New York City

NYC’s New Price Champion: The $110 Million Quadplex in the World’s Skinniest Tower

By Columbus International,9 April 2025

A new listing in Manhattan’s iconic Steinway Tower becomes the city’s priciest home on the market

In a city known for architectural superlatives and eye-watering real estate prices, a new champion has emerged. A spectacular four-level penthouse in Manhattan’s needle-like Steinway Tower has just hit the market for $110 million, making it the most expensive home currently for sale in New York City.

The Ultimate Billionaires’ Row Address

Located at 111 W. 57th St. on the exclusive stretch known as Billionaires’ Row, this extraordinary “quadplex” spans the 80th through 83rd floors of what is officially the world’s skinniest skyscraper. The property, listed Thursday according to StreetEasy, offers 11,480 square feet of interior space along with 618 square feet of outdoor terraces.

What makes Steinway Tower particularly remarkable is its slenderness ratio of 1:24, meaning it’s 24 times taller than it is wide—a feat of engineering that earned it the title of world’s skinniest skyscraper. For comparison, the Empire State Building has a slenderness ratio of just 1:3. The tower’s distinctive pinnacle, resembling a feather, has become an instantly recognizable addition to the Manhattan skyline since the building opened in 2022.

A Blank Canvas for the Ultra-Wealthy

The vacant penthouse currently features five bedrooms and six full bathrooms, with soaring 14-foot ceilings and floor-to-ceiling windows that provide panoramic views of the city. Studio Sofield designed the suggested floor plan, but notably, the $110 million asking price includes a complete buildout and redesign according to the buyer’s specifications.

Each floor serves a distinct purpose in the current layout:

The first level (80th floor) contains a grand entry hall and south-facing kitchen with terrace access
The second level houses four ensuite bedrooms, a lounge area, and wet bar
The third level is dedicated to a massive 2,800-square-foot primary suite with dual bathrooms clad in gray and white onyx
The fourth level “crown suite” is designed for entertaining, featuring a bar, private screening room, service kitchen, and outdoor terrace

A Rarified Market Segment

True quadplexes are exceedingly rare in Manhattan. The most notable comparable property is hedge fund billionaire Ken Griffin’s approximately $238 million quadplex at 220 Central Park South, purchased in 2019—a deal that still holds the record for the most expensive home ever sold in the United States.

Lead listing broker Nikki Field of Sotheby’s International Realty explained to Bloomberg that the Steinway Tower penthouse was originally configured as two separate duplexes before the decision was made to combine them into this unprecedented offering.

Timing the Ultra-Luxury Market

The listing emerges as Manhattan’s ultra-luxury market experiences a significant uptick amid limited inventory. Previously, neighboring Central Park Tower held the title of most expensive listing with units priced at $250 million (later reduced to $195 million) and $150 million, but neither remains on the market today.

Steinway Tower itself has seen a remarkable sales resurgence. Since Nikki Field’s team at Sotheby’s took over marketing in summer 2024, the building has been “rebranded, repriced and restaffed,” resulting in $187 million in contracts currently in progress, including eight deals signed this year alone. Among those is Penthouse 72, which commanded $56 million.

“I’m looking for Jeff Bezos 2.0 at 111,” Field told The Post, referencing her previous sale to the Amazon founder at 212 Fifth Avenue.

The launch of Penthouse 80 represents a vote of confidence in the tower’s sales momentum after a challenging beginning. Despite initial sluggish sales following its 2022 opening, Field indicated to Bloomberg that the penthouse was strategically held back until market conditions improved.

“This very healthy luxury spring market,” Field said. “We had no excuses to delay the launch.”

The Developers Behind the Tower

Steinway Tower was developed through a collaboration between JDS Development Group, Property Markets Group, and Apollo Commercial Real Estate Finance. With 59 total units, each occupying at least one full floor, the building stands as the second-tallest residential tower in the United States.

As Manhattan’s luxury real estate market continues its strong performance in early 2025, all eyes will be on whether this architectural marvel’s crown jewel can secure its $110 million asking price—and perhaps on which billionaire might soon call it home.

Source: New York Post

Better Than Billionaires’ Row? Why NYC’s Top Developers Are All-In On A Tiny Patch Of Madison Avenue

By Columbus International,4 April 2025

INTERNATIONAL REAL ESTATE ADVISORY

With prestigious offices in New York, Miami, Milan, and Florence, Columbus International offers unparalleled expertise in international real estate investments. Contact our expert agents today to explore exceptional opportunities across both continents: info@columbusintl.com

The following analysis is provided as market intelligence for investors considering opportunities in Manhattan’s evolving luxury real estate landscape. Columbus International maintains connections with premier developers across global financial centers and offers bespoke investment advisory tailored to high-net-worth individuals seeking cross-continental portfolio diversification.

Manhattan’s ultra-luxury real estate chess match has entered a new phase. The city’s most influential developers are executing calculated moves on a concentrated five-block stretch of Madison Avenue, positioning this micro-district as New York’s next pinnacle of high-end real estate—a strategic play that could redefine the upper echelons of the market.

