Manhattan

Swiss Watchmaker Audemars Piguet Claims Prime Fifth Avenue Real Estate In Major Expansion

By Columbus International,18 March 2025

In a strategic move that signals confidence in luxury retail’s future, renowned Swiss watchmaker Audemars Piguet has secured a prominent Manhattan location, taking over a corner space that had remained largely unchanged for half a century.

According to an exclusive report by the New York Post, Audemars Piguet has signed a lease for nearly 12,000 square feet at 785 Fifth Avenue in Manhattan’s upscale Lenox Hill neighborhood. The deal encompasses the entire corner site at East 60th Street, a space that previously housed a Citibank branch with notably narrow windows that failed to maximize the prime retail potential of the location.

“The retail space used to have narrow windows befitting a bank, which have since been expanded,” the Post reported, noting that these alterations required approval from the Landmarks Preservation Commission due to the property’s location in a historic district.

This high-profile lease effectively extends Fifth Avenue’s luxury shopping corridor a full block northward. The prestigious address, known as the Parc Cinq, counts Hollywood mogul David Geffen among its residents. The building’s co-op board, which controls the retail space, began marketing the site in late 2023 through brokerage firm Newmark.

Premium Positioning Comes With Premium Price

The financial commitment reflects the location’s prestige. According to sources cited by the Post, the asking rent for the two-level space was approximately $4.8 million annually, though the duration of the lease remains undisclosed.

John LaValley, founder of Sunday Development, the consulting firm that facilitated the redevelopment, told the Post that the project faced initial challenges, including “getting the board to invest in the changes before a tenant was found and to excite retailers over a ‘forgotten corner of Fifth Avenue’ a block north of the Dior and Apple stores at the GM Building.”

The co-op board ultimately selected Audemars Piguet because it “best matched the area and enhanced the story of the building,” LaValley explained to the Post.

Strategic Expansion In Luxury Markets

This new flagship location represents Audemars Piguet’s third Manhattan presence. The luxury watchmaker currently operates a sales boutique at 66 East 57th Street and maintains a service center in the Meatpacking District on Gansevoort Street.

The investment comes at a transformative time for Fifth Avenue. The iconic shopping destination is set to undergo a major redesign that will double the width of sidewalks between Bryant Park and Central Park, creating more pedestrian-friendly spaces that could further enhance the luxury shopping experience.

For Audemars Piguet, the move aligns with its global expansion strategy, which has included opening showcase venues in fashion capitals including Paris and Milan. By securing this prominent Fifth Avenue address, the Swiss watchmaker is positioning itself at the heart of one of the world’s most prestigious shopping destinations, reinforcing its status as a premier luxury brand committed to experiential retail in key global markets.

Manhattan Rents Shatter Records: New York’s $1 Trillion Real Estate Market’s Post-Pandemic Transformation

By Columbus International,14 March 2025

When the pandemic struck New York in early 2020, it delivered a seismic shock to what was already the world’s most valuable real estate market. Office towers emptied overnight. Luxury condos sat vacant. Rental prices plummeted. The prevailing narrative quickly became one of exodus and existential crisis for a city whose identity has always been inextricably linked to its real estate.

Five years later, that apocalyptic vision has given way to something more nuanced: New York hasn’t died—it’s transformed.

The Ultra-Wealthy Have Doubled Down on Manhattan

While nearly 350,000 residents fled between 2020 and 2023, the widely predicted collapse of New York’s high-end real estate market never materialized. In fact, data shows the opposite has occurred.

“The luxury segment has outperformed every forecast,” says Jonathan Miller, CEO of Miller Samuel Real Estate Appraisers & Consultants. “We’re seeing unprecedented demand at the $10 million-plus price point, particularly in new development.”

This resilience is reflected in record-breaking transactions. In Q4 2024, Manhattan saw 47 residential sales above $10 million, a 28% increase from pre-pandemic levels.

The initial pandemic exodus of ultrawealth—when the city lost approximately 17,500 residents from the top 1% income bracket—has reversed. By 2023, net migration of high-net-worth individuals stabilized, with family offices reporting a surge in Manhattan investment activity.

