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Floyd Mayweather Acquires $402 Million Real Estate Portfolio In New York City

By Columbus International,

Legendary boxer Floyd Mayweather Jr., who retired from professional fighting in 2017 with a 50-0 record, is making a major real estate play in New York City.

According to TMZ Sports, the 47-year-old has purchased over 60 apartment buildings containing more than 1,000 units across upper Manhattan for a total of $402 million. Mayweather’s goal is to provide affordable housing for struggling families in the area.

“Growing up I used to dream about owning just one home by myself. When you work hard, you can achieve anything,” Mayweather said in a statement to TMZ.

The purchase is the latest in a long line of lucrative business ventures for Mayweather, who is widely regarded as one of the wealthiest and most financially successful athletes of all time. His record-breaking fight against Manny Pacquiao in 2015 generated $600 million, with Mayweather pocketing an estimated $250 million. He then earned a reported $275 million for his 2017 fight with UFC star Conor McGregor, bringing his career earnings over the $1 billion mark.

Even in retirement, Mayweather has found ways to keep the money rolling in. He’s participated in several high-profile exhibition matches, including bouts with WWE Superstar Logan Paul and boxer John Gotti III. Mayweather is also the founder of Mayweather Promotions, a boxing promotion company that has signed and promoted numerous notable fighters since its inception in 2007.

This latest real estate move signals that Mayweather is looking to diversify his investments and create a lasting legacy beyond his Hall of Fame boxing career. With his unparalleled earning power and business acumen, it’s clear that “Money” Mayweather is as formidable in the boardroom as he was in the ring.

Photo via Instagram

Upper East Side

Manhattan Real Estate Market Heats Up as Fall Approaches

By Columbus International,

As the crisp autumn air begins to sweep through the streets of New York City, the Manhattan real estate market is experiencing an unexpected surge of warmth. After a tepid spring, the market is showing signs of renewed vigor, promising an exciting fall season for both buyers and sellers.

Summer Surprise: August Bidding Wars

Traditionally a quiet month in Manhattan real estate, August 2024 has broken the mold with a flurry of activity. Real estate professionals report a sudden influx of eager buyers, resulting in multiple offers and even bidding wars—a phenomenon not seen in recent years.

“All of a sudden, we were putting up listings and getting multiple offers,” reports one seasoned agent. “In July, buyers would come in and be the only ones. In August, rates decreased, and I had three listings. All went to bidding wars.”

Luxury Market Leads the Charge

The luxury segment is particularly bullish, with Olshan Realty data revealing 73 contracts signed at $4 million and above in the four weeks ending August 25. This impressive figure outpaces last year by 20% and represents the third-highest August performance in the last decade.

Broader Market Gains Momentum

The optimism isn’t confined to the luxury sector. The broader market is also showing signs of recovery, with 680 contracts signed through August 25, surpassing the 671 contracts for the entire month of August last year.

Fall Forecast: Sunny with a Chance of Bidding Wars

Several factors are converging to create a perfect storm of opportunity for the fall market:

  1. Falling Mortgage Rates: Rates have dipped below 6.5% for the first time since early 2023, with further decreases expected.
  2. Anticipated Fed Rate Cut: The Federal Reserve is expected to cut interest rates next month, potentially fueling even more activity.
  3. Inventory Crunch: Limited supply is creating a sense of urgency among buyers.

Third Quarter 2024: A Turning Point

The Manhattan market is making significant strides, with all key demand indicators improving for the first time since 2022. Compared to the previous year:

  • Closings and signed contracts have risen
  • Inventory has held steady
  • The number of sales increased by 2% annually, reaching approximately 3,275 closings—nearly matching the five-year average

Looking Ahead

As we move into the fall season, the Manhattan real estate market appears poised for a renaissance. Buyers are eager to capitalize on favorable conditions before prices potentially rise due to increased demand and limited inventory.

For those considering entering the Manhattan real estate market, the message is clear: The fall of 2024 may offer a golden opportunity to find your dream home or make a savvy investment. With the market showing such promising signs of recovery and growth, the coming months could be the ideal time to make your move in the Big Apple’s real estate scene.

