luxury

Bridging Italian and American Markets: Columbus International Rides the Wave of Luxury Residences in New York’s Renowned Madison Avenue

By Columbus International,29 October 2024

New York’s famous Madison Avenue is undergoing an extraordinary renaissance, particularly in the luxury real estate sector. We at Columbus International, a boutique real estate firm that serves as a unique bridge between the Italian (Milan and Tuscany) and American (New York and Miami) markets, are well-positioned to capitalize on this trend.

The impact of the pandemic on Madison Avenue’s stores was undeniable, but luxury retailers are now returning in force, infusing new life into this renowned shopping district. Prestigious brands like IWC Schaffhausen and Boucheron have recently opened flagship stores, signaling a renewed confidence in the avenue’s appeal.

Accompanying this commercial resurgence is a wave of luxury residential developments, which underscores the eternal allure of Madison Avenue as a premier destination. Recently, the Giorgio Armani branded residences at 760 Madison Ave., with their 10 coveted apartments, were quickly sold out, exemplifying the insatiable demand for high-end properties in this iconic location.

But the true jewel in Madison Avenue’s crown could be the upcoming The Surrey, a new five-star Corinthia hotel developed by the British Reuben Brothers. Poised to challenge the city’s other grand hotels, The Surrey boasts 14 exclusive residences that have already captured half the market. “The Surrey was built as a residential hotel in 1926 and has always been the home away from home for many famous New Yorkers,” explains a spokesperson. “Most of the buyers so far are people who live in New York, many in the neighborhood. These are legacy transactions, where people say, ‘I would like to pass this on to future generations, because it is so rare.'”

As Columbus International’s portfolio expands to include these coveted Madison Avenue properties, the company’s unique position as a bridge between Italy and America becomes increasingly valuable. Our clients in Milan and Tuscany are increasingly drawn to the allure of New York’s luxury residences. By offering them direct access to the most prestigious addresses on Madison Avenue, we are not only fulfilling their desires, but also strengthening the cultural and economic ties between our two markets.

With the “luxury residences” trend in New York showing no signs of slowing down, Columbus International is poised to ride this wave of exclusivity, consolidating its reputation as a premier real estate partner for discerning clients on both sides of the Atlantic.

Photo via The Surrey

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.

Iconic Four Seasons New York to Reopen After Billionaire Owner and Management Reach Agreement

By Columbus International,26 June 2024

In a significant turn of events for New York City’s luxury hospitality sector, the Four Seasons Hotel New York is set to reopen its doors this September, ending a four-year hiatus that began with the onset of the COVID-19 pandemic. The reopening comes after a protracted negotiation between the hotel’s owner, billionaire Ty Warner—best known as the creator of Beanie Babies—and Four Seasons Hotels & Resorts, the property’s management company.

Sources close to the matter reveal that a key factor in breaking the impasse was the decision to convert approximately 50 of the hotel’s 368 rooms into residential apartments. This strategic move is expected to generate substantial maintenance fees from full-time residents, helping to offset the hotel’s operating costs and address Warner’s concerns about profitability.

The dispute between Warner and Four Seasons centered on the fee structure and operational expenses of the iconic property, which Warner acquired in 1999 for $275 million. The Beanie Babies tycoon had reportedly been pushing for a profit-linked fee model, arguing that the existing arrangement was unsustainable given the hotel’s financial performance.

While the exact terms of the agreement remain undisclosed, the resolution appears to be mutually beneficial. Four Seasons will retain management of the property, maintaining its presence in one of the world’s most competitive luxury hotel markets. Meanwhile, Warner stands to benefit from the potential real estate play and a more favorable operational model.

The reopening of the Four Seasons New York is likely to have a ripple effect on the city’s high-end hospitality sector. As one of the most expensive hotels in New York, its return signals renewed confidence in the luxury travel market and could spark further investment in the segment.

However, challenges remain. The hotel still needs to reach an agreement with the New York Hotel and Gaming Trades Council, the powerful union representing hospitality workers. Labor disputes have been a significant hurdle in the property’s path to reopening, with former employees having filed lawsuits over wages and severance pay.