“For sophisticated investors, New York presented an unprecedented buying opportunity,” explains Elizabeth Warren, head of urban investment strategy at Blackstone Real Estate. “The fundamentals never changed—limited land, global appeal, and institutional-grade assets available nowhere else.”

Trophy Assets, Trophy Prices

The median Manhattan sales price hit $1.3 million in Q4 2024, up 36% from Q1 2020. Brooklyn followed with median prices crossing the $1.1 million threshold.

Even more telling: prime assets have commanded extraordinary premiums. The penthouse at 220 Central Park South traded for $102 million in September 2024, while commercial properties in prime locations have maintained cap rates under 4%, defying national trends.

But this prosperity has been highly concentrated. “We’re witnessing a barbell market,” notes Donna Olshan, president of Olshan Realty. “Unprecedented strength at the luxury end, desperation in the middle, and a social services emergency at the affordable end.”

The Office Market’s $100 Billion Question

Manhattan’s 419 million square feet of office space—valued conservatively at $500 billion—faces unprecedented challenges. Vacancy rates hover at 18.2%, more than six times higher than 2000 levels, with empty space equivalent to 32 One World Trade Centers.

This vacancy crisis has triggered the most significant repricing of commercial assets in modern history. Class B and C office buildings have experienced value declines of 40-60%, with distressed sales becoming increasingly common.

“We’re seeing the Great Conversion,” explains Mary Ann Tighe, CEO of CBRE’s New York Tri-State Region. “Properties that no longer make economic sense as offices are finding new life as residential, life sciences, or mixed-use developments.”

This transformation is accelerating, with over 14 million square feet of office space currently undergoing conversion plans. The Adams administration has streamlined zoning to facilitate these transitions, recognizing that commercial-to-residential conversions represent a critical opportunity to address the housing crisis.

The Housing Crisis Intensifies: Manhattan Rents Break Records

For ordinary New Yorkers, the post-pandemic real estate market has become increasingly punishing. The median Manhattan apartment rent reached an all-time high of $4,500 in February 2025, surpassing the previous record of $4,400 set in August 2023, according to data from brokerage Douglas Elliman.

This new peak signals an ominous trend for renters amid slowing housing construction and stubbornly high housing prices across all boroughs. Industry experts see no relief in sight for the multifamily market that has consistently defied expectations of a correction.

Even the historically affordable Bronx has seen rent increases approaching 40%. Nearly 630,000 households—or roughly one in four New York renters—now spend more than half their income on housing.

This affordability crisis has pushed the city’s rental assistance spending to unprecedented levels—$1.1 billion for the current fiscal year, compared to $302 million in 2021.

Despite these challenges, 2024 saw 34,000 new housing units delivered, the highest production since 1965. “But we need to triple that output annually for the next decade to achieve market equilibrium,” warns Vishaan Chakrabarti, founder of PAU architectural firm and former Manhattan planning director.

The Demographics Driving Demand

New York’s real estate future hinges on demographics, and the trends are contradictory. The city recorded just 99,000 births in 2021-2022, the lowest level since the Great Depression. Public school enrollment has plummeted, with 111,000 fewer students than in the 2018-19 academic year.

Families with young children were more than twice as likely to leave the city in 2023 as childless households. Black residents continue to exit at twice the rate of white residents, accelerating a pre-pandemic trend.

Yet immigration has provided crucial population stability. More than 230,000 migrants have arrived since spring 2022, helping push the population back to 8.48 million by the end of 2024—still 262,000 below 2020 levels.

A Real Estate Market for the 1%

The pandemic has accelerated New York’s evolution into a city of extremes. While lower-paying jobs in home healthcare have grown 45% since December 2019, middle-income sectors like retail and construction have contracted dramatically, shedding 54,100 and 30,700 jobs respectively.

This economic polarization is reflected in housing development. “Luxury units and affordable housing get built because they have separate financing ecosystems,” explains Rafael Cestero, former NYC Housing Commissioner. “What’s disappeared is market-rate housing for the middle class.”