Iconic New York City Restaurant Property Leaps into New Era

By Columbus International,

In a surprising turn of events that marks the end of an era in New York City’s culinary scene, the historic building that housed the renowned French restaurant La Grenouille for over six decades has been sold for a staggering $14.3 million. This transaction not only represents a significant real estate deal but also signals a shift in the cultural landscape of Midtown Manhattan.

A New Chapter Begins

The property at 3 E. 52nd St., a 6,200-square-foot, three-story building with a charming cottage-like facade, has been acquired by a shell company identified as 8162024, LLC. Sources close to the deal suggest that the iconic space is set to transform into an Asian cuisine establishment, potentially a Chinese restaurant, marking a dramatic departure from its French culinary heritage.

From Stable to Culinary Stardom

The building’s history is as rich and varied as the city itself. Originally a stable, it was converted in 1913 and has since housed various businesses, including:

  • An interior decorating firm
  • The Elm Tree Tea Room
  • A luxury clothing shop
  • A nightclub
  • La Vie Parisienne, another French restaurant

Its most famous incarnation, La Grenouille, opened its doors in 1962 under the stewardship of Charles Masson and his wife Gisèle. For decades, it served as a magnet for celebrities, fashion icons, and the global elite, including luminaries such as Frank Sinatra, Madonna, and Yves Saint Laurent.

The End of an Era

The sale marks the conclusion of La Grenouille’s storied run, which saw its fair share of family drama and management changes. Philippe Masson, the restaurant’s most recent owner, announced its closure last month, citing the end of “a veritable who’s who of the world’s most beautiful and celebrated” patrons.

Market Insights

The sale was brokered by a partnership of real estate professionals:

  • Perry Rothenberg of Creative Leasing Concepts
  • Peter Howard from Oxford Property Group NY
  • Joseph Caputo from Exit Premier Real Estate

This team recently orchestrated another high-profile restaurant property sale, the Frechette Restaurant’s building at 241 West Broadway, for $15.3 million.

Looking Ahead

As New York City’s dining scene continues to evolve, the transformation of this iconic property reflects broader trends in urban development and changing consumer preferences. The shift from classic French cuisine to Asian flavors in this historic location may well be indicative of the city’s ever-changing culinary landscape and real estate market dynamics.

While longtime patrons may lament the loss of a beloved institution, the substantial investment in this property suggests a confident outlook for the future of Manhattan’s high-end dining and real estate sectors, even in the face of ongoing economic uncertainties.

Photo via La Grenouille 

The “Casa” Trend: Luxury Living in Milan’s Exclusive Residences

By Columbus International,

Milan, the fashion capital of Italy, is experiencing a new trend in luxury accommodations that bridges the gap between high-end hotels and private residences. The “Casa” concept offers discerning travelers and expatriates a unique blend of comfort, privacy, and exclusivity. Let’s explore some of the most notable “Casa” properties in Milan that are redefining luxury living.

Casa Cipriani: A Modern Private Members Club

Casa Cipriani Milan brings the legendary hospitality of Harry’s Bar in Venice to the heart of Milan. This exclusive private members club creates an eclectic community for those who appreciate life’s simple pleasures. With its vibrant atmosphere and world-class amenities, Casa Cipriani offers a sophisticated yet relaxed environment for socializing, dining, and enjoying the dolce vita.

Casa Brera: A Gateway to Milanese Culture

Located just steps away from the iconic Sforza Castle, Casa Brera is a 5-star hotel that seamlessly blends rationalist architecture with modern luxury. Designed by the renowned Studio Urquiola, the hotel features 116 beautifully appointed rooms, including 15 suites and the stunning Milanese Suite. Casa Brera goes beyond accommodation, offering a true Milanese lifestyle experience with its rooftop bar, outdoor pool, and diverse dining options that showcase both local and international cuisines.

Rocco Forte House: Unrivaled Privacy in a Historic Palazzo

Situated in the heart of Milan’s fashion district, Rocco Forte House occupies a beautifully restored 19th-century palazzo. With just 11 exclusive apartments, this property offers the ultimate in privacy and bespoke luxury. Each apartment is a masterpiece of design, combining historical elements with contemporary comforts. The dedicated House Concierge ensures every guest’s needs are met, from housekeeping to personalized experiences in the city.

