided an overview of the costs to consider in this new academic year, it is also important to pay attention to the areas of the city that have appreciated the most in the last 12 months.

Landlords who rent out their apartments, divided into rooms, have seen the value grow the most if the property is located in one of these five areas:

– Genova, Ticinese 871 €
– Maggiolina, Istria 609 €
– Precotto, Turro 605 €
– Porta Venezia, Indipendenza 769 €
– Navigli 715 €

On the other hand, those who have seen the price for a room appreciate less are those in this last ranking:

– Quadronno, Palestro, Guastalla 682 €
– Solari, Washington 637 €
– Napoli, Soderini 536 €
– Forlanini 553 €
– Cenisio, Sarpi, Isola 657 €

New York City’s Urban Renaissance: from Offices to Homes, Unveiling the City’s Bold Transformations

By Columbus International,17 August 2023

There has been significant discussion surrounding the transformation of office spaces into residential properties in New York, accompanied by inquiries into the entities successfully executing these endeavors.

An analysis conducted by The Real Deal delved into alteration permits filed between 2022 and 2023, revealing the most substantial office-to-residential conversion projects.

The following are summaries of the five most notable ventures:

25 Water Street

Following the inauguration of Harry Macklowe’s One Wall Street in March, the mantle for the largest office-to-residential conversion in the country shifted to 25 Water Street. This project involves altering over 900,000 square feet of the building’s 1.1 million square feet. Formerly recognized as 4 New York Plaza, this 22-story office edifice previously housed notable occupants like the New York Daily News, American Media, and J.P. Morgan Chase. In the wake of the pandemic, these entities vacated the premises. The property was acquired by GFP Real Estate and Nathan Berman’s Metro Loft Management for $250 million in December. Their vision encompasses adding 10 additional floors and reimagining the interior to create open and well-lit spaces, including courtyards. Anticipated to yield around 1,200 rentals, the apartments will span from studios to four-bedroom units, accommodating approximately 50 residences on each floor. Certain units will feature 10-foot ceilings and dedicated home office spaces.

160 Water Street

The transformation of this 487,000-square-foot former office building in the Financial District is overseen by architecture firm Gensler. The project entails augmenting the existing 24-story structure by five floors. The resulting 586 rental units will enjoy access to shared amenities such as a rooftop terrace, gymnasium, co-working areas, dining spaces, a bowling alley, and a spa. The expansive redesign and expansion have secured financing through a $272.5 million loan from Brookfield Real Estate Financial Partners. Vanbarton Group, the developer, intends to reconfigure the building’s facade as part of the revitalization. Occupants are expected to begin moving in starting September 2024.

55 Broad Street

Located in proximity to the site of Lower Manhattan’s forthcoming tallest residential tower at 45 Broad Street, Silverstein Properties and Metro Loft Management are collaborating on the conversion of 55 Broad Street. This office building will be transformed into 571 market-rate rental units. The acquisition of the property, made in July from Rudin Management at a cost of $172.5 million, involved the former owner retaining a stake in the project. Recent permits filed in August have designated 49 Broad Street as the locus for a construction endeavor encompassing more than 400,000 square feet. This entails the addition of six stories to the existing 30-story structure. Among the amenities planned are a private club, fitness facilities, co-working spaces, and a rooftop pool featuring a landscaped sundeck and grilling area. The construction is slated to commence this month.

650 First Avenue

Acquired by Lalezarian Properties for $33.5 million on March 23, this eight-story office building in Murray Hill received the green light from the Department of Buildings for conversion into residential spaces. Upon completion, the property will encompass 23,000 square feet of commercial area and over 116,000 square feet of housing, according to official filings.

330 West 42nd Street

In Midtown, Resolution Real Estate is embarking on a significant undertaking involving the partial conversion of the McGraw-Hill Building at 330 West 42nd Street. As a designated city landmark with 33 stories and art deco architecture, the tower will witness the transformation of more than 560,000 square feet into 224 rental units. These units will span from studios to two-bedroom residences and will occupy floors 12 through 32. Notably, the renovation, totaling $100 million, will not impact office contracts; corporate lessees will continue to rent space on the lower floors. Prior to this overhaul, the owners expended $40 million to restore the building’s historic appearance, which included the removal of non-historical windows along one of the city’s prominent thoroughfares.

Unleashing Miami’s Magic: Where Irresistible Vibrancy Meets Unstoppable Real Estate Growth and Celeb Allure

By Columbus International,10 August 2023

Miami, the city with a thousand facets, continues to amaze with its irresistible vitality. In fact, it is in constant advancement, with rising property values and businesses relocating here at a steady pace. This real estate phenomenon is just beginning: we can liken it to the second inning of a nine-inning game. An epic exodus is underway, with companies moving, workers seeking opportunities, and families choosing to settle here in an unprecedented phenomenon.

The words of the co-founder of E11EVEN, spoken during an interview on “Mornings with Maria,” shed light on an extraordinary phenomenon. In 2022, Florida witnessed an exceptional influx of new residents, mainly from states with a Democratic tendency and characterized by high taxes. Data from the National Association of Realtors reveal that around 319,000 Americans have chosen to make this land their new refuge. This increase corresponds to almost 2 percent population growth, well above the modest national growth rate of 0.4 percent recorded in the United States between July 2021 and July 2022. This influx of new residents is largely attributable to the power of “word of mouth.”

Enthusiastic accounts from those who have experienced Miami’s lifestyle spread like a spell, contributing to this epochal exodus. Anyone who has spent time here cannot help but share with friends and family how extraordinary it is to live in this city. Life in Miami is synonymous with unforgettable moments with family, of a quality of existence beyond the ordinary. This form of advertising, based on real experiences, represents the true driving force behind everything surrounding Miami. Amidst a wave of crime that has affected the entire nation, some people from Democratic-leaning states are searching for safer cities. This is where Miami stands out as the “best choice.”

Commercial real estate in Miami is anything but ordinary. It is, in fact, an anomaly within the United States. While uncertainties are observed elsewhere, in Miami, office buildings are being constructed with confidence and determination. Speculative projects for top-notch office spaces are becoming reality, thanks to the rapid occupancy of existing spaces. The city is a real estate dynamo, a case study that skillfully balances demand and supply in an exceptional manner. An unparalleled ferment characterizes it, and the prospects are astounding. In summary, Miami shines like a guiding star in the real estate ocean. Its unstoppable growth, the security it offers, and the exciting forecasts make it a beacon of hope in a rapidly evolving global landscape.