The data bears this out: 60% of new housing starts in 2024 were either luxury (defined as exceeding 175% of median prices) or subsidized affordable housing. The middle market has all but vanished.

Investment Implications: The Next Five Years

For real estate investors, New York presents both extraordinary risks and opportunities:

Trophy commercial assets will maintain value. Prime office buildings with ESG credentials and modern amenities continue to command premium rents and institutional capital.
Distressed commercial assets represent generational buying opportunities. Buildings trading at 40-60 cents on the dollar can yield exceptional returns through conversion or repositioning.
Multifamily remains the safest bet. With rental demand exceeding supply by approximately 200,000 units, well-located rental properties continue to outperform all other asset classes.
Retail is experiencing a renaissance in select corridors. High-street retail in SoHo, Fifth Avenue and the Meatpacking District has recovered to pre-pandemic rents, while secondary locations remain challenged.
Industrial and logistics assets command premium valuations. Last-mile delivery facilities in the outer boroughs have seen 85% value appreciation since 2019.

As New York evolves, its real estate market is becoming even more stratified—a mirror of the city’s widening economic divide. The question isn’t whether New York is “back,” but rather, what kind of New York is emerging. The answer, increasingly, is a tale of two cities within the same 302 square miles, each operating under different economic realities but bound by the same fundamental asset: some of the most valuable real estate on earth.

“The pandemic didn’t break New York’s real estate market,” concludes Barry Sternlicht, CEO of Starwood Capital Group. “It accelerated trends that were already underway, creating a market that’s simultaneously more global and more local, more luxury-focused and more subsidy-dependent than ever before.”

For investors with the capital and vision to navigate this new landscape, the opportunities remain as outsized as the buildings that define the skyline—provided they understand which New York they’re betting on.

Sources: Bisnow | The New York Times

Giuliani Slashes Price on NYC Penthouse Following Legal Settlement

By Columbus International,5 March 2025

Former New York City Mayor Rudy Giuliani has relisted his Manhattan penthouse at a significantly reduced price following the resolution of his high-profile legal battle with two Georgia election workers, according to real estate records.

The three-bedroom Upper East Side residence hit the market Monday for $5.2 million—representing a substantial $1.4 million price reduction from its previous listing price.

This latest listing comes just days after a judge declared Giuliani had “fully satisfied” the terms of a settlement agreement with Ruby Freeman and Shaye Moss, two Georgia election workers who had successfully sued him for defamation. As The New York Post reported, the settlement allowed Giuliani to retain ownership of valuable assets—including this penthouse—that might otherwise have been seized to satisfy the $140 million judgment against him.

Luxury Living in Historic Landmark

The penthouse, located in the prestigious Lenox Hill neighborhood, offers luxury amenities rarely found in Manhattan’s high-end market. The property features a wood-paneled library, a wood-burning fireplace, and a glass conservatory. Previous listing photographs showcased Giuliani’s memorabilia collection, including a signed replica of Joe DiMaggio’s Yankees jersey presented to him in 2002.

Situated in a Gothic-inspired terra cotta and brick building constructed in 1906 and designated a landmark in 1977, the residence provides panoramic Central Park views. The white-glove cooperative includes full-service amenities with a monthly maintenance fee of $10,934 covering door attendants, porters, and a resident manager.

History of Price Reductions

This isn’t Giuliani’s first attempt to sell the property. According to listing history, the penthouse was initially offered in summer 2023 for $6.3 million and has undergone three separate price reductions since then.

The New York Post reported that prior to the recent legal settlement, Giuliani had made “a last-ditch bid to sell the pad at a $1 million discount” before it could potentially be seized by Freeman and Moss, who had successfully sued him after he accused them of ballot tampering during the 2020 election.

The current listing is being handled by Serena Boardman at Sotheby’s International Realty.

Boxing Legend Floyd Mayweather Expands Real Estate Empire with $402 Million Manhattan Portfolio

By Columbus International,3 March 2025

This article is featured in the “Newsroom” section of Columbus International, a real estate boutique founded by Richard Tayar with offices in New York, Miami, Milan, and Florence. Columbus International specializes in residential, commercial, luxury real estate and investment opportunities in bridge markets between Italy and the United States.