Casa Baglioni: Sixties Italian Elegance

Casa Baglioni brings a fresh perspective to Milan’s luxury hotel scene. Located in the artistic Brera district, this boutique hotel pays homage to 1960s Italian design while offering modern amenities and a Michelin-starred restaurant. The carefully curated art collection and elegant rooms make Casa Baglioni a haven for design enthusiasts and food lovers alike.

The “Casa” trend in Milan represents a new era of luxury accommodations, where the lines between hotels and private residences blur. These properties offer not just a place to stay, but a lifestyle – one that embraces Italian elegance, culture, and hospitality. For those seeking an authentic Milanese experience with all the comforts of home and the services of a world-class hotel, the “Casa” concept provides the perfect solution.

Whether you’re a frequent visitor to Milan or considering an extended stay, these “Casa” properties offer a unique opportunity to immerse yourself in the city’s rich culture and vibrant lifestyle. Experience the best of Milan from the comfort of your own Italian “home away from home.”

Photo via Casa Cipriani Milano

Miami Real Estate: A Golden Opportunity on the Horizon for 2025-2026

By Columbus International,

The Miami real estate market is poised for an exciting period of growth and opportunity as we look towards 2025-2026. With a combination of favorable economic conditions, increasing demand, and the city’s enduring appeal, Miami is set to cement its status as a premier destination for real estate investment and living.

Promising Price Projections and Market Dynamics

The future looks bright for Miami’s property values, with median home prices expected to surge by an impressive 6.5% overall. Single-family homes are the star performers, with projections indicating a remarkable 9.7% increase. This robust growth reflects the enduring demand for Miami’s unique blend of urban sophistication and tropical paradise.

Adding to the positive outlook, mortgage rates are anticipated to become more favorable, potentially dropping to around 5% by the end of 2025. This development is set to open doors for a wider range of buyers, making the dream of owning a piece of Miami more attainable than ever.

Luxury Market: A Testament to Miami’s Global Appeal

Miami’s luxury real estate sector is experiencing a renaissance, particularly in the condo market. Properties valued at over $1 million have seen an astounding 122.2% increase in sales compared to pre-pandemic levels. This surge underscores Miami’s growing reputation as a global luxury destination, attracting discerning buyers from around the world who are eager to invest in the city’s unparalleled lifestyle.

Economic Tailwinds Propelling Growth

The city’s real estate market is benefiting from a perfect storm of positive economic factors. The Federal Reserve’s proactive measures to reduce interest rates are making mortgages more affordable, setting the stage for increased buying activity. This improved affordability, coupled with pent-up demand from recent years, promises a dynamic market with ample opportunities for both buyers and sellers.

Miami: A Magnet for Talent and Wealth

One of the most exciting trends fueling Miami’s real estate boom is the influx of high-earning professionals and businesses. The city has become a beacon for talent, with new arrivals boasting an average adjusted gross income of $175,600 – significantly higher than long-term residents. This migration has injected billions into the local economy, further stimulating the real estate market and enhancing Miami’s status as a thriving economic hub.

A Seller’s Market with Room for Growth

While the current inventory shortage presents challenges, it also signals strong underlying demand and creates opportunities for sellers. The scarcity of available properties, particularly in the condo market where active listings are 42.2% below historical averages, indicates a robust seller’s market. This situation bodes well for property appreciation and investment returns.

International Appeal Driving Cash Transactions

Miami’s global allure is evident in its high proportion of cash sales, which account for 32.9% of transactions – well above the national average. This trend highlights the city’s appeal to international investors and underscores the strength and stability of Miami’s real estate market.

Looking Ahead: A Bright Future for Miami Real Estate

As we approach 2025, Miami’s real estate market is brimming with potential. The combination of price appreciation, increasing demand from both domestic and international buyers, and the city’s unmatched lifestyle offerings create a compelling case for investment and residence.

The luxury segment, in particular, is expected to flourish, with Miami ranking first in the U.S. for luxury market price growth according to Knight Frank’s 2024 Wealth Report. This prestigious recognition cements Miami’s position as a top-tier destination for high-net-worth individuals and savvy investors alike.