The resolution also extends beyond New York. As part of the agreement, Warner and Four Seasons have committed to reopening the Biltmore Santa Barbara, another luxury property that has been closed since the pandemic began. This California hotel is slated to welcome guests again in spring 2025.

As the Four Seasons New York prepares for its September reopening, the hospitality industry will be watching closely. The success of this high-profile property could serve as a bellwether for the luxury hotel market’s post-pandemic recovery and potentially set new trends in hotel ownership and management structures.

For Ty Warner, whose net worth Forbes estimates at $3.8 billion, the reopening represents a significant milestone in his real estate portfolio. For Four Seasons, it marks the revival of one of its flagship properties in a key global market. And for New York City, it signals another step towards normalcy in its vital tourism and hospitality sectors.

Source: Curbed and New York Post

Photo via Four Seasons New York

The Branded Tower Frenzy of Miami’s Real Estate

By Columbus International,3 June 20243 June 2024

In Miami, developers are taking branding to new heights with an explosion of luxury residential towers carrying the cachet of famous names like Porsche, Armani, and even fashion magazine Elle. Attaching prestigious brands to condo projects has become the norm in this sunny metropolis, where foreign buyers crave the assurance of an aspirational lifestyle.

Major Food Group, the hospitality juggernaut behind hot spots like Carbone and Dirty French, is the latest big name leveraging its brand power beyond restaurants. Their upcoming 58-story Villa Miami tower promises residents an immersive experience steeped in the group’s culinary DNA, from kitchens designed by founders Mario Carbone and Rich Torrisi to a double-decker signature restaurant and poolside refreshments. “It’s not about having a label,” says David Martin, CEO of co-developer Terra. “It’s about trying to create an ethos.” This brand-centric approach has been a gamechanger for Miami’s real estate market over the past decade. In a city where addresses lack the same prestigious air as New York’s Park Avenue or Central Park West, luxe branded residences provide an instant status symbol and lifestyle association prized by moneyed buyers, particularly from overseas markets.

“What they do know is brands,” says Oren Alexander of brokerage Official, noting most international purchasers are unfamiliar with Miami’s diverse crop of developers. “In Miami, the brand is the brand.” For developers, landing marquee partnerships accelerates condo sales and pricing premiums as high as 30%. Meanwhile, brands earn lucrative licensing fees and global marketing for their core business. The formula has fueled a gold rush of branded Miami towers by everyone from haute couture houses like Fendi and Missoni to seemingly unlikely luxury purveyors like Diesel jeans and wellness club The Well.

Real estate insiders say the branded residence craze stems from a desire to craft a tangible, marketable lifestyle experience beyond just upscale finishes – a pull particularly potent in brand-obsessed Miami. And they expect this evolution to new extremes. “I think the next phase will be a stack of brands on any given project,” says development advisor Peter Bazeli, pointing to the Four Seasons Residences at The Surf Club, which layers branded components like celebrity chef Thomas Keller’s cuisine atop architecture by Richard Meier.

“Luxury buyers are attracted to the idea that every facet of their lifestyle is effectively branded,” Bazeli adds. Not everyone is sold on the branded residential mania. Some brokers question whether most fashion or automotive brands truly enhance the living experience beyond some branded furniture and accent pieces. There are also buyers staunchly loyal to specific marques who would never inhabit a rival condo tower. Still, in Miami’s spectacle of one-upmanship, branded real estate shows no signs of abating as developers continue one-upping each other to court elite buyers chasing the latest ultra-luxe residential “it” factor. From helicopter-pad topped penthouses to private garage elevators that whisk owners’ Porsches directly into their units, brands are fueling a relentless escalation of opulent residential experiences. For global elites, the name on the building has become the ultimate status symbol.

Photo: Cutting a sail-like silhouette, the 66-story Aston Martin tower soars as a striking presence on the Miami skyline.
Credit: Aston Martin

Historic Tobacco Factory Reborn as Modern Residential Oasis in Florence

By Columbus International,9 May 20249 May 2024

A new residential project called “Zenit” is coming to life in the area of the former Manifattura Tabacchi in Florence. Designed by the international architecture firm Quincoces Dragò & Partners, led by David Lopez and Fanny Bauer Grung, this project will transform the iconic entrance building of the Manifattura into 34 new residential units. Spanning an area of 4,800 square meters, with an additional 1,530 square meters of rooftop spaces, loggias and terraces, the project aims to preserve and enhance the original architecture, reinterpreting it in a contemporary and sustainable way.

