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Manhattan Rents Shatter Records: New York’s $1 Trillion Real Estate Market’s Post-Pandemic Transformation

By Columbus International,14 March 2025

When the pandemic struck New York in early 2020, it delivered a seismic shock to what was already the world’s most valuable real estate market. Office towers emptied overnight. Luxury condos sat vacant. Rental prices plummeted. The prevailing narrative quickly became one of exodus and existential crisis for a city whose identity has always been inextricably linked to its real estate.

Five years later, that apocalyptic vision has given way to something more nuanced: New York hasn’t died—it’s transformed.

The Ultra-Wealthy Have Doubled Down on Manhattan

While nearly 350,000 residents fled between 2020 and 2023, the widely predicted collapse of New York’s high-end real estate market never materialized. In fact, data shows the opposite has occurred.

“The luxury segment has outperformed every forecast,” says Jonathan Miller, CEO of Miller Samuel Real Estate Appraisers & Consultants. “We’re seeing unprecedented demand at the $10 million-plus price point, particularly in new development.”

This resilience is reflected in record-breaking transactions. In Q4 2024, Manhattan saw 47 residential sales above $10 million, a 28% increase from pre-pandemic levels.

The initial pandemic exodus of ultrawealth—when the city lost approximately 17,500 residents from the top 1% income bracket—has reversed. By 2023, net migration of high-net-worth individuals stabilized, with family offices reporting a surge in Manhattan investment activity.

“For sophisticated investors, New York presented an unprecedented buying opportunity,” explains Elizabeth Warren, head of urban investment strategy at Blackstone Real Estate. “The fundamentals never changed—limited land, global appeal, and institutional-grade assets available nowhere else.”

Trophy Assets, Trophy Prices

The median Manhattan sales price hit $1.3 million in Q4 2024, up 36% from Q1 2020. Brooklyn followed with median prices crossing the $1.1 million threshold.

Even more telling: prime assets have commanded extraordinary premiums. The penthouse at 220 Central Park South traded for $102 million in September 2024, while commercial properties in prime locations have maintained cap rates under 4%, defying national trends.

But this prosperity has been highly concentrated. “We’re witnessing a barbell market,” notes Donna Olshan, president of Olshan Realty. “Unprecedented strength at the luxury end, desperation in the middle, and a social services emergency at the affordable end.”

The Office Market’s $100 Billion Question

Manhattan’s 419 million square feet of office space—valued conservatively at $500 billion—faces unprecedented challenges. Vacancy rates hover at 18.2%, more than six times higher than 2000 levels, with empty space equivalent to 32 One World Trade Centers.

This vacancy crisis has triggered the most significant repricing of commercial assets in modern history. Class B and C office buildings have experienced value declines of 40-60%, with distressed sales becoming increasingly common.

“We’re seeing the Great Conversion,” explains Mary Ann Tighe, CEO of CBRE’s New York Tri-State Region. “Properties that no longer make economic sense as offices are finding new life as residential, life sciences, or mixed-use developments.”

This transformation is accelerating, with over 14 million square feet of office space currently undergoing conversion plans. The Adams administration has streamlined zoning to facilitate these transitions, recognizing that commercial-to-residential conversions represent a critical opportunity to address the housing crisis.

The Housing Crisis Intensifies: Manhattan Rents Break Records

For ordinary New Yorkers, the post-pandemic real estate market has become increasingly punishing. The median Manhattan apartment rent reached an all-time high of $4,500 in February 2025, surpassing the previous record of $4,400 set in August 2023, according to data from brokerage Douglas Elliman.

This new peak signals an ominous trend for renters amid slowing housing construction and stubbornly high housing prices across all boroughs. Industry experts see no relief in sight for the multifamily market that has consistently defied expectations of a correction.

Even the historically affordable Bronx has seen rent increases approaching 40%. Nearly 630,000 households—or roughly one in four New York renters—now spend more than half their income on housing.

This affordability crisis has pushed the city’s rental assistance spending to unprecedented levels—$1.1 billion for the current fiscal year, compared to $302 million in 2021.

Despite these challenges, 2024 saw 34,000 new housing units delivered, the highest production since 1965. “But we need to triple that output annually for the next decade to achieve market equilibrium,” warns Vishaan Chakrabarti, founder of PAU architectural firm and former Manhattan planning director.