The Undefeated Champion Takes His Winning Strategy from the Ring to New York’s Property Market

Former boxing champion Floyd Mayweather Jr. has delivered a knockout punch in the New York real estate market with his latest acquisition—a massive $402 million multi-family portfolio in Upper Manhattan. The undefeated athlete, known for his financial acumen as much as his boxing prowess, shared the news with his nearly 29.7 million Instagram followers in characteristic victory style.

“All the buildings belong to me, I don’t have no partners,” Mayweather declared in his social media announcement. “And all the retails down below on my buildings, all of them belong to me too. You can do the same. It’s all about making power moves.”

The impressive portfolio includes 62 multifamily properties comprising more than 1,000 units, many of which are rent-stabilized, according to earlier reporting by The Real Deal. The acquisition was made through Mayweather’s real estate investment firm, Vada Properties.

Building a Diversified Real Estate Portfolio

This Upper Manhattan investment represents just one component of Mayweather’s rapidly expanding real estate empire. The boxing legend has demonstrated strategic diversification across various property segments:

A $100 million investment in a $3 billion luxury rental portfolio joint venture, including The Copper’s twin residential towers in Murray Hill
Another $100 million investment across nine skyscrapers in partnership with SL Green, New York City’s largest commercial landlord
An 18-asset deal in November spanning properties in New York, Chicago, and Jersey City, marking his entry into office real estate
Personal residential moves including the purchase of a five-bedroom unit in the Baccarat Hotel and Residences in Midtown Manhattan

Luxury Living and Strategic Divestments

Mayweather’s personal real estate portfolio has seen significant activity as well. The Post’s Gimme Shelter reported on his New York house hunt late last year, which included touring a $150,000-per-month Soho bachelor pad and a Gilded Age mansion before settling on his Baccarat residence.

The entrepreneur has also been strategically divesting properties, selling a $22 million home in Miami’s Biscayne Bay last year and recently listing his $12.5 million Las Vegas mansion.

Beyond Real Estate: Sports Ownership Aspirations

As Mayweather celebrates his 48th birthday, the billionaire’s increased presence in New York City isn’t solely attributed to his real estate ventures. Reports suggest he’s exploring potential plans to purchase a minority stake in the New York Giants alongside business partner and real estate magnate Meyer Orbach.

Mayweather’s aggressive expansion into real estate comes at a time when many investors have retreated due to high borrowing costs, particularly in the affordable housing segment. This countercyclical approach aligns with the boxing champion’s career-long strategy of identifying opportunities where others see obstacles.

“Over 1,000 apartments, I’m just getting started,” Mayweather stated confidently in his Instagram post, suggesting this latest knockout acquisition is merely the opening round in his real estate championship bout.

Atelier Jolie: A Revolutionary Fashion Space Where Sustainability Meets Craftsmanship

By Columbus International,14 February 202514 February 2025

In the heart of New York City’s SoHo district, at 57 Great Jones Street – once Jean-Michel Basquiat’s studio – Angelina Jolie has launched a groundbreaking fashion venture that challenges industry norms. Atelier Jolie isn’t just another celebrity fashion brand; it’s a creative sanctuary where sustainability meets craftsmanship, bringing together diverse talents and innovative approaches to fashion.

https://www.youtube.com/shorts/4vjwmGHurSg

The historic building’s graffitied facade, a tribute to its artistic legacy, slides back during operating hours to reveal modern glass windows. Inside, the space is staffed by Parsons School of Design students and alumni, creating an environment where education meets innovation. The ground floor houses screen printing facilities, while the basement serves as a painting room. Upstairs, an airy atelier space with exposed wooden beams and vintage sewing machines welcomes clients for bespoke tailoring.

What sets Atelier Jolie apart is its democratic approach to luxury fashion. Customers can collaborate with skilled artisans to customize pieces from the house collection, which includes everything from fluid trench coats to crisp suiting, with prices ranging from $15 for customizable T-shirts to $575 for intricately designed maxi dresses. The space also showcases collections from various sustainable fashion brands, all available for personalization.