Elite developers Extell and Related are concentrating unprecedented capital on Madison Avenue’s five-block corridor, orchestrating the Plaza District’s transformation into Manhattan’s next dominant luxury and financial nucleus.
The development pipeline features a sophisticated blend of ultra-premium condominiums, flagship retail destinations, and Class A+ office space, with luxury conglomerates like Prada, Kering, Chanel, and financial titan JPMorgan securing strategic positions.
Price metrics reveal market confidence: new residential offerings commanding upwards of $8,000 per square foot position this corridor as the destination of choice for ultra-high-net-worth investors and residents.

The Billion-Dollar Micro-Market

The five-block radius spanning Madison Avenue from 57th to 61st Streets is experiencing a strategic development intensification unprecedented in recent Manhattan history, according to market analysis from Bisnow. Anchored by meticulously planned ultra-luxury developments from market leaders Extell Development and Related Companies, market indicators suggest this corridor could soon eclipse the established Billionaires’ Row in both prestige metrics and price-per-square-foot benchmarks.

This focused investment wave is catalyzing a $15-20 billion transformation of the broader Plaza District, historically a cornerstone of Manhattan’s corporate and luxury retail infrastructure. The district’s unique geographical advantages—Central Park adjacency combined with Fifth Avenue retail proximity—have created ideal conditions for this new influx of global capital and ultra-high-net-worth residents.

Strategic Assets Under Development

The transformation centers around three pivotal properties:

655 Madison Avenue: Extell Development has initiated demolition of a 200,000-square-foot tower and four adjacent structures to create a site for a proposed 37-story mixed-use development. While current plans incorporate hotel, retail, office, and residential components, market sources indicate potential for a more ambitious supertall structure, positioning the property as a cornerstone asset in the corridor.
625 Madison Avenue: Related Companies is replacing its former corporate headquarters with a 68-story supertall featuring 101 ultra-luxury residential units complemented by premium amenities and flagship retail space. The development timeline projects completion by 2032, establishing a long-term market presence.
660 Madison Avenue: The former Barneys New York flagship location remains strategically vacant under Ashkenazy Acquisition’s ownership. Market analysis suggests the firm is positioning for either a premier luxury retail tenant or potentially developing a competitive offering to challenge Extell and Related’s projects across Madison Avenue.

Luxury Ecosystem Consolidation

The development acceleration follows strategic moves by luxury retail conglomerates. Late 2023 saw Prada and Kering execute approximately $2 billion in property acquisitions on adjacent Fifth Avenue parcels, while Chanel and LVMH continue competitive positioning for nearby locations. Rolex is developing a 28-story corporate headquarters, and Dior is creating a seven-floor flagship complete with spa facilities within LVMH’s East 57th Street tower.

This luxury retail concentration coincides with exceptionally tight office market conditions along Park Avenue, where financial institutions including Citadel, JPMorgan, and leading private equity firms are securing premium space at rates exceeding $150 per square foot—creating a density of high-income professionals unmatched elsewhere in the city.

The corridor’s inherent advantages stem from its established luxury infrastructure, with existing high-end retail, culinary destinations, and cultural assets creating an environment that appeals to discerning ultra-wealthy residents and companies. Unlike emerging luxury districts requiring complete ecosystem development, Madison Avenue offers developers the opportunity to enhance an already prestigious neighborhood with vertical density and contemporary premium offerings.

Market Trajectory

As inventory constraints intensify and price benchmarks elevate, competitive dynamics are accelerating across developer, tenant, and buyer segments as stakeholders position to secure strategic assets within the corridor. The rapid pace of landmark property transfers and building repositioning indicates heightened market confidence in the district’s long-term premium valuation.

New residential developments are achieving record pricing metrics—with condominium offerings surpassing $8,000 per square foot—solidifying the corridor’s status as Manhattan’s premier destination for ultra-high-net-worth capital.

Investment Outlook

The transformation of this strategic Madison Avenue section represents a significant inflection point in New York’s evolving luxury real estate landscape. The concentration of development activity by established market leaders with proven luxury project execution indicates strong institutional confidence in the corridor’s potential as Manhattan’s next frontier for ultra-premium real estate.

While market analysis remains divided on whether this emerging district will complement or compete with established Billionaires’ Row properties, the scale of current investment commitments signals that leading developers are strategically reallocating capital to these five blocks of Madison Avenue—a calculated bet on Manhattan’s next luxury epicenter.

Source: Bisnow

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.

The Invaluable Role of Real Estate Brokers in New York City

By Columbus International,13 March 2025

In the concrete jungle of New York City, where the real estate landscape is as towering and complex as its iconic skyline, navigating property transactions without professional guidance can be a daunting endeavor. While New York state law doesn’t mandate broker representation, those who venture into the NYC real estate market solo are often left wondering if they’ve made the right decisions.