The Demographics Driving Demand

New York’s real estate future hinges on demographics, and the trends are contradictory. The city recorded just 99,000 births in 2021-2022, the lowest level since the Great Depression. Public school enrollment has plummeted, with 111,000 fewer students than in the 2018-19 academic year.

Families with young children were more than twice as likely to leave the city in 2023 as childless households. Black residents continue to exit at twice the rate of white residents, accelerating a pre-pandemic trend.

Yet immigration has provided crucial population stability. More than 230,000 migrants have arrived since spring 2022, helping push the population back to 8.48 million by the end of 2024—still 262,000 below 2020 levels.

A Real Estate Market for the 1%

The pandemic has accelerated New York’s evolution into a city of extremes. While lower-paying jobs in home healthcare have grown 45% since December 2019, middle-income sectors like retail and construction have contracted dramatically, shedding 54,100 and 30,700 jobs respectively.

This economic polarization is reflected in housing development. “Luxury units and affordable housing get built because they have separate financing ecosystems,” explains Rafael Cestero, former NYC Housing Commissioner. “What’s disappeared is market-rate housing for the middle class.”

The data bears this out: 60% of new housing starts in 2024 were either luxury (defined as exceeding 175% of median prices) or subsidized affordable housing. The middle market has all but vanished.

Investment Implications: The Next Five Years

For real estate investors, New York presents both extraordinary risks and opportunities:

Trophy commercial assets will maintain value. Prime office buildings with ESG credentials and modern amenities continue to command premium rents and institutional capital.
Distressed commercial assets represent generational buying opportunities. Buildings trading at 40-60 cents on the dollar can yield exceptional returns through conversion or repositioning.
Multifamily remains the safest bet. With rental demand exceeding supply by approximately 200,000 units, well-located rental properties continue to outperform all other asset classes.
Retail is experiencing a renaissance in select corridors. High-street retail in SoHo, Fifth Avenue and the Meatpacking District has recovered to pre-pandemic rents, while secondary locations remain challenged.
Industrial and logistics assets command premium valuations. Last-mile delivery facilities in the outer boroughs have seen 85% value appreciation since 2019.

As New York evolves, its real estate market is becoming even more stratified—a mirror of the city’s widening economic divide. The question isn’t whether New York is “back,” but rather, what kind of New York is emerging. The answer, increasingly, is a tale of two cities within the same 302 square miles, each operating under different economic realities but bound by the same fundamental asset: some of the most valuable real estate on earth.

“The pandemic didn’t break New York’s real estate market,” concludes Barry Sternlicht, CEO of Starwood Capital Group. “It accelerated trends that were already underway, creating a market that’s simultaneously more global and more local, more luxury-focused and more subsidy-dependent than ever before.”

For investors with the capital and vision to navigate this new landscape, the opportunities remain as outsized as the buildings that define the skyline—provided they understand which New York they’re betting on.

Sources: Bisnow | The New York Times

The Invaluable Role of Real Estate Brokers in New York City

By Columbus International,13 March 2025

In the concrete jungle of New York City, where the real estate landscape is as towering and complex as its iconic skyline, navigating property transactions without professional guidance can be a daunting endeavor. While New York state law doesn’t mandate broker representation, those who venture into the NYC real estate market solo are often left wondering if they’ve made the right decisions.

Navigating the Labyrinth: Why NYC Real Estate Demands Expertise

New York’s real estate market operates unlike any other in the world. With its distinctive co-op boards, complex approval processes, and hyper-competitive environment, even seasoned investors can find themselves overwhelmed. Each neighborhood comes with its own unwritten rules, price trends, and hidden gems that only market insiders truly understand.

The difference between someone who uses a broker and someone who doesn’t is often measured in thousands of dollars and countless hours saved. At Columbus International’s New York office, brokers frequently see clients who initially tried to navigate the market themselves, only to realize they were missing crucial information that significantly impacted their investment decisions.

Beyond the Search: The Multi-Faceted Role of Today’s Broker

The modern real estate broker is far more than someone who simply shows properties. Today’s brokers are:

Market Intelligence Specialists: With real-time data and years of experience, brokers can identify value opportunities that online listings simply can’t reveal.
Negotiation Experts: In a city where every square foot comes at a premium, skilled negotiation can mean the difference between closing a deal or losing your dream property.
Paperwork Navigators: NYC’s real estate transaction documents can reach hundreds of pages. Brokers ensure that every detail is properly addressed.
Relationship Curators: The best deals in New York often happen before properties ever hit the public market. Established brokers maintain networks that give their clients first access to off-market opportunities.