The atelier also partners with Eat Offbeat, a women-founded café that employs refugee chefs, adding another layer to its community-focused mission. The space features workshops on innovative upcycling techniques, proving that sustainable fashion can be sophisticated rather than simply “shabby chic.”

“There is so much happening that divides us, and it’s essential that we create and share time together,” Jolie explains. The atelier stands as a testament to this philosophy, offering not just a retail space but a creative hub where sustainability, craftsmanship, and community converge. Through collaborations with various visionaries and designers, Atelier Jolie is proving that ethical fashion can be both luxurious and accessible, paving the way for a more inclusive and sustainable fashion future.

Sources: Harper’s Bazaar | Forbes

The $300 Million Leaning Tower of Manhattan: A Real Estate Development Gone Wrong

By Columbus International,3 February 2025

Looking to buy or rent property in New York? Columbus International real estate agents are at your service: info@columbusintl.com

In New York‘s competitive luxury real estate market, the story of 1 Seaport stands as a cautionary tale of ambitious development, cost-cutting decisions, and devastating consequences. The 60-story glass residential skyscraper, developed by Fortis Property Group with projected sales of $300 million, now leans up to eight inches off-center—a $250 million mistake that remains unfinished and embroiled in litigation.

A Promising Start

When Fredrik Eklund, star broker of “Million Dollar Listing New York,” secured the exclusive rights to sell 1 Seaport’s units in 2016, the project seemed destined for success. Within eight weeks, Eklund had pre-sold 20 units, demonstrating strong market demand for luxury waterfront properties in Manhattan’s Financial District.

Fatal Flaws in Foundation

The project’s troubles began with a critical decision: rather than using traditional pile foundations driven to bedrock—standard practice for Manhattan skyscrapers—Fortis opted for a “soil improvement” method that would save $6 million. This decision came despite warnings from engineering consultant Robert Alperstein about potential “differential settlements” in the challenging site conditions, which included Colonial-era infill and former marshland.

Tragedy and Construction Issues

The project was plagued by safety violations and construction problems. In September 2017, these issues culminated in tragedy when Juan Chonillo, a 44-year-old carpenter, fell to his death from the 29th floor. The construction company, SSC High Rise, later pleaded guilty to second-degree manslaughter and was fined just $10,000.

The Lean Becomes Apparent

By April 2018, contractors discovered the building was leaning three inches northward. Rather than halting construction, attempts were made to correct the lean by intentionally misaligning upper floors in the opposite direction. This strategy backfired, resulting in what one lawyer described as a “banana-shaped” structure leaning up to ten inches in some places.

Financial Impact and Legal Battles

The project has spawned over two dozen lawsuits involving:

Fortis Property Group and Pizzarotti (the construction manager)
Buyers seeking to recover deposits
Multiple contractors and subcontractors
Insurance companies and lenders

Construction halted in July 2020, leaving the tower in development limbo. The structure, now under receivership, stands as a stark reminder of the risks in luxury real estate development.

Bottom Line

1 Seaport represents one of the most significant real estate development failures in recent New York history. While structural engineers maintain the building won’t collapse, its commercial viability has. The project demonstrates how seemingly minor cost-saving decisions can cascade into catastrophic financial consequences in high-stakes real estate development.

For investors and developers, 1 Seaport offers crucial lessons about the false economy of cutting corners on foundations and the importance of maintaining rigorous construction standards—especially in an era of increasingly ambitious luxury developments.

Source: The New Yorker

HBO’s ‘Sex And The City’ Creates $100K Headache For Manhattan Property Owner

By Columbus International,15 January 2025

For discerning buyers seeking a distinguished West Village brownstone, Columbus International offers unparalleled expertise in Manhattan’s luxury market. Reach out today: info@columbusintl.com

West Village (New York) – Neighborhood Spotlight

https://www.youtube.com/watch?v=RnJjVqNP_G4

In a testament to the enduring power of television tourism, a West Village brownstone owner has been forced to invest in significant security upgrades to combat the unintended consequences of pop culture fame. The property at 66 Perry Street, valued at over $10 million, gained unexpected notoriety as the fictional home of Sarah Jessica Parker’s character Carrie Bradshaw in HBO’s hit series “Sex and the City.”

