luxury real estate

Madison Avenue’s Luxury Retail Landscape Faces Seismic Shift

By Columbus International,30 August 2024

New York City’s iconic Madison Avenue, long synonymous with high-end retail and opulent shopping experiences, is on the brink of a dramatic transformation. The stretch where East Midtown meets the Upper East Side is poised for significant redevelopment, promising to reshape the skyline and redefine the luxury shopping corridor.

Two major office-retail complexes are slated for demolition, making way for mixed-use projects shrouded in mystery. Meanwhile, the future of the former Barneys building, vacant for four years, remains a subject of intense speculation among fashion aficionados and real estate moguls alike.

In a blockbuster move, Related Companies, helmed by CEO Jeff Blau, is set to raze 625 Madison Avenue. The plan? A mixed-use supertall tower potentially soaring over 1,200 feet, featuring luxury condominiums, high-end retail spaces, and possibly a hotel. The nine-month demolition process has already begun, with scaffolding enveloping the property.

Not to be outdone, 655 Madison Avenue is also on the chopping block. The 24-story building, owned by a joint venture including Jamestown and Williams Equity, is destined for a similar fate. Michael T. Cohen, co-principal at Williams, has hinted at a “mixture of retail, hospitality and residential” for the prime location.

These developments have sparked a retail exodus, with notable departures including Marc Jacobs from its prominent corner location at 655 Madison. The designer’s promised relocation to Fifth Avenue remains unconfirmed, adding to the air of uncertainty.

Across the street, the elegant 10-story former Barneys building at 660 Madison Avenue continues to perplex industry insiders. Owner Ben Ashkenazy’s bold claim of an impending $1 billion sale to “one big retailer” has raised eyebrows and, reportedly, frustration among investors.

Despite these upheavals, Matthew Bauer, president of the Madison Avenue Business Improvement District, remains optimistic. He emphasizes the avenue’s unique appeal to a local customer base and sees the new developments as opportunities to enhance the district’s allure. “These new buildings will not only bring new shopping and hospitality venues to the district, they will bring residents who shall be clients for our stores, restaurants, spas, salons and galleries,” Bauer states.

The redevelopment trend extends beyond these flagship locations, with projects like the Giorgio Armani residences at 760 Madison and Naftali Group’s ventures at 1045 and 1165 Madison Avenue setting precedents for luxury mixed-use developments in the area.

While some see challenges, others spot opportunities. An anonymous retail broker notes, “Any time stores close due to new development, it’s good business for other landlords — and for us. The stores have to find somewhere to go, and there are lots of places to go right now.”

As Madison Avenue braces for this seismic shift, the future of New York’s luxury retail landscape hangs in the balance. With billions of dollars in play and the potential for groundbreaking architectural additions to the skyline, all eyes are on this storied stretch of Manhattan real estate. The coming months and years promise to reveal whether these ambitious plans will reinvigorate Madison Avenue’s cachet or fundamentally alter its character in the ever-evolving world of high-end retail and real estate.

Source: New York Post

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

Luxury Real Estate Market in Italy: Trends and Prices

By Columbus International,17 July 2024

The luxury real estate landscape in Italy shows a significant concentration in major cities, with Milan and Rome at the forefront. According to a recent analysis by Immobiliare.it, these two metropolises account for over a quarter of the country’s high-end property offerings.

Milan emerges as the undisputed leader, with about 16% of the national luxury stock, a trend that has been growing in recent years. Rome follows with nearly 11%, but shows signs of contraction. Florence, while ranking third, represents only 3% of the total offer.

At the regional level, Lombardy and Tuscany dominate the market, with 29% and 22.4% of high-end offerings respectively. Lazio ranks third with 14.8%.

Tourist destinations play a key role in the luxury segment. Como has seen an increase in offerings, while destinations like Forte dei Marmi have experienced a decline.

In terms of prices, Portofino stands out as the most expensive municipality, with an average of 19,074 euros/sqm. It’s followed by Villasimius in Sardinia and Capri. Tourist destinations generally surpass large urban centers in terms of cost per square meter.