The International Advantage

At Columbus International, our unique position bridging the American and Italian markets provides our clients with distinctive advantages. Whether you’re an Italian investor looking at Manhattan opportunities or an American seeking the perfect Milanese apartment, our bicultural expertise ensures you’re never navigating unfamiliar territory alone.

Understanding both markets enables the Columbus International team to provide contextual guidance that’s invaluable to clients. The company prides itself on translating not just the language, but the entire real estate culture, ensuring a seamless experience regardless of which side of the Atlantic the transaction occurs.

The Cost of Going Solo: What You Risk Without Representation

Many first-time buyers or sellers are tempted to handle transactions themselves, believing they’ll save on commission fees. However, this approach often proves more expensive in the long run:

Unrepresented buyers frequently overpay by 3-7% compared to broker-represented transactions
Solo sellers typically receive 5-10% less than properties marketed by professional brokers
Without expert guidance, transaction timelines often extend by weeks or months
Legal complications arising from improper documentation can cost thousands in remediation

Making the Right Choice

Whether you’re purchasing your first NYC apartment or expanding an international real estate portfolio, professional representation transforms what could be an overwhelming process into a strategic opportunity.

The value of a broker extends far beyond the transaction itself. It’s the confidence that comes from knowing every decision is informed by expertise and experience that truly matters. In a market as competitive and complex as New York City’s, that peace of mind becomes perhaps the most valuable asset of all for clients navigating these challenging waters.

Columbus International Real Estate specializes in residential and commercial properties, with offices in New York, Miami, Milan, and Florence. Our multilingual team of expert brokers provides seamless service for clients navigating both American and Italian real estate markets.

Agenzia investimenti immobiliari | Firenze

Florence, former Majestic hotel reborn: new life for Piazza dell’Unità

By Columbus International,12 March 2025

After more than a decade of abandonment and decay, the former Majestic Hotel in Piazza dell’Unità in Florence will shine again by the end of April, transformed into a prestigious luxury hotel. The redevelopment project will not only return an iconic renovated building to the city but will also catalyze the regeneration of the entire square, which today is little more than a parking lot.

From symbol of decay to prestigious hotel

The structure, which extends over 12,500 square meters distributed across nine floors (three of which are underground), will be managed by the American hotel chain Marriott International under the “W Hotel” brand. The building’s history dates back to 1926, when another hotel of the same name stood in its place. The current construction, designed by architect Lando Bartoli and commissioned by Banca Popolare di Novara, was built in 1972 and inaugurated the following year. The bank occupied only the first floor and basement levels, while the rest of the property was used for hotel activities.

After closing in 2009, the building went through a long period of decline: from the failure of sale negotiations in 2014, to an auction in 2015, until it became a site of illegal occupations despite the installation of fences in 2011. The turning point came with the final acquisition and the start of redevelopment work in March 2022.

The new project: contemporary luxury open to the city

“Between the end of April and early May, we will inaugurate 60% of the rooms, while in June we will open the entire hotel, which will have a decidedly contemporary character,” explains Roberto Puccini, sole administrator of Progetto Majestic. The facility will house 119 luxury rooms, areas dedicated to wellness, and spaces for fine dining.

One of the most innovative aspects of the project is the creation of an internal courtyard that will be directly connected to Piazza dell’Unità through fully glazed entrances, creating a harmonious integration between the hotel and the surrounding urban fabric. “It has been a long journey: we purchased the property in 2015 and obtained permits in 2021, but finally in June we will cut the ribbon. We thank all the public offices of the Municipality of Florence and hope that the redevelopment of Piazza dell’Unità will proceed quickly,” adds Puccini.

A gastronomic and cultural hub

The ground floor of the building will house a large living area and two high-level restaurants: Trattoria Contemporanea, an established Milanese brand, and Akira Back restaurant, specializing in refined Asian cuisine. A particularly evocative element will be the former bank vault, destined to be transformed into a multifunctional space for events and a contemporary art gallery.

