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

By Columbus International,9 October 2024

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

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

By Columbus International,7 October 2024

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,2 October 2024

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,1 October 2024

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:

A Titian Madonna and Child with St. Mary Magdalene (c. 1555-1560) at Carlo Orsi’s stand, authenticated by renowned expert Federico Zeri
Michelangelo’s Study of Jupiter from Dickinson Gallery
A Bronzino Madonna and Child presented by Maurizio Canesso
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

New York’s Sky-High Rents Show Signs of Leveling Off, But Don’t Celebrate Just Yet

By Columbus International,13 August 202413 August 2024

In a city renowned for its stratospheric living costs, a glimmer of hope emerges for New York’s beleaguered renters. Recent data suggests that the Big Apple‘s notoriously high apartment rents may have finally reached their zenith, offering a potential respite in one of the world’s most competitive housing markets.

According to the latest monthly leasing report from Douglas Elliman, compiled by appraisal firm Miller Samuel, Manhattan’s median rental price in July dipped to $4,300, marking a 2.3% decrease from the previous year. This $100 drop, while modest, signals a potential shift in the market’s trajectory. Similar trends were observed in Brooklyn and Northwest Queens, with median rents falling to $3,600 and $3,450 respectively.

Jonathan Miller, president and CEO of Miller Samuel, confirms this turning point: “Rents have peaked,” he stated in an email to CoStar News. This assertion is backed by several key indicators, most notably the declining average size of rented apartments across the three boroughs.

In Manhattan, the average square footage rented in July shrank by 9.5% year-over-year to 945 square feet, marking the 11th consecutive monthly decline. Brooklyn and Northwest Queens experienced similar contractions, with average sizes decreasing by 7.3% and 14.5% respectively. Miller attributes this trend to a post-pandemic normalization of space preferences and tenants’ efforts to reduce costs.

The rental market’s cooling may also be influenced by shifting dynamics in the homebuyers’ market. With the Federal Reserve expected to cut interest rates, potentially lowering mortgage rates, some renters are revisiting the prospect of homeownership. This reversal of the previous trend, where prospective buyers flooded the rental market, could help ease rental demand.

Furthermore, the supply side of the equation is showing signs of expansion. Manhattan’s listing inventory surged by 44% year-over-year to 10,634 units in July, while the vacancy rate inched up to 2.87% from 2.63% a year earlier.

However, industry experts caution against expectations of a dramatic market correction. “It’s still a landlords’ market,” Miller emphasized, noting that one in five renters continue to pay above asking price. In Manhattan, listing discounts remain at near-record lows, often representing premiums above asking prices.

The resilience of New York’s rental market is underpinned by the city’s robust economy. With 54,000 jobs added over the past year and a diverse economic landscape, renter demand remains strong despite the eye-watering costs.

As the New York housing market enters this new phase, both renters and investors will be watching closely. While the days of relentless rent hikes may be waning, the road to truly affordable housing in America’s largest city remains long and winding. For now, New Yorkers can take solace in the fact that, at least for the moment, the upward spiral of rental costs seems to have found its limit.

Source: CoStar News

New York City’s Office Market Defies Expectations, Surpasses Pre-Pandemic Value

By Columbus International,9 August 20249 November 2024

In a surprising twist that challenges conventional wisdom, New York City’s office market has demonstrated remarkable resilience, surpassing its pre-pandemic value despite record-high vacancy rates. This unexpected development, revealed in a recent study by New York State Comptroller Thomas DiNapoli’s office, paints a complex picture of the city’s commercial real estate landscape.

The Numbers Tell a Tale

The total assessed value of New York City’s office market climbed to an impressive $205 billion in fiscal year 2025, marking a 4.4% increase from the $196.2 billion recorded in fiscal year 2020. Even more striking is the 7% rise in total taxable billable value, reaching nearly $72 billion over the same period.

These figures, primarily derived from the city’s Department of Finance records, underscore the office market’s critical role in New York’s economic ecosystem. Commercial real estate, with offices at the forefront, accounts for a substantial 22% of all property market value in the city as of fiscal year 2025.

A Shift in the Skyline

Interestingly, this growth isn’t emanating from the traditional Midtown Manhattan strongholds. Areas like Midtown East, Grand Central, and Times Square have actually seen their values decline since fiscal year 2020. Instead, the expansion is being driven by newer, more dynamic districts.

The Hudson Yards Effect

Leading the charge is the Hudson Yards development on Manhattan’s far west side. This burgeoning district alone contributed a staggering $6 billion increase in value, representing about 70% of the total growth. Rahul Jain, New York state’s deputy comptroller, describes the growth in Hudson Yards as “humongous,” citing new buildings from developers like Related Cos., Brookfield, and Tishman Speyer as key drivers.