Barbara Lorber, who acquired the three-family historic property in 1979 for what industry experts estimate was under $500,000, secured approval from the New York City Landmarks Preservation Commission on Tuesday for the installation of a protective gate. The decision marks a turning point in a decades-long struggle between private property rights and public entertainment culture.

“The commercialization of residential properties through streaming media has created unprecedented challenges for property owners in historic districts,” says Manhattan real estate analyst Jennifer Chen. “We’re seeing similar issues with locations featured in everything from ‘Friends’ to ‘Succession.'”

The brownstone’s Instagram popularity has surged particularly since HBO Max’s revival series “And Just Like That…” and Netflix’s recent acquisition of streaming rights to the original series in April 2024. Social media analytics indicate the location appears in over 100,000 posts monthly, creating what real estate experts estimate as $50,000-100,000 in annual security and maintenance costs for the property owner.

The approved security upgrade isn’t just any barrier—architect Isidoro Cruz has designed a bespoke steel and cast-iron gate estimated to cost upwards of $75,000, adhering to the strict guidelines of the Greenwich Village historic district. The investment reflects a growing trend among owners of “celebrity properties” who must balance preservation with protection.

“What we’re witnessing is the real estate impact of streaming’s long tail,” says media economist Mark Reynolds. “A show that ended its original run in 2004 is generating more foot traffic now than it did during its peak broadcast years, thanks to global streaming platforms and social media.”

Local preservation groups, including Village Preservation and the Victorian Society of New York, have thrown their support behind the measure, recognizing the unique challenges faced by historic properties in the digital age. Neighbor A.J. Parker characterized the situation as “one of the most egregious” examples of private property disruption driven by entertainment tourism.

For Lorber, who became emotional during her presentation to the commission, the decision represents a bittersweet victory. “That house shouldn’t be gated,” she admitted, “but what was beautiful in the late 19th century is unfortunately in need of more protection in our century.”

The approval comes as New York City grapples with a broader trend of entertainment tourism impacting residential areas. Real estate analysts estimate that properties featured in popular shows can see their insurance premiums increase by 15-25% due to increased liability risks from unauthorized visitors.

While fans can still photograph the iconic brownstone from the street, the new barrier will provide much-needed protection for a piece of real estate that has become, perhaps unwillingly, one of Manhattan’s most photographed residential facades. As streaming platforms continue to introduce classic content to new generations, property owners like Lorber are forced to adapt—at significant cost—to their homes’ unexpected roles as cultural landmarks.

Source: NYT

Manhattan’s Ultra-Luxury Office Market Hits Historic Heights: A 2024 Analysis

By Columbus International,9 January 2025

Columbus International provides comprehensive real estate advisory services and market intelligence for premium commercial and residential properties across key U.S. and Italian markets. With offices in New York, Miami, Milan, and Florence, the firm specializes in connecting sophisticated investors with premium real estate opportunities while offering detailed market insights and family office services.

Manhattan’s ultra-luxury office market has shattered records in 2024, marking a decisive shift in commercial real estate dynamics that signals robust confidence in premium office spaces. According to exclusive data from JLL, an unprecedented 28 new leases crossed the $200 per square foot threshold, while 212 deals were sealed at $100+ per square foot—establishing new benchmarks in the luxury office sector.

The $200 Club: A New Standard in Premium Real Estate

“The evolution of Manhattan’s premium office market represents a fundamental shift in how corporations value their physical presence,” says Marco Vittori, Head of U.S. Operations at Columbus International, a boutique real estate advisory firm with offices in New York, Miami, Milan, and Florence. “What we’re witnessing isn’t just a recovery—it’s a complete recalibration of the market’s upper echelon.”

The numbers support this assessment. The year saw nearly 600,000 square feet of office space leased at $200+ per square foot, while the broader premium market ($100+ per square foot) reached an astronomical 9.8 million square feet—dramatically surpassing the previous record of 8.8 million square feet set in 2019.