The architectural intervention, overseen by project manager Niccolò Falleri and works director Stefano Boninsegna from Studio Gla, is inspired by a contemporary style that enhances the large common spaces and strengthens the connection between the hotel structure and the city.

Economic and employment impact

The project will also bring significant benefits in terms of employment: “We will hire 140 people in Florence, and currently 170 workers are working for us directly, 80% of whom are from the local area,” emphasizes Puccini. This highlights how the redevelopment represents not just an architectural recovery but also an important economic investment for the entire community.

The rebirth of Piazza dell’Unità

Parallel to the redevelopment of the former Majestic, the municipal administration has planned a significant restyling intervention for Piazza dell’Unità, an access point to the city for millions of visitors. “We have allocated one million seven hundred thousand euros, which is in addition to the private investment for the redevelopment of the area in front of the hotel. The project includes the renovation of the roadway, the planting of new trees, and the installation of seating. We will share and present it to the citizens soon,” states Andrea Giorgio, Councilor for Security and Mobility.

The goal is to transform what is essentially a transit space today into a true pedestrian “living room square,” with new trees and rest areas that invite residents and tourists to fully experience this renewed corner of Florence.

“This change marks the rebirth of a place that has for too long been a symbol of abandonment,” concludes Aldo Cursano, president of Confcommercio Florence and owner of Caffè Le Rose located right in Piazza dell’Unità. “We thank the Municipality of Florence for its commitment to carrying forward the square’s redevelopment project and entrepreneurs like Roberto who are investing their heart and soul in this transformation.”

Source: La Nazione

Miami’s Real Estate Transformation: Million-Dollar Mansions Rise as Affordable Homes Vanish

By Columbus International,11 March 2025

Miami’s skyline isn’t the only thing reaching new heights. As ultra-wealthy buyers flood the South Florida market, they’re reshaping the entire real estate landscape, creating a city where luxury properties abound while entry-level homes become relics of the past.

The Vanishing Starter Home

As per The Wall Street Journal, the statistics tell a startling story. Between 2019 and 2024, single-family homes priced below $500,000 in Miami-Dade County have plummeted by an astonishing 79.6%, according to research firm Analytics Miami. This dramatic shift coincides with hedge-fund titan Ken Griffin’s historic $100 million home purchase—the first of its kind in Miami—which seemingly opened the floodgates for similar high-end transactions.

The data reveals the complete transformation of Miami’s housing market. What was once a city with diverse housing options has rapidly evolved into a playground for the ultra-wealthy, with profound implications for everyone else.

The Griffin Effect

Griffin’s record-breaking purchase wasn’t just a headline—it was a harbinger. Since that landmark transaction, Miami has experienced an unprecedented surge in eight and nine-figure home sales, reshaping market expectations and pricing strategies throughout the region.

Griffin’s statement purchase validates Miami as a true luxury destination on par with New York, London, and Hong Kong. This landmark transaction has influenced other wealthy individuals to see Miami differently—not just as a vacation spot but as a place to establish a significant presence.

The trend has accelerated further with Russian billionaire Vladislav Doronin’s recent sale of his Star Island estate for a staggering $120 million—setting a new record for Miami-Dade County. The property, which Doronin purchased from retired NBA star Shaquille O’Neal for $16 million in 2009, represents a remarkable 650% return on investment. According to reports from The Real Deal and the South Florida Business Journal, the luxurious residence is rumored to be a teardown purchase, signaling that even trophy properties may be viewed as merely land acquisitions in today’s ultra-luxury market.

Economic Ripple Effects

This transformation extends far beyond real estate statistics. As affordable inventory disappears, Miami’s workforce—the teachers, healthcare workers, and service industry employees who keep the city functioning—face increasingly untenable housing situations.

Average earners now commute from ever-distant suburbs, with some traveling more than 90 minutes each way to reach jobs in Miami’s core. This migration creates additional pressure on transportation infrastructure while simultaneously altering the demographic makeup of Florida’s most dynamic city.

There’s a real risk of Miami becoming a tale of two cities—one populated by the ultra-wealthy and the other by those who serve them, with very little in between. The ongoing middle-class exodus threatens the diversity and vibrancy that made Miami special in the first place.

Investment Drivers

Several factors fuel this market transformation. Florida’s favorable tax environment, combined with Miami’s international appeal and lifestyle amenities, creates perfect conditions for wealth migration. The pandemic accelerated these trends, as remote work capabilities allowed executives from high-tax states to relocate permanently.