“We are seeing leasing in those buildings. Tenants they are bringing in are large conglomerates like Pfizer and BlackRock,” Jain noted, highlighting a shift from traditional office clusters to this new hub of commercial activity.

Emerging Hotspots

Beyond Hudson Yards, other areas showing significant growth include:

Union Square: 19% growth
SoHo: 28% jump
Downtown Brooklyn and Dumbo: Nearly 20% growth
Long Island City, Queens: An impressive 65% jump

The Flight to Quality

The study reveals a clear trend towards newer, amenity-rich buildings. Offices constructed after 2010 are leading the market value growth, reflecting employers’ preferences for modern spaces that can attract and retain talent in a competitive job market.

Challenges Amidst Growth

Despite the overall positive trends, the New York office market isn’t without its challenges. The office vacancy rate in Manhattan hit a record high of nearly 24% in the second quarter, up from about 11% in the fourth quarter of 2019. Many companies continue to reassess their space needs in light of remote and hybrid work arrangements.

Looking Ahead

While the office market’s value has surpassed pre-pandemic levels, the growth rate has slowed considerably. Pre-pandemic annual average value growth of 6% to 7% has decelerated to under 1.5% annually since the onset of COVID-19.

The Bottom Line

New York City’s office market is demonstrating remarkable adaptability and resilience in the face of unprecedented challenges. While traditional business districts may face a longer road to recovery, emerging areas and high-quality spaces are driving growth and reshaping the city’s commercial landscape. As the market continues to evolve, investors and businesses alike will need to stay attuned to these shifting dynamics to capitalize on the opportunities they present.

Source: CoStar News

Uniqlo Seizes Control of Its Fifth Avenue Flagship in New York

By Columbus International,8 August 20249 November 2024

Japanese apparel titan Uniqlo is doubling down on its New York City presence, announcing a deal to take full ownership of its flagship store on Fifth Avenue. The move underscores a broader trend among major retail brands seeking to control their own real estate in the world’s premier shopping district.

Uniqlo is executing a two-part transaction to acquire the property. First, the company is buying out the stake held by a retail joint venture between Vornado Realty Trust and an unnamed partner. Vornado, which owns a 52% interest in the venture, will net $340 million from the sale of its portion.

Uniqlo is then purchasing the remainder of the property from Brookfield Properties, which owns the larger 39-story office building at 660 Fifth Avenue that houses the Uniqlo store. Terms of the Brookfield deal were not disclosed.

The transactions, expected to close by Q1 2025, underscore Uniqlo’s confidence in the long-term prospects of its New York flagship. The 90,732-square-foot store, located between 52nd and 53rd Streets, has been a crucial driver of the brand’s U.S. expansion since opening in 2011.

Uniqlo’s move follows a string of high-profile retail real estate plays on Fifth Avenue. Luxury giants Prada and Kering have also recently purchased properties along the iconic shopping corridor, seeking greater control over their flagship store experiences.

For Vornado, the sale allows the real estate investment trust to pay down $390 million in preferred equity on the 666 Fifth Avenue property. The REIT will retain ownership of several other retail assets along Fifth Avenue through its joint venture.

The transactions come as New York’s retail market shows signs of a post-pandemic rebound, bolstered by a resurgence in tourism and office occupancy. Vornado reported a rise in its New York retail occupancy rate to 77% in the second quarter, up from 75% a year earlier.

Uniqlo’s strategic real estate play underscores the brand’s long-term confidence in the Big Apple. By owning its marquee Fifth Avenue location outright, the company positions itself for continued growth in the world’s premier shopping destination.

Source: CoStar News
Photo via Unsplash | Yoav Aziz

Manhattan’s Retail Renaissance: Storefronts Surge Despite Economic Headwinds

By Columbus International,26 July 2024

In a striking display of resilience, Manhattan’s retail sector is experiencing a robust revival, according to a recent report from the Real Estate Board of New York (REBNY). The first half of 2024 has seen a surge in storefront activity, particularly in the small to mid-sized market, with the food and beverage industry leading the charge.

This resurgence comes as welcome news to a city still grappling with the aftermath of the pandemic. Despite rents hovering 20% to 30% below pre-COVID levels, demand for retail spaces remains strong, driven by a potent combination of rebounding tourism and the gradual return of office workers.

Keith DeCoster, REBNY’s director of market data and policy, notes, “Surging tourism invigorated Manhattan retail in 2022 and 2023.” This trend shows no signs of slowing, with New York City cementing its position as a top destination for sports tourism, bolstered by events like the 2024 Cricket World Cup.

The retail landscape is evolving, with savvy businesses adapting to new market realities. As prime locations in SoHo and Madison Avenue become scarce, retailers are exploring opportunities in less traditional corridors. The Penn District and Avenue of the Americas are benefiting from increased office activity, while residential neighborhoods like the Upper East and West Sides are seeing an influx of diverse businesses, from apparel stores to comedy clubs.