Financial Services Lead the Charge

Wall Street’s resurgence has been particularly noteworthy, with financial services claiming 12.2 million square feet—representing 40% of all 2024 deals and a commanding 64% of premium leases. Notable transactions include:

McDermott, Will & Emery’s record-setting lease at One Vanderbilt ($280 per square foot)
Tikehau Capital and Platinum Equity at 9 West 57th Street
Patient Square Capital at the GM Building
Blackstone’s massive 1.06 million square foot commitment at 345 Park Avenue

Geographic Distribution and Property Performance

Park Avenue emerged as the epicenter of premium leasing activity, hosting 52 top-dollar deals and four of the ten largest leases by size. The iconic Seagram Building demonstrated particular strength with 12 premium deals, including nine above the $200 threshold.

Market Implications and Future Outlook

“While overall Manhattan availability remains around 18%, the ultra-luxury segment operates in its own microclimate,” notes Isabella Romano, Columbus International’s Head of Investment Strategy. “This bifurcation creates unique opportunities for both domestic and international investors looking to position themselves in the market’s most resilient sector.”

The trend reflects a broader flight to quality, with companies prioritizing premium spaces that can attract talent and epitomize corporate success. This phenomenon has particular relevance for international investors seeking stable, high-performing assets in key global markets.

Investment Considerations

For investors eyeing Manhattan’s premium office market, several factors merit attention:

Supply constraints in trophy properties are intensifying, potentially driving further rent appreciation
Financial sector expansion continues to fuel demand for premium space
The work-from-home trend has minimal impact on ultra-luxury properties
Location premium remains crucial, with Park Avenue and similar corridors commanding significant advantages

As Manhattan’s office market continues its recovery, the ultra-luxury segment’s performance suggests enduring strength in this crucial global real estate market. For international investors seeking exposure to U.S. commercial real estate, this sector’s resilience offers compelling opportunities, particularly when navigated with expert local knowledge and market intelligence.

Main source: New York Post

Luxury Real Estate: Supermodel Irina Shayk Slashes Price on Manhattan Duplex Amid Shifting Market

By Columbus International,17 December 2024

In a move reflecting the current dynamics of Manhattan’s luxury real estate market, international supermodel Irina Shayk has significantly reduced the asking price of her West Village duplex by $1 million, bringing the listing to $3.29 million from its original June price tag of $4.2 million.

The price adjustment comes at a time when Manhattan’s luxury market continues to show signs of cooling, with high-end properties facing extended days on market and increased price negotiations. The Russian-born model and entrepreneur, whose portfolio includes coveted Sports Illustrated covers and whose social media influence extends to 23.7 million followers, stands to realize a substantial return on investment despite the price cut, having acquired the property for $1.96 million in 2010.

Located at 166 Perry Street, the 2,450-square-foot residence showcases the architectural vision of Asymptote Architecture in a boutique 2008 development that helped pioneer the luxury glass tower trend in the historically low-rise West Village. The building’s timing proved prescient, predating the neighborhood’s transformation into one of Manhattan’s most sought-after luxury enclaves.

The first-floor duplex boasts specifications that align with current luxury market demands: 11-foot-plus ceilings, wide-plank oak flooring, and floor-to-ceiling windows that have become standard features in premium Manhattan properties. The residence’s smart home integration includes voice-controlled sound systems, automated lighting, and climate control features that appeal to tech-savvy buyers in the $3 million-plus market segment.

The property’s layout reflects evolving luxury lifestyle requirements, with a dedicated home office space becoming increasingly valuable in the post-pandemic real estate landscape. The primary suite, complete with a spa-inspired bathroom and walk-in closet, speaks to the luxury buyer’s expectations for hotel-like amenities within private residences.

A notable feature is the designer kitchen, curated by acclaimed New York designer Laura Kirar, whose portfolio includes high-profile residential and commercial projects worldwide. The lower level, while windowless, has been optimized as an entertainment space with additional bedroom quarters suitable for staff accommodation—a feature that remains in demand among luxury buyers.