In conclusion, Miami’s real estate market is on track for an exhilarating period of growth and opportunity. Whether you’re a first-time homebuyer, a seasoned investor, or someone looking to upgrade your lifestyle, Miami offers a unique blend of economic potential and quality of life that is hard to match. As the city continues to evolve and attract talent from around the globe, the future of Miami’s real estate market looks brighter than ever.

OpenAI Stakes Its Claim In Manhattan, Signals AI Industry’s Growing Real Estate Appetite

By Columbus International,

In a move that signals the artificial intelligence sector’s growing influence on commercial real estate, OpenAI, the creator of ChatGPT, has inked a deal for its first New York City office space. The AI powerhouse is set to occupy 90,000 square feet in the historic Puck Building, nestled in Manhattan’s coveted Soho neighborhood, according to sources close to the negotiations.

AI Giants Fuel Real Estate Renaissance

This strategic expansion comes on the heels of OpenAI’s significant real estate plays in San Francisco, where the company recently:

  • Leased an entire six-story tower in Mission Bay
  • Subleased two buildings from Uber Technologies

The company’s aggressive growth strategy doesn’t stop there, with additional office locations reportedly in the pipeline.

Industry-Wide Trend

OpenAI isn’t alone in its real estate ambitions. Fellow AI titans are making similar moves:

  • Anthropic
  • Palantir

These companies are rapidly expanding their footprints across major tech hubs:

  • New York
  • San Francisco Bay Area
  • Denver
  • Atlanta
  • Seattle

Market Impact

After weathering a challenging period marked by:

  • Rising vacancies
  • Rent reductions
  • Fire-sale transactions

The office market is showing signs of revival, particularly in New York, where Q3 saw increased leasing activity.

“AI isn’t going to be a single solution for the office market,” notes Jacob Rowden, head of office research at JLL, “but it’s a crucial component of the broader recovery narrative.”

San Francisco: Ground Zero for AI Real Estate

The impact is particularly pronounced in San Francisco, where:

  • AI businesses have claimed approximately 5 million square feet
  • This represents over 5% of the city’s total office space
  • 57 office leases signed by AI companies this year alone
  • 40 of these are first-time office spaces for small and midsize AI firms

The Puck Building Connection

OpenAI’s choice of the 140-year-old Puck Building isn’t just about location. The historic property, owned by Kushner Cos., also houses Thrive Capital, a venture capital firm that:

  • Recently led a $6.6 billion funding round for OpenAI
  • Was founded by Joshua Kushner, brother of Jared Kushner

Looking Ahead

According to Chris Roeder, head of brokerage at JLL’s San Francisco office, the AI sector’s appetite for office space “could quadruple in size in the next six years.” As traditional tech giants like Google, Microsoft, and Apple double down on AI investments, this trend shows no signs of slowing.

Source: WSJ

La Lombardia è la regione con più transazioni in Italia

Real Estate Boom: Milan Leads Italy’s Property Market Surge

By Columbus International,

In a striking display of resilience, Italy’s northern real estate market continues to defy economic headwinds, with Milan and Monza emerging as frontrunners in property value appreciation. The latest data from the Chamber of Commerce of Milan, Monza, and Lodi reveals a robust growth trajectory, particularly in these key urban centers, despite a concurrent slowdown in transaction volumes.

Milan: The Unstoppable Metropolis

Milan, Italy’s financial and fashion capital, maintains its allure for property investors, recording a 2% increase in residential real estate prices during the first half of 2024. This uptick brings the average price per square meter to a substantial €6,520, reinforcing the city’s status as a prime real estate market in Europe.

The city’s southern district has emerged as the hotspot for growth, experiencing a remarkable 6% surge in property values. This trend underscores the evolving dynamics of Milan’s urban landscape, with previously overlooked areas now capturing investor interest.

Monza: The Dark Horse of Italian Real Estate

In a surprising turn of events, Monza has outpaced its more famous neighbor, posting an impressive 7% growth in property prices. With average values now reaching €3,444 per square meter, Monza is rapidly positioning itself as an attractive alternative for investors priced out of Milan’s premium market.