Among regions, Valle d’Aosta leads the ranking with average prices of 9,173 euros/sqm, followed by Sardinia and Campania. Lombardy, despite its strong presence of luxury properties, ranks only fifth in terms of average prices.

This analysis highlights a dynamic and geographically diverse luxury market, with a clear preference for coastal and tourist locations in terms of property valuations.

Source: Monitor Immobiliare

Florence’s Skyline Set to Change: Asian Investors Lead San Gallo Luxury Overhaul

By Columbus International,16 July 20249 November 2024

Florence’s real estate landscape is about to be enriched with a new luxury gem, featuring an entrepreneurial twist that brings the flavor of the Orient to the heart of Tuscany. As revealed in a recent article by Matteo Lignelli and Ernesto Ferrara in Repubblica Firenze, the redevelopment project of the former San Gallo military hospital has seen a significant change in ownership, with a Singaporean group now holding the majority stake.

The project, which began last March and has now entered its crucial phase, envisions the creation of an ultra-luxury district that, according to sources, will have “nothing ordinary about it.” The complex will host high-end hotels, prestigious residences, and exclusive restaurants, radically transforming the area of the former military hospital.

The most significant development concerns the ownership and management of the real estate operation. The Gb Invest Holding group, led by Tuscan entrepreneur Stefano Nesti, known in the online betting sector and now at the helm of an empire in the hotel and restaurant industry, has reduced its participation to 20% of the shares in San Gallo Development (Dvp), the company managing the investment.

The majority control has passed into the hands of a Singaporean group, “Liaigre Hospitality Ventures Limited,” which has increased its stake from an initial 10% to the current 80%. This change in ownership marks an important shift in the project’s direction, bringing an international perspective and potentially new resources to the table.

The massive influx of Asian capital into such a large-scale project in Florence’s historic center raises questions about the future dynamics of the luxury real estate market in the city. It could signal growing interest from Oriental investors in Italy’s prestigious real estate, potentially paving the way for further investments in the sector.

As work progresses, it remains to be seen how this new management will influence the final project and what impact it will have on Florence’s urban and social fabric. What is certain is that the former San Gallo hospital is set to become a new landmark in Florence’s luxury landscape, with a distinctly international touch.

Dream Home in the Hamptons: How a Restaurateur Spent $3M Transforming Her Waterfront Retreat

By Columbus International,24 May 202424 May 2024

For Donna Lennard, owner of the renowned Il Buco hospitality empire, finding the perfect Hamptons haven was a labor of love that spanned years and millions. But the payoff was a luxurious waterfront oasis tailored to her exacting tastes. When Lennard set her sights on the bucolic hamlet of Springs in 2017, she knew precisely where she wanted to put down roots – the enviable Gerard Drive peninsula jutting into both Gardiners Bay and Accabonac Harbor.

“From one side to the other, you see water,” gushes the entrepreneur over 50. Her gambit paid off when a 1,700 square foot cottage from 1960 hit the market. Swooping in with an all-cash $1.7 million offer, Lennard made the keys her own that August. But for the hospitality magnate behind hotspots like Il Buco Alimentari & Vineria, the dated digs wouldn’t do. A serendipitous reunion with college pal and architect Stuart Basseches set the wheels in motion for a start-to-finish overhaul that snowballed into a head-turning $3 million investment.

Over several years of meticulous planning alongside Basseches, Lennard’s original concept for a bedroom addition morphed into a full-scale transformation. The reimagined floor plan fuses old and new – relocating the light-filled kitchen and living room to the heart of the residence while tacking on a striking 1,100 square foot two-story extension housing a dining room, media lounge and lavish upstairs owner’s suite. No expense was spared in the bespoke finishes. Sun-drenched living spaces boast reclaimed oak floors, vaulted wood-beamed ceilings and artisanal Venetian plaster walls.