The building’s amenities package, while modest compared to newer development standards, includes essential luxury components: a fitness center, storage facilities, and a roof terrace offering Hudson River and Manhattan skyline views. This amenity mix has proven sufficient to maintain the building’s competitive position in the West Village’s luxury segment.

Shayk, who shares a daughter with actor Bradley Cooper, purchased the property during her relationship with soccer superstar Cristiano Ronaldo, exemplifying the frequent intersection of celebrity real estate portfolios with market trends. The current price adjustment suggests a strategic approach to market realities, as luxury properties face increased scrutiny from buyers amid rising interest rates and economic uncertainties.

The reduced price point positions the property competitively within the West Village market, where similar-sized luxury residences currently command prices between $3-4 million. This adjustment may attract buyers seeking value opportunities in Manhattan’s prime neighborhoods while still offering the seller a significant return on her 2010 investment.

As Manhattan’s luxury real estate market continues to adjust to new economic realities, this listing represents a broader trend of price recalibration in the high-end segment, particularly for properties that have been on the market for extended periods. The outcome of this listing may serve as a bellwether for similar luxury properties in downtown Manhattan’s premium neighborhoods.

SL Green Eyes Historic Roosevelt Hotel Site for Next Manhattan Megaproject

By Columbus International,10 December 2024

Manhattan‘s largest office landlord SL Green Realty Corp. (NYSE: SLG) may be setting its sights on one of Midtown’s most iconic properties for its next major development project, according to a new analysis from JPMorgan.

The historic Roosevelt Hotel, which closed its doors in 2020 after nearly a century of operation, could become the site of SL Green’s next trophy office tower, marking another transformative project in the company’s portfolio of Manhattan landmarks.

“Given SL Green’s track record of successfully repositioning historic properties and their deep expertise in the Midtown market, the Roosevelt Hotel site presents a compelling opportunity for their next flagship development,” notes the JPMorgan analyst report released today.

The potential acquisition would align with SL Green’s strategy of targeting prime locations near major transportation hubs. The Roosevelt Hotel sits at the corner of Madison Avenue and East 45th Street, just steps from Grand Central Terminal – a location that mirrors the success formula of SL Green’s One Vanderbilt Avenue tower.

A Bold Vision for a Historic Site

The Roosevelt Hotel, which first opened its doors in 1924, has been a fixture of the Manhattan skyline for nearly 100 years. Its potential redevelopment would continue the ongoing transformation of the Grand Central district, following the success of One Vanderbilt and the recent rezoning of East Midtown.

Industry experts suggest that any new development on the site could potentially rise to heights similar to neighboring modern towers, creating another architectural statement piece in Manhattan’s evolving skyline.

Market Impact and Timing

The timing of such an acquisition could be strategic for SL Green. With Manhattan’s office market showing signs of bifurcation between newer, amenity-rich buildings and older stock, the development of a state-of-the-art tower could capitalize on growing demand for premium office space.

“Class A office properties in prime locations continue to outperform the broader market,” the JPMorgan analysis states. “A new development at the Roosevelt site would be well-positioned to capture this flight to quality.”

Financial Considerations

While specific terms of any potential deal remain undisclosed, market observers estimate that a project of this scale could represent an investment of several billion dollars. SL Green has demonstrated its ability to execute large-scale developments, as evidenced by the successful delivery of One Vanderbilt, which opened in 2020.

The company’s strong track record in securing development rights, obtaining zoning approvals, and attracting premium tenants suggests they could be well-positioned to undertake such an ambitious project.

Looking Ahead

If the prediction proves accurate, the redevelopment would join a series of transformative projects reshaping the Grand Central corridor. The area has seen increased development activity following the East Midtown rezoning, which aimed to encourage modern office construction in the aging business district.

Any potential announcement regarding the Roosevelt Hotel site would likely generate significant interest from both the real estate community and preservationists, given the property’s historic significance and prime location.

For SL Green, which has built its reputation on identifying and executing complex development opportunities in Manhattan’s most coveted submarkets, the Roosevelt Hotel site could represent another chance to reshape New York’s skyline while reinforcing its position as a leading force in Manhattan commercial real estate.

The company has not yet commented on the JPMorgan analysis or any potential interest in the property.