The architects have chosen to preserve the characteristic features of the building, such as the imposing volumes, exposed reinforced concrete structures, and large windows, while introducing modern and comfortable elements. Most of the apartments will feature private loggias and terraces, with privileged views of the restored industrial complex, the historic center of Florence, and the surrounding hills. The completion of the Zenit project is scheduled for March 2026. The new residences are already available for purchase in the experiential marketing suite located on the ground floor of Building 4 of the Manifattura Tabacchi (information is also available on www.liveinmanifattura.com), and the partnership with Savills has been renewed for the commercialization of the residential units. Zenit takes shape in the two wings of the entrance building of the Manifattura Tabacchi, which formerly housed the management, offices, and lodgings of the old factory.

Built between 1936 and 1940, the distinctively curved building features a monumental portal decorated with original bas-reliefs by the sculptor Francesco Coccia. This historical heritage becomes an integral part of the project’s identity, even in its name: Zenit was one of the cigarette brands produced at the Manifattura Tabacchi. The ground-floor apartments will be developed over two levels, taking advantage of the exceptional height of the original spaces to create a new mezzanine level. The living areas will extend outwards into cozy covered gardens or private terraces. The first-floor residences, arranged on a single level, will feature spacious private panoramic outdoor areas on the rooftop, accessible from the living area via a spiral staircase.

Zenit will enjoy privileged views of landmarks of the Manifattura Tabacchi’s regeneration, such as the Chimney Courtyard and Piazza Emanuela Loi, destined to host extensive green areas and cultural activities, as well as the skyline of Florence, the cultivated fields of the Agricultural Institute, the Cascine park, and the verdant hills. Future residents of Zenit will have access to numerous exclusive amenities, including a fitness room, a workshop equipped for bicycle maintenance, a pet room dedicated to the care of domestic animals, and a furnished condominium rooftop of approximately 400 square meters. Zenit is a candidate for achieving the Breeam Excellent environmental certification. All apartments, rated Class A1 or higher, will be equipped with state-of-the-art technological systems and rainwater recovery and recycling systems. Zenit follows the launch in 2022 of Anilla and Puro (a total of 45 units), currently in the final stages of construction in Buildings 7 and 12 and designed by Patricia Urquiola and the Florentine studio q-bic, respectively.

This project is part of the ambitious redevelopment plan promoted by the real estate company of the Cassa Depositi e Prestiti Group and Aermont Capital, with the coordination of MTDM – Manifattura Tabacchi Development Management Srl, which envisions the recovery of the historic industrial area by 2026, transforming it into commercial and office spaces, cultural and educational facilities, residential areas, hospitality, and public green spaces, totaling approximately 110,000 square meters.

According to Michelangelo Giombini, CEO of MTDM, “Manifattura Tabacchi is progressively transforming into a new, vibrant neighborhood that will be a protagonist in the social and economic life of Florence. Zenit is an important step in this journey, as it perfectly represents the synthesis of tradition and avant-garde design, promoting a high-quality lifestyle while prioritizing environmental and people’s well-being. Our goal is to create a sustainable and scalable model of urban regeneration, demonstrating that it is possible to develop by repurposing historic architecture – in this case, the factory built by Pier Luigi Nervi in the 1930s – choosing to preserve rather than demolish, enhancing green spaces, and offering the community of residents, professionals, students, and tourists a stimulating environment from an architectural, cultural, and professional standpoint.”

David Lopez Quincoces and Fanny Bauer Grung stated, “The project of recovering and transforming the former industrial spaces of the Manifattura Tabacchi is the result of a careful balance between preserving existing historical elements and introducing contemporary features that are functional for its new intended use. The meticulous attention paid to preserving the original elements, creating new spaces, and integrating modern technology reflects a comprehensive and thoughtful approach to renovation and design. The traces of the industrial past integrate with the new residences, as if seeking a kinship, a connection with the place. The old factories become an integral part of the new residences, a symbol of continuity and belonging to the territory. The result is a delicate balance between contemporary elements and highly historicized elements, a prudent choice aware of the context’s complexities.”