The city’s northern sector has been particularly dynamic, with prices soaring by 9% to reach an average of €3,869 per square meter. This surge indicates a growing recognition of Monza’s potential as a residential and investment destination.

Market Challenges and Future Outlook

Despite the positive price trends, both Milan and Monza face headwinds in terms of transaction volumes. Milan witnessed a 13% decline in residential property transactions in the first quarter of 2024 compared to the previous year, with similar trends observed in Monza and Lodi.

Guido Bardelli, Milan’s Housing Councilor, acknowledges the pressing need to address affordability concerns. “Milan’s attractiveness now poses a challenge: ensuring housing accessibility for the middle class struggling with current market costs,” Bardelli states, highlighting the city’s commitment to expanding social housing initiatives.

Investment Implications

For investors, the current market dynamics present both opportunities and challenges. The continued price appreciation in prime locations suggests potential for capital gains, particularly in emerging areas like Milan’s southern district or Monza’s northern sector. However, the decline in transaction volumes signals a need for cautious strategy, with a focus on long-term value rather than quick turnovers.

As Italy’s northern real estate market navigates through these complex trends, it remains a beacon of growth in Europe’s property landscape. With strategic policy interventions and innovative development approaches, cities like Milan and Monza are poised to maintain their appeal, balancing growth with accessibility in the years to come.

Florence’s Premier Art Event Draws Global Elite With Titian, Michelangelo Masterpieces

By Columbus International,

The 33rd Florence International Biennial of Antiques (BIAF) is set to transform the historic Palazzo Corsini into a luxurious marketplace of museum-quality art from September 28 to October 6, 2024. This year’s edition marks a significant expansion with 80 galleries participating, including 14 new prestigious international exhibitors, cementing its position as one of the world’s premier art events.

Star-Studded Affair Merges Art, Fashion, and Philanthropy

The Biennale kicks off with an exclusive gala dinner for 780 global VIPs, orchestrated by Gucci Osteria da Massimo Bottura. Gucci’s sponsorship underscores the event’s fusion of high art and haute couture. A highlight of the opening festivities is a charity auction featuring world-renowned tenor Andrea Bocelli in the magnificent Salone dei Cinquecento at Palazzo Vecchio.

“This edition promises to be one of the finest under my management,” says Fabrizio Moretti, Secretary General of BIAF. “We have the world’s best dealers bringing their masterpieces to Palazzo Corsini, effectively creating a museum for sale.”

Blue-Chip Galleries Showcase Rare Treasures

The exhibitor list reads like a who’s who of the art world:

  • Colnaghi: Founded in the 18th century
  • Agnews: A London stalwart since 1817
  • Enrico Frascione: A family dynasty in antique paintings since the late 1800s
  • Dickinson: Known for discovering works by Botticelli, Titian, and Rubens

Investment-Grade Masterpieces on Display

Notable works include:

  1. A Titian Madonna and Child with St. Mary Magdalene (c. 1555-1560) at Carlo Orsi’s stand, authenticated by renowned expert Federico Zeri
  2. Michelangelo’s Study of Jupiter from Dickinson Gallery
  3. A Bronzino Madonna and Child presented by Maurizio Canesso
  4. A recently discovered Portrait of Grand Duchess Vittoria Della Rovere by Camilla Guerrieri (1628-1690)

Modern Masters Join Old World Treasures

The Biennale isn’t limited to antiquities. Twentieth-century highlights include:

  • Le Corbusier works from Tornabuoni Arte
  • A 1950 “Nocturne” by Alberto Savinio from Sperone Westwater
  • Giorgio de Chirico’s 1933 “The Daughters of Minos” from Farsetti

Market Impact and Investment Potential

With most participating galleries boasting 30-50 years of market expertise, the Biennale represents a unique opportunity for serious collectors and investors. These galleries have shaped international collecting trends and have placed works in the world’s leading museums.

Each piece exhibited undergoes rigorous authentication, restoration, and research, ensuring maximum value and investment potential. As Mayor Sara Funaro notes, the Biennale remains “a fundamental reference point for international collecting.”