Miami offers what wealthy individuals from New York, California, and international locations seek: financial advantages, cultural dynamism, and extraordinary quality of life. This isn’t a temporary trend—it’s a fundamental realignment of where capital and influence concentrate in America.

The New Normal?

Industry experts debate whether this market shift represents a permanent change or a cyclical extreme. Some point to similar patterns in cities like San Francisco and New York, suggesting Miami will eventually reach a new equilibrium that accommodates diverse income levels.

Others see Miami’s transformation as more profound and potentially irreversible. The combination of limited developable land, strong international demand, and climate-related challenges to new construction creates unique pressures that may permanently alter the city’s housing ecosystem.

The $500,000 single-family home in Miami-Dade isn’t just endangered—it’s practically extinct. Looking ahead, the market will need to completely rethink how housing functions in this region, because the old paradigms simply no longer apply.

For now, the city continues its remarkable metamorphosis, with each eight-figure transaction further cementing Miami’s status as America’s newest ultra-luxury real estate capital—and pushing the prospect of affordable homeownership further beyond reach for everyone else.

This article represents analysis based on current market conditions and expert opinions. Real estate investments involve risk, and market conditions may change.

For inquiries regarding distinguished Miami properties—whether for acquisition or divestment—the esteemed real estate professionals at Columbus International remain at your service. info@columbusintl.com

De Niro’s Ex-Wife Sells Central Park West Co-Op at $2.9M Loss

By Columbus International,10 March 2025

In a notable shift within Manhattan’s luxury real estate market, Grace Hightower has finalized the sale of her Central Park West residence for $18 million, according to public records. The transaction represents a $2.9 million loss from the $20.9 million that Hightower and her former husband, actor Robert De Niro, originally invested in the property in 2006.

The five-bedroom duplex in the prestigious Brentford building was initially listed at $20 million in May, reflecting the current downward pressure on Manhattan’s co-op market. Leonard Steinberg of Compass, who represented the listing, acknowledged to the Wall Street Journal that “co-ops have gotten pretty beaten-up, pricewise” — a sentiment supported by recent market data.

The 5,700-square-foot residence underwent significant renovations following a 2012 fire that rendered it uninhabitable for approximately a year. During this period, Hightower and De Niro temporarily relocated to luxury rentals in the West Village and at 15 Central Park West.

This high-profile transaction occurs amid a broader market trend showing significant divergence between luxury and entry-level co-op segments. According to Miller Samuel data, co-ops with four or more bedrooms have seen median prices fall from $4.9 million last year to $3.5 million in 2024, while studio apartments have maintained relatively stable valuations around $420,000.

The property features premium Central Park views from its corner primary bedroom, complete with three walk-in closets. Four additional bedrooms occupy the northwest wing of the upper level, with entertaining spaces including a formal living room, dining room, and eat-in kitchen on the lower floor.

The Brentford’s prestigious address at 88 Central Park West has attracted numerous celebrities, including musician Sting and photographer Annie Leibovitz, who similarly sold her unit at a loss last February for $10.7 million. Interestingly, the unit purchased by Hightower and De Niro in 2006 was previously owned by disgraced film producer Harvey Weinstein.

While Hightower manages this real estate transition, De Niro has shifted his investment focus toward commercial development with his Wildflower Studios project in Queens. The $1 billion, 765,000-square-foot film production complex completed construction last year, positioning the actor as a significant player in New York’s entertainment infrastructure.

Source: The Real Deal

Major Investors Eye New York Office Properties as Return-to-Office Trend Accelerates

By Columbus International,8 March 2025

In a significant shift for commercial real estate, heavyweight investors including Blackstone and affluent individuals are actively pursuing office properties in New York as companies implement return-to-office policies, igniting a nascent recovery in a market that has struggled for years.

This renewed interest in New York offices could portend a broader economic revival for major urban centers worldwide, with the five-day in-person work week returning and stimulating demand for local services. The development marks a dramatic turnaround after investors consistently avoided vacant commercial spaces in the post-pandemic years.

Industry professionals across real estate investment, consulting, and banking report increasing demand for premium office spaces in New York, leading to accelerated deal activity. Several indicators support this trend: Amazon is searching for additional space, BXP is engaged in discussions with potential tenants for a new development, and Blackstone has adopted a more optimistic stance toward the sector.