The showstopping kitchen island crafted by Sakonnet Furniture Makers tops a slab of repurposed Slovenian wood. And the serene upstairs retreat flaunts an antique Umbrian marble sink alongside a mobile vanity revealing dreamy water vistas. While the splurge surpassed her original budget, for Lennard, the over-the-top transformation was well worth it. “What came out of it was very much the house I’d been dreaming of,” she confides of her ultra-luxe oceanside compound expertly melding modern amenities with an eclectic, lived-in aesthetic reflective of her well-traveled tastemaker persona.

Unveiling the Epitome of Luxury: Miami’s Starchitect-Driven Real Estate Revolution

By Columbus International,22 February 2024

In the world of luxury real estate in Miami, the mere mention of the name of a world-renowned architect can evoke prices that defy imagination. Imagine this: a penthouse spanning over 13,000 square meters ready to enter the market at a price of $150 million, equivalent to the astronomical figure of $11,000 per square meter. Welcome to The Raleigh, an illustrious Art Deco hotel currently undergoing renovation under the guidance of developer Michael Shvo, ready to unveil the epitome of opulence in collaboration with Rosewood Hotel and Residences. The allure behind these stratospheric prices? A design led by architect and visionary Peter Marino, celebrated globally for his creations. Marino and his “colleagues,” often referred to as “starchitects,” are the driving force behind many of Miami’s most coveted residential skyscrapers. Their involvement goes beyond aesthetics; it symbolizes exclusivity and prestige, elevating Miami’s already rich real estate landscape to unprecedented levels. According to some brokers, “in the Miami market, it is a true mark of credibility, of quality.” The intrinsic value associated with properties bearing the imprint of these architectural luminaries is emphasized, where ownership goes beyond mere real estate investment to embody a symbol of enduring value and sophistication. A glaring example of this phenomenon is One Thousand Museum, a beacon of architectural skill conceived by the late Zaha Hadid. The residences within this colossus have consistently commanded premium prices, with resales reaching up to $2,100 per square meter, a testament to the profound impact of alignment with a renowned architect. There is a trust instilled in buyers by the mere association with famous architects, citing the example of the St. Regis Residences by RAMSA in Brickell, where buyers have shown absolute confidence in the architect’s pedigree. To illustrate the tangible impact of the touch of a famous architect, let’s compare five upcoming towers in Miami, each crafted by the most eminent of starchitects, with their non-starchitect counterparts:

The Baccarat, a collaboration between the Related Group and GTIS Partners, boasts the design skill of Arquitectonica, a pillar in the architectural landscape of South Florida. The penthouse at The Baccarat commands a price of $21.7 million, translating to approximately $3,200 per square meter, representing a competitive advantage over non-starchitect offerings nearby.

The Shore Club, undergoing a revitalization under the transformative guidance of RAMSA, sets a new standard in luxury living. With penthouse prices kept discreet, the $6,250 per square meter for the Beach House sets an ambitious benchmark, surpassing nearby competitors.

The collaboration between Related Group and Integra Investments with RAMSA for the St. Regis Residences in Brickell embodies unparalleled luxury. Despite a 35% premium attributed to Stern’s involvement, the price of $4,500 per square meter for the upper penthouse remains competitive in the market.

The visionary project of Mast Capital and Starwood Capital Group, conceived by Rem Koolhaas’s OMA, embodies avant-garde design. The $37 million penthouse, sold at $6,500 per square meter, represents a significant premium over nearby offerings, underscoring the intrinsic value of architectural distinction.

The pinnacle of luxury finds its zenith in the legendary beachfront enclave reimagined by SHVO and designed by Peter Marino. With the crown jewel, a luxurious penthouse commanding an extraordinary price of $150 million, or $11,000 per square meter, it eclipses its competitors, embodying the pinnacle of exclusivity and luxury.

In the landscape of luxury real estate in Miami, the name behind the design is more than a mere recognition; it is a mark of unparalleled excellence and sophistication, capable of transforming residences into true works of art. As Miami continues its ascent as a global epicenter of luxury living, the influence of these visionary architects remains unparalleled, shaping the city’s skyline and redefining the very essence of luxury living.

Source: New York Post