Source: Il Sole 24 Ore
Images: The Florentine and Manifattura Tabacchi

Nobu Hospitality and Asset World Corp. Unveil Plans for Plaza Athenee Nobu Hotel and Spa New York

By Columbus International,27 December 2023

Nobu Hospitality has entered into a strategic partnership with Asset World Corp. to inaugurate the Plaza Athenee Nobu Hotel and Spa New York, an upscale 145-room hotel development situated on the Upper East Side of Manhattan in New York City. Situated between Park and Madison Avenues on 64th Street, the hotel will feature suites with both indoor and outdoor glassed terraces. Additionally, the property will offer a townhouse rental option, providing exclusive services. The suites, equipped with indoor and outdoor glassed terraces and gazebos, will be complemented by the townhouse’s distinctive offerings.

Noteworthy amenities encompass a traditional Japanese onsen bathing facility, a spa, and a wellness center. Plaza Athenee Nobu Hotel and Spa New York will boast a Nobu restaurant, offering an omakase experience—a Japanese dining style where guests entrust their menu choices to the chef. The hotel will also house a bar and lounge, along with a rooftop area designed for private events. Expected to be finalized by 2026, Asset World Corp. will oversee the comprehensive development of the project, managing both its conceptualization and design.

The collaboration has also revealed intentions for the creation of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand, with the estimated development cost yet to be disclosed. Nobu Hospitality CEO Trevor Horwell expressed gratitude for the close collaboration with the AWC team, led by visionary CEO Khun Wallapa Traisorat. In a statement, Horwell mentioned, “The Plaza Athenee Nobu Hotel and Spa Bangkok and the Plaza Athenee Nobu Hotel and Spa New York will redefine the standards of luxury and sophistication not only in Thailand but also in the U.S. This partnership allows us to embark upon an extraordinary journey together.” This announcement comes on the heels of an exclusive agreement signed in July between AWC and Nobu Hospitality to introduce the first Nobu restaurant in Thailand, located on the top floor of The Empire—AWC’s flagship lifestyle mixed-use office complex in Bangkok’s central business district.

Source: Hotel Management

Discover Your Luxury Oasis in Miami: The Perigon – Where Elegance Harmonizes with the Atlantic’s Beauty

By Columbus International,1 September 2023

Sales have commenced for The Perigon, an upscale condominium development situated on the oceanfront in Miami Beach. Mast, a Coconut Grove-based company led by Camilo Miguel Jr., partnered with Barry Sternlicht’s Starwood to undertake the construction of this 17-story, 82-unit structure located at 5333 Collins Avenue.

The residences within The Perigon embody a harmonious blend of design and sophistication, meticulously crafted to make the most of Miami‘s natural surroundings. These homes boast a dynamic interplay of clean lines and graceful curves, seamlessly integrating with the building’s exterior while embracing the beauty of the surrounding environment. Expansive floor-to-ceiling windows bathe each floor in sunlight, casting a kaleidoscope of hues as the sun makes its daily journey. The open and spacious floor plans encourage unrestricted movement, with rooms effortlessly flowing into one another. Expansive wraparound terraces, designed for privacy, seamlessly extend from communal areas, forming a visual connection between land and sea. Impeccable attention to detail, enduring elegance, and breathtaking coastal vistas are all hallmarks of The Perigon. Jason Long, a Partner at OMA New York, spearheaded the architectural design, conceiving a series of “towers” that have been artfully rotated to optimize views of the Atlantic Ocean from every residence, while also offering splendid panoramas of Biscayne Bay and the Miami skyline overlooking Miami Beach.