However, the recovery is not uniform across the borough. Times Square, once the beating heart of New York’s tourist economy, continues to struggle. DeCoster cautions, “Tourism and return to office remain below pre-Covid peaks, and lagging neighborhoods and pockets of vacancy underscore the reality that retail businesses still face significant obstacles.”

The city is not standing idle in the face of these challenges. Initiatives like the City of Yes: Economic Opportunity plan aim to streamline zoning and ordinances, potentially accelerating the filling of vacant storefronts and revitalizing streetscapes.

As Manhattan’s retail sector navigates this complex landscape, one thing is clear: the borough’s legendary resilience and adaptability are once again on full display. With continued innovation and support, New York’s storefronts are poised to write the next chapter in the city’s enduring retail story.

Tom Ford’s $250 Million Real Estate Empire: From Fashion Mogul to Property Tycoon

By Columbus International,25 July 2024

Fashion designer turned real estate mogul Tom Ford has been quietly amassing a property portfolio worth over $250 million, according to The Wall Street Journal. Following the $2.8 billion sale of his eponymous fashion brand to Estée Lauder in early 2023, Ford has been on a real estate buying spree, adding at least three trophy homes to his already impressive collection.

“Ford presides over a real-estate empire that includes homes in New York, Los Angeles, Palm Beach, Fla., and the Hamptons,” reports The Wall Street Journal. The publication also reveals that Ford recently acquired an Aspen, Colorado mansion for $42.25 million in a previously undisclosed deal.

The designer’s penchant for architecturally significant properties is evident in his portfolio. The Wall Street Journal notes that Ford has “bought and sold numerous architecturally significant homes, including properties in London and Paris, a Tadao Ando-designed ranch near Santa Fe, N.M., and a midcentury home in L.A. designed by Richard Neutra.”

Ford’s real estate acumen may be attributed to his background. As The Wall Street Journal reports, “Growing up in Santa Fe, his parents were both real-estate agents and he later studied interior architecture at Parsons School of Design in New York.”

Howard Morrel of Christie’s International Real Estate, who sold Ford the iconic Halston house in Manhattan, describes the designer’s portfolio as “subtle and sophisticated,” mixing historic homes with more modern architectural properties. “It’s not ostentatious, but it’s high drama,” Morrel told The Wall Street Journal.

From fashion to film directing and now real estate, Tom Ford continues to demonstrate his keen eye for style and value across multiple industries. As his property empire grows, it’s clear that Ford’s business acumen extends far beyond the runway.

Photo via Instagram

Italian Luxury Retailer Luisaviaroma Makes Bold U.S. Debut in Manhattan’s NoHo

By Columbus International,24 July 2024

In a strategic move that underscores the resilience of high-end retail and the enduring allure of New York City, Italian luxury fashion powerhouse Luisaviaroma has unveiled its first international brick-and-mortar location in Manhattan’s trendy NoHo district.

The 11,300-square-foot flagship store, which opened its doors on Monday at 1 Bond Street, marks a significant milestone for the 95-year-old company as it expands its global footprint beyond its iconic Florence headquarters. This calculated expansion comes at a time when Manhattan’s retail landscape is showing strong signs of post-pandemic recovery, buoyed by an influx of tourists and the gradual return of office workers.

Brandon Singer, CEO and founder of Retail by MONA, the brokerage firm behind the deal, spoke to CoStar about the strategic importance of the location. “Luisaviaroma recognized the incredible momentum on Bond Street,” Singer explained. “NoHo has rapidly evolved into one of Manhattan’s most coveted and stylish neighborhoods, making it the perfect backdrop for this luxury brand’s U.S. debut.”

The prime real estate doesn’t come cheap, with an annual asking rent of $3.2 million, reflecting the premium placed on high-visibility locations in Manhattan’s luxury retail corridors. However, for Luisaviaroma, the investment appears well-calculated. CEO Tommaso Andorlini previously revealed to Women’s Wear Daily that the United States accounts for a quarter of the company’s online sales, with New York City leading as its largest market.

This brick-and-mortar expansion strategy aligns with a broader trend of digital-first retailers recognizing the value of physical stores in building brand awareness and providing immersive shopping experiences. For Luisaviaroma, which has built its reputation on curating cutting-edge fashion from top designers, the New York store offers an opportunity to showcase its unique aesthetic and connect with its American customer base in a tangible way.

As Manhattan’s retail sector continues its upward trajectory, Luisaviaroma’s arrival is likely to be closely watched by industry insiders and competitors alike. It not only represents a vote of confidence in the city’s economic rebound but also signals the ongoing importance of New York as a global fashion capital.

With this bold move, Luisaviaroma is poised to capitalize on the resurgence of luxury retail and cement its position as a key player in the international fashion landscape. As the company writes its next chapter on American soil, the success of this venture could pave the way for further expansion and inspire other international brands to follow suit.