Blackstone President Jonathan Gray identified compelling value opportunities in New York City and San Francisco offices during a recent conference. “In New York, you have financial services firms who are growing rapidly, you don’t have any new building,” Gray stated. He noted that in San Francisco, values had plummeted by as much as 75% in some cases, while highlighting the region’s continued importance for AI and technology innovation.

Blackstone has strategically reduced its office exposure in recent years. Office properties now represent less than 2% of its real estate portfolio, compared to more than 60% in 2007, according to company data. Industry consultants report that investors completed more office transactions last year as lease terms improved and tenant activity increased.

Among these transactions, Blackstone is pursuing a substantial stake in the office building at 1345 Avenue of the Americas in Manhattan, though the company has not commented on these investment plans. “More deals of scale are definitely coming,” observed David Giancola, senior managing director of capital markets at JLL’s New York office.

Despite the positive momentum, challenges persist for older Class B and C buildings, particularly those with unfavorable locations or configurations that make them difficult to lease, according to Ran Eliasaf, founder and managing partner at real estate private equity firm Northwind Group.

Senior industry executives cite economic growth and lower interest rates as additional factors boosting office demand. “The world is moving back to work and back to in-person work, no question about it,” said Owen D. Thomas, chairman and CEO of Boston-based real estate investment trust BXP Inc. “Real estate is a financial asset driven by interest rates, so that’s helpful,” he added.

BXP is currently in discussions with four to five potential anchor tenants for a planned 46-story tower in Midtown Manhattan, Thomas revealed. This commercial project is situated near JPMorgan Chase’s new global headquarters, which will accommodate 14,000 employees and is scheduled for completion by year-end.

Billionaire Ken Griffin’s experience illustrates the growing space constraints. When he decided to consolidate offices for his hedge fund Citadel and market-maker Citadel Securities in midtown approximately three years ago, insufficient space led him to pursue new construction instead, anticipating the wave of five-day in-office mandates now filling buildings.

Griffin has partnered with Vornado Realty Trust and Rudin Management to develop a 62-story skyscraper at 350 Park Avenue with capacity for 6,000 people. Citadel and Citadel Securities will anchor the building, projected for completion by 2032. Griffin’s employees will relocate to temporary facilities next year to allow demolition of the current 30-floor structure built in 1960.

Market improvements are reflected in cap rates, a key metric investors use to evaluate property profitability and risk. After peaking at 6.99% in Q1 2024, this indicator fell to 5.77% by year-end, signaling enhanced returns for investors, according to research firm Trepp data.

Sales volumes for U.S. commercial properties increased by 9% in 2024 after declining by half in 2023, property consultants CBRE report. Occupancy has rebounded following sharp pandemic-related declines, analysts note.

Data from commercial real estate advisory firm Avison Young shows Manhattan office utilization reached 79.9% in January 2025, compared to 66.9% across offices in major and secondary U.S. cities relative to pre-pandemic levels.

New York’s commercial buildings benefit from diverse tenants across multiple industries, including finance, insurance, and technology, according to Doug Middleton, vice chairman with CBRE’s Investment Properties group. He notes that other cities typically depend more heavily on one or two industries.

Wealthy individual investors are renewing their interest in higher-quality Class-A offices, prompting financial institutions to increase deal financing. Nishi Somaiya, Goldman Sachs’ global head of private banking, lending and deposits, observed, “Our CRE loan portfolio in the private bank is growing, which tells you that there’s a lot of demand and confidence in opportunities within the sector.”

The trend extends beyond American shores. In Europe, surging demand for premium office space is driving rents to record levels in central London, fostering investor optimism despite overall office sale volumes remaining at multi-year lows.

“People got very excited post-COVID that this was the end of the office – it was never the end of the office,” concluded Hugh White, a London-based senior director at BNP Paribas Real Estate.

Source: Reuters

Smart Investors: Why Now is the Perfect Time to Enter the Real Estate Market

By Columbus International,6 March 2025

Strategic Opportunities Emerge as Market Resets

The recent pullback in investor activity in the U.S. residential real estate market represents a significant opportunity for savvy investors ready to position themselves for the next growth cycle.