Photo via BIAF

Rockefeller Center’s $3.5B Refinancing: A Litmus Test for Prime Office Real Estate

By Columbus International,

In a bold move that’s sending ripples through the commercial real estate market, New York’s iconic Rockefeller Center is on the cusp of a mammoth $3.5 billion refinancing deal. This high-stakes financial maneuver is poised to become a pivotal indicator of investor confidence in premium urban office spaces.

The Deal at a Glance

  • Amount: $3.5 billion
  • Property: Rockefeller Center, New York City
  • Owner: Tishman Speyer
  • Lead Banks: Bank of America, Wells Fargo
  • Structure: Single-asset, single-borrower commercial mortgage-backed security

Why It Matters

The success or failure of this refinancing effort could set the tone for the entire midtown Manhattan office market. With the commercial real estate sector still reeling from the aftershocks of the COVID-19 pandemic, this deal is being closely watched by industry giants like Brookfield, who are waiting in the wings with their own refinancing plans for trophy assets.

Rockefeller Center: A Cut Above

What sets Rockefeller Center apart in a challenging market?

  1. High Occupancy: The complex boasts a remarkable 93% occupancy rate.
  2. Prime Location: Situated in the heart of midtown Manhattan.
  3. Diverse Revenue Streams: From office rents to tourism attractions.
  4. Blue-Chip Tenants: Including Lazard, Deloitte, and NBC Studios.

“If you want to survive as an office in this market, you need to have a differentiated product and that is what they’ve done,” notes a real estate executive familiar with the refinancing.

The Bigger Picture

While Rockefeller Center may be a bright spot, the broader office market continues to face headwinds:

  • Manhattan’s office availability rate stands at nearly 20%, up from 12% pre-pandemic.
  • Many property owners are underwater on their mortgages, with some resorting to abandoning properties.
  • A growing trend of expensive renovations aimed at attracting tenants seeking modern amenities.

Looking Ahead

A successful deal at Rockefeller Center could potentially unlock a series of major refinancings for other trophy properties, including:

  • The MetLife building
  • Brookfield’s Manhattan West development
  • Tishman’s Hudson Yards buildings

However, industry experts caution that Rockefeller Center’s success may not signal an all-clear for the entire office market. As one real estate executive puts it, “It is a ray of hope. For the good stuff you have record rents and not a lot of availability. On the bad stuff, it is either just land value or offices that need to be converted to residential space.”

In the high-stakes world of New York real estate, all eyes are now on Rockefeller Center as it aims to prove that prime office properties can still command top dollar in a post-pandemic landscape.

Main source: Financial Times
Photo: Concorde Hotel

Ponte Vecchio Firenze

Florence: Italy’s Second Fastest City for Real Estate Sales

By Columbus International,

In an increasingly dynamic Italian real estate market, Florence emerges as a shining star, positioning itself as the second-fastest city among major urban centers for property sales. According to an analysis conducted by Immobiliare.it Insights, the Tuscan capital stands out for its rapid real estate transactions, surpassed only by Milan.

An Accelerating Market

In the first half of 2024, Florence recorded an average selling time of 3.3 months, on par with Bologna and just behind Milan, which maintains the lead at 2.7 months. This figure represents a slight increase of 0.6% compared to the same period in 2023, indicating stability in the Florentine market.

Major Cities Compared

Florence’s performance is particularly impressive when compared to other Italian metropolises:

  • Rome: 3.4 months (+1.8% compared to 2023)
  • Naples: 3.5 months
  • Verona: 3.7 months

Cities like Turin, Catania, Palermo, Genoa, and Venice record times exceeding 4 months, while Bari closes the ranking at 5.5 months, marking an increase of 13.1% compared to 2023.

Comparison with the Pre-Covid Era

The most striking data emerges from the comparison with 2019. All analyzed cities show a reduction in selling times of over 20% compared to the pre-pandemic period. Verona leads this trend with an impressive -43.9%, followed by Milan at -43.3%.

Conclusions

These figures highlight not only the resilience of the Italian real estate market post-pandemic but also the growing attractiveness of cities like Florence. The speed of transactions suggests a lively and competitive market, indicative of robust demand and well-positioned supply.


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