These towers have been ingeniously merged and elevated into a singular structure that appears to delicately touch the ground, freeing up valuable space for lush gardens below. The design of the interconnected towers is set to achieve LEED Gold certification upon completion, with the subtle contrast between their organic and orthogonal shapes emphasizing their unique juxtaposition. The Perigon was conceived to provide its residents with an uninterrupted view of the vast Atlantic expanse and the iconic sands of Miami Beach, allowing them to immerse themselves in this picturesque setting. Designed to offer a distinctive indoor-outdoor living experience, this waterfront sanctuary boasts an array of luxuries that seamlessly blend interior and exterior spaces, enabling residents to connect with the land, water, and natural surroundings from the comfort of their own abode.

Real Estate Mogul Josh Flagg Dives into Miami’s Luxury Market with Stunning Mediterranean Villa

By Columbus International,21 July 2023

Josh Flagg, the star of Million Dollar Listing Los Angeles, seems to be on a real estate buying spree. According to the New York Post, the renowned real estate agent, along with his business partners, Adam Rubin and Andrew Shanfeld, has recently purchased a vacation villa in Miami located at 4727 N Bay Road for $4.25 million.

TheMediterranean-style villa was initially listed at $4.45 million, but it appears that Flagg managed to strike a favorable deal. Last year, following his divorce from Bobby Boyd, a former model for Versace and Calvin Klein who is now also a real estate agent, Flagg invested in another property in Beverly Hills, featuring the same charming Italian style, with an initial price tag of $9.2 million. However, rumors suggest that Flagg still has the desire to hunt for new residences in Beverly Hills or Bel-Air. He has been a part of the “MDLLA” program since its debut back in 2006.

Flagg is the grandson of Edith Flagg, a renowned Austrian fashion designer, executive, and philanthropist, who escaped Nazi persecution and became famous for introducing polyester fabric to the United States in 1967. The new Miami property, complete with a fence, offers its buyers a delightful pool and a relaxing view with palm trees on a plot of just under a quarter acre. Inside the house, there are four bedrooms, a study, and 4.5 bathrooms, perfectly suiting Flagg’s needs and his real estate business ventures.

Half-Empty Haven: The Elite’s Luxury Tower in New York Struggles to Fill Up (Wall Street Journal)

By Columbus International,17 July 20239 November 2024

Hudson Yards has always been an ambitious real estate project, spanning approximately 28 acres, located on the west side of Manhattan and developed by the Related Companies. The goal was to transform a windswept railyard into a new luxury destination for the global elite, creating a new residential area with skyscrapers, luxury stores, restaurants, and exclusive services. However, almost a decade after its inception, the project has faced difficulties in achieving this goal. At 35 Hudson Yards, one of the residential towers in the project, approximately 50% of the units remained unsold by the end of June, more than four years after sales began – according to the WSJ.

To stimulate sales, Related has had to reduce prices and offer incentives such as covering taxes and closing costs for buyers. Recorded sales at 35 Hudson Yards show an average price decrease of 30% compared to the initial listed prices. Some units have been sold at discounts of over 40%. Additionally, the project has faced competition from a wide range of luxury condominiums in Manhattan, with greater discounts offered compared to other areas of the city. In contrast, another residential tower in the project, 15 Hudson Yards, initially fared better and is nearly sold out after almost seven years of marketing. Despite efforts to promote the new neighborhood, reception to Hudson Yards has been mixed. While some appreciate the luxury stores, restaurants, and tourist attractions, others describe it as a place lacking authentic personality, characterized by soulless glass skyscrapers.

Furthermore, the proposal to introduce a casino at Hudson Yards has raised concerns among potential buyers, who worry about attracting large crowds and tarnishing the area’s upscale image. Related has responded by stating that if they are fortunate enough to obtain a gaming license, they will create a tasteful world-class resort that enhances the offerings at Hudson Yards. Currently, Related still has over a billion dollars worth of condos to sell at Hudson Yards. Despite the challenges, the company remains optimistic about future sales and has been sending out contracts for many units at 35 Hudson Yards. However, luxury property prices in Manhattan are experiencing a decline in sales, and many buyers are seeking to resell their units at prices lower than their initial purchase, preparing for potential financial losses.

Luxury Real Estate Market in Manhattan Heats Up: Here’s Why, According to Wall Street Journal Analysis

By Columbus International,13 July 2023

Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.