Recent Redfin data showing a 3.9% year-over-year decline in investor purchases during Q4 signals not a fundamental market weakness, but rather a strategic reset that creates ideal entry points for forward-thinking investors.

Why This Market Presents Extraordinary Value

Several factors make this an opportune moment to invest:

Reduced Competition: With investor market share dropping to 17.1% (the lowest fourth-quarter level since 2020), there’s less competition for desirable properties, creating better negotiating positions.
Regional Arbitrage Opportunities: While Florida and other markets are seeing investor pullbacks, the Bay Area is experiencing renewed interest with impressive growth: Seattle (33.8%), San Jose (21.1%), Oakland (19.4%), and San Francisco (19.1%). This regional divergence creates tactical opportunities for portfolio diversification.
Value in Low-Priced Properties: While high and mid-priced home purchases have declined, activity in low-priced homes has remained stable – highlighting where smart money is finding value in today’s market.
Appreciating Asset Values: Despite fewer purchases, the total value of investor acquisitions increased by 6.3% year-over-year to $36.5 billion, directly matching home price appreciation. This confirms real estate’s ongoing strength as a value-preservation vehicle.
Condo Market Reset: The significant drop in condo investor activity (down 13% to lowest levels since 2012) has created potentially undervalued assets that astute investors can acquire at favorable prices before the inevitable market rebound.

Strategic Investment Approach for Today’s Market

The current market conditions favor investors who:

Take a contrarian approach to cities like Orlando, Miami, and Chicago where others are retreating
Focus on value-add opportunities in condos where rising HOA fees and insurance costs have temporarily suppressed demand
Consider the Bay Area renaissance as an indicator of where growth will spread next
Use current higher interest rates to negotiate better purchase prices while preparing to refinance when rates inevitably decrease

For sophisticated investors, market pullbacks have historically represented the best entry points. The current plateau in the housing market, combined with the demonstrated resilience of property values, makes this an ideal moment to build positions before the next growth cycle begins.

Giuliani Slashes Price on NYC Penthouse Following Legal Settlement

By Columbus International,5 March 2025

Former New York City Mayor Rudy Giuliani has relisted his Manhattan penthouse at a significantly reduced price following the resolution of his high-profile legal battle with two Georgia election workers, according to real estate records.

The three-bedroom Upper East Side residence hit the market Monday for $5.2 million—representing a substantial $1.4 million price reduction from its previous listing price.

This latest listing comes just days after a judge declared Giuliani had “fully satisfied” the terms of a settlement agreement with Ruby Freeman and Shaye Moss, two Georgia election workers who had successfully sued him for defamation. As The New York Post reported, the settlement allowed Giuliani to retain ownership of valuable assets—including this penthouse—that might otherwise have been seized to satisfy the $140 million judgment against him.

Luxury Living in Historic Landmark

The penthouse, located in the prestigious Lenox Hill neighborhood, offers luxury amenities rarely found in Manhattan’s high-end market. The property features a wood-paneled library, a wood-burning fireplace, and a glass conservatory. Previous listing photographs showcased Giuliani’s memorabilia collection, including a signed replica of Joe DiMaggio’s Yankees jersey presented to him in 2002.

Situated in a Gothic-inspired terra cotta and brick building constructed in 1906 and designated a landmark in 1977, the residence provides panoramic Central Park views. The white-glove cooperative includes full-service amenities with a monthly maintenance fee of $10,934 covering door attendants, porters, and a resident manager.

History of Price Reductions

This isn’t Giuliani’s first attempt to sell the property. According to listing history, the penthouse was initially offered in summer 2023 for $6.3 million and has undergone three separate price reductions since then.

The New York Post reported that prior to the recent legal settlement, Giuliani had made “a last-ditch bid to sell the pad at a $1 million discount” before it could potentially be seized by Freeman and Moss, who had successfully sued him after he accused them of ballot tampering during the 2020 election.

The current listing is being handled by Serena Boardman at Sotheby’s International Realty.

La Lombardia è la regione con più transazioni in Italia

Milan’s Architectural Renaissance: The Landmarks Reshaping the City for the 2026 Winter Olympics

By Columbus International,4 March 2025

From visionary designs by BIG and Renzo Piano to transformative urban developments at CityLife and Porta Romana, Milan’s skyline is evolving rapidly as the city prepares for its Olympic moment

Since hosting Expo 2015, Milan has embarked on an ambitious urban transformation journey that is fundamentally reshaping Italy’s business capital. These architectural and infrastructural developments follow a clear strategic vision: sustainable regeneration of existing urban spaces rather than expansion into undeveloped land—a choice driven by both spatial constraints and ethical considerations.

