Billy Joel Lists Long Island Estate for $49.9 Million

The legendary rockstar is selling the property he once admired as a teenager while dredging oysters.

“Piano Man” Billy Joel has listed his grand Centre Island estate in Long Island for $49.9 million. According to The New York Times, the 26-acre property, dubbed “MiddleSea,” features a main house, a beach house, and two guest houses, totaling 18 bedrooms and 16 bathrooms.

The property’s acquisition story is particularly meaningful: Joel first spotted the mansion as a teenager while working as an oyster dredger in the surrounding waters. Living in working-class Hicksville at the time, young William Martin Joel could never have imagined he would one day own the very same mansion he gazed at from his boat.

The estate, purchased in 2002, includes three swimming pools, a bowling alley, a helipad, and over 2,000 feet of private beach – a rare feature in Long Island’s “Gold Coast.”

Joel, 75, has decided to sell the property primarily for family reasons, having relocated to Florida where his two youngest daughters attend school.

Photo via Instagram

Rockefeller Legacy: From Personal Drama to Real Estate Triumph

In the ever-evolving landscape of New York City real estate, few names carry as much weight as Rockefeller. From scandalous personal histories to groundbreaking new attractions and high-stakes financial maneuvers, the Rockefeller legacy continues to shape the city’s skyline and capture the public’s imagination.

The Woman Behind the Legend

The recent passing of Megan Marshack at 70 has reignited interest in one of the most intriguing chapters of the Rockefeller saga. As a young aide to Nelson A. Rockefeller, Marshack found herself at the center of a media storm following the former vice president’s sudden death in 1979. For decades, she maintained a steadfast silence about their relationship, fueling endless speculation.

In a final act of discretion – or perhaps revelation – Marshack penned her own obituary, offering tantalizing hints about her association with Rockefeller. Quoting the musical “A Chorus Line,” she wrote that she “won’t forget, can’t regret what I did for love.” This cryptic farewell leaves real estate enthusiasts and history buffs alike to ponder the true nature of their connection and its impact on the Rockefeller empire.

Rockefeller Center: Rising to New Heights

While the past may be shrouded in mystery, Rockefeller Center is firmly focused on the future. The iconic complex has unveiled its latest attraction: Skylift, a jaw-dropping ride that elevates visitors 900 feet above the city for breathtaking 360-degree views.

This $35 add-on to the Top of the Rock experience represents more than just a thrilling ride; it’s a bold statement about the enduring appeal of prime real estate. In a city where views are currency, Rockefeller Center is literally raising the bar, offering an unparalleled perspective on the Manhattan skyline.

Financial Fortitude in Uncertain Times

As impressive as the new Skylift may be, the real high-wire act is happening behind the scenes. Tishman Speyer, the owner of Rockefeller Center, is seeking a staggering $3.5 billion refinancing deal. In a market where office properties are struggling, this move is being closely watched as a potential bellwether for the industry.

With a 95% occupancy rate and diverse income streams from office tenants, retail spaces, NBC Studios, and tourist attractions, Rockefeller Center stands out as a beacon of stability in choppy waters. If successful, this refinancing could signal a turning point for high-quality office properties, separating the wheat from the chaff in a sector battered by remote work trends and economic uncertainty.

The Future of Urban Real Estate

The Rockefeller Center saga encapsulates the challenges and opportunities facing urban real estate in the post-pandemic era. While many office buildings struggle with high vacancy rates and uncertain futures, prime properties in iconic locations are proving their resilience.

Investors and lenders are becoming increasingly discerning, favoring well-maintained, amenity-rich buildings in prime locations. The success or failure of Rockefeller Center’s refinancing bid could set the tone for the market, potentially unlocking capital for other top-tier properties while leaving less desirable assets out in the cold.

As New York City and other urban centers grapple with the changing nature of work and city life, the Rockefeller name once again finds itself at the center of the conversation. From personal intrigue to architectural innovation and high-stakes finance, the Rockefeller legacy continues to shape the very fabric of the city – one story, and one skyscraper, at a time.

Photo via Rockefeller Center

Iconic New York City Restaurant Property Leaps into New Era

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

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

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

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

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

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

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

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:

  1. Union Square: 19% growth
  2. SoHo: 28% jump
  3. Downtown Brooklyn and Dumbo: Nearly 20% growth
  4. 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

Il caso Madison Avenue

Uniqlo Seizes Control of Its Fifth Avenue Flagship in New York

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


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