Milan’s metamorphosis spans multiple scales, from the revitalization of massive railway yards and former industrial zones to the careful renovation of historic buildings and iconic public spaces. The city is positioning itself as a global destination for excellence in services, culture, and sustainability, attracting world-class architectural talent to redefine its urban fabric.

This architectural renaissance has drawn an impressive roster of international designers including Bjarke Ingels Group (BIG), Skidmore, Owings & Merrill (SOM), Renzo Piano, Snøhetta, and David Chipperfield. Their work is concentrated in key development zones like Scalo di Porta Romana, CityLife, Porta Nuova, and the historic center, with projects scheduled for completion by 2025 and in time for the 2026 Winter Olympics.

While the transformation promises to elevate Milan’s global profile, questions remain about whether this wave of development will benefit all segments of society or if market-driven priorities might leave certain communities behind as the city races toward its Olympic future.

Boxing Legend Floyd Mayweather Expands Real Estate Empire with $402 Million Manhattan Portfolio

By Columbus International,3 March 2025

This article is featured in the “Newsroom” section of Columbus International, a real estate boutique founded by Richard Tayar with offices in New York, Miami, Milan, and Florence. Columbus International specializes in residential, commercial, luxury real estate and investment opportunities in bridge markets between Italy and the United States.

The Undefeated Champion Takes His Winning Strategy from the Ring to New York’s Property Market

Former boxing champion Floyd Mayweather Jr. has delivered a knockout punch in the New York real estate market with his latest acquisition—a massive $402 million multi-family portfolio in Upper Manhattan. The undefeated athlete, known for his financial acumen as much as his boxing prowess, shared the news with his nearly 29.7 million Instagram followers in characteristic victory style.

“All the buildings belong to me, I don’t have no partners,” Mayweather declared in his social media announcement. “And all the retails down below on my buildings, all of them belong to me too. You can do the same. It’s all about making power moves.”

The impressive portfolio includes 62 multifamily properties comprising more than 1,000 units, many of which are rent-stabilized, according to earlier reporting by The Real Deal. The acquisition was made through Mayweather’s real estate investment firm, Vada Properties.

Building a Diversified Real Estate Portfolio

This Upper Manhattan investment represents just one component of Mayweather’s rapidly expanding real estate empire. The boxing legend has demonstrated strategic diversification across various property segments:

A $100 million investment in a $3 billion luxury rental portfolio joint venture, including The Copper’s twin residential towers in Murray Hill
Another $100 million investment across nine skyscrapers in partnership with SL Green, New York City’s largest commercial landlord
An 18-asset deal in November spanning properties in New York, Chicago, and Jersey City, marking his entry into office real estate
Personal residential moves including the purchase of a five-bedroom unit in the Baccarat Hotel and Residences in Midtown Manhattan

Luxury Living and Strategic Divestments

Mayweather’s personal real estate portfolio has seen significant activity as well. The Post’s Gimme Shelter reported on his New York house hunt late last year, which included touring a $150,000-per-month Soho bachelor pad and a Gilded Age mansion before settling on his Baccarat residence.

The entrepreneur has also been strategically divesting properties, selling a $22 million home in Miami’s Biscayne Bay last year and recently listing his $12.5 million Las Vegas mansion.

Beyond Real Estate: Sports Ownership Aspirations

As Mayweather celebrates his 48th birthday, the billionaire’s increased presence in New York City isn’t solely attributed to his real estate ventures. Reports suggest he’s exploring potential plans to purchase a minority stake in the New York Giants alongside business partner and real estate magnate Meyer Orbach.

Mayweather’s aggressive expansion into real estate comes at a time when many investors have retreated due to high borrowing costs, particularly in the affordable housing segment. This countercyclical approach aligns with the boxing champion’s career-long strategy of identifying opportunities where others see obstacles.

“Over 1,000 apartments, I’m just getting started,” Mayweather stated confidently in his Instagram post, suggesting this latest knockout acquisition is merely the opening round in his real estate championship bout.