Navigating the Labyrinth: Why NYC Real Estate Demands Expertise

New York’s real estate market operates unlike any other in the world. With its distinctive co-op boards, complex approval processes, and hyper-competitive environment, even seasoned investors can find themselves overwhelmed. Each neighborhood comes with its own unwritten rules, price trends, and hidden gems that only market insiders truly understand.

The difference between someone who uses a broker and someone who doesn’t is often measured in thousands of dollars and countless hours saved. At Columbus International’s New York office, brokers frequently see clients who initially tried to navigate the market themselves, only to realize they were missing crucial information that significantly impacted their investment decisions.

Beyond the Search: The Multi-Faceted Role of Today’s Broker

The modern real estate broker is far more than someone who simply shows properties. Today’s brokers are:

Market Intelligence Specialists: With real-time data and years of experience, brokers can identify value opportunities that online listings simply can’t reveal.
Negotiation Experts: In a city where every square foot comes at a premium, skilled negotiation can mean the difference between closing a deal or losing your dream property.
Paperwork Navigators: NYC’s real estate transaction documents can reach hundreds of pages. Brokers ensure that every detail is properly addressed.
Relationship Curators: The best deals in New York often happen before properties ever hit the public market. Established brokers maintain networks that give their clients first access to off-market opportunities.

The International Advantage

At Columbus International, our unique position bridging the American and Italian markets provides our clients with distinctive advantages. Whether you’re an Italian investor looking at Manhattan opportunities or an American seeking the perfect Milanese apartment, our bicultural expertise ensures you’re never navigating unfamiliar territory alone.

Understanding both markets enables the Columbus International team to provide contextual guidance that’s invaluable to clients. The company prides itself on translating not just the language, but the entire real estate culture, ensuring a seamless experience regardless of which side of the Atlantic the transaction occurs.

The Cost of Going Solo: What You Risk Without Representation

Many first-time buyers or sellers are tempted to handle transactions themselves, believing they’ll save on commission fees. However, this approach often proves more expensive in the long run:

Unrepresented buyers frequently overpay by 3-7% compared to broker-represented transactions
Solo sellers typically receive 5-10% less than properties marketed by professional brokers
Without expert guidance, transaction timelines often extend by weeks or months
Legal complications arising from improper documentation can cost thousands in remediation

Making the Right Choice

Whether you’re purchasing your first NYC apartment or expanding an international real estate portfolio, professional representation transforms what could be an overwhelming process into a strategic opportunity.

The value of a broker extends far beyond the transaction itself. It’s the confidence that comes from knowing every decision is informed by expertise and experience that truly matters. In a market as competitive and complex as New York City’s, that peace of mind becomes perhaps the most valuable asset of all for clients navigating these challenging waters.

Columbus International Real Estate specializes in residential and commercial properties, with offices in New York, Miami, Milan, and Florence. Our multilingual team of expert brokers provides seamless service for clients navigating both American and Italian real estate markets.

The Great NYC Rent Puzzle: Where Can You Afford to Live?

By Columbus International,4 February 2025

In the ever-evolving tapestry of New York City’s real estate market, a pressing question echoes through the concrete canyons: Where can New Yorkers actually afford to live? As we navigate through 2025, the answer is as complex as the city itself, with each borough telling its own unique story of affordability and opportunity.

The Big Picture: A Market in Flux

The latest data paints a nuanced picture of New York’s rental landscape. As of April 2024, the number of available rentals in the city grew to 30,314, up nearly 5% from the previous year. It’s a glimmer of hope for apartment hunters, but still a far cry from the 41,123 units available in April 2019. This increase in inventory, however, comes with a caveat – rising prices.

The citywide median asking rent reached a staggering $3,700 in recent months, the highest since September 2023. This figure represents a 1.7% year-over-year increase – a notable slowdown from the 14% surge seen between April 2022 and 2023, but still outpacing wage growth in a city where the gap between income and rent continues to widen.

The Income-Rent Tightrope

To put this in perspective, adhering to the standard financial wisdom that rent should not exceed 30% of one’s income, a New Yorker would need an annual salary of $148,000 to comfortably afford the median rent. It’s a sobering figure, considering the city’s median household income hovers around $77,000.

Even more alarming, a recent report finds that New York City rents are rising seven times faster than wages. While average wages increased by about 1.2% last year, median rents surged by 8.6%. This widening gap outpaces every other metropolitan region in the country, creating what StreetEasy economist Kenny Lee calls a “vicious cycle” of price hikes driven by severe housing shortages.

A Tale of Five Boroughs

Manhattan: The High-Roller’s Haven with a Twist

Surprisingly, Manhattan offers a glimmer of hope. July 2024 marked the 13th consecutive month of year-over-year rent decreases in the borough. The median rent stood at $4,489 – down $91 from the previous year, representing a 2.0% savings. It’s even $362 less than its peak in August 2019.

However, don’t break out the champagne just yet. To afford a typical Manhattan apartment without spending more than 30% of your income on housing and utilities, you’d still need a gross household income of $179,560 per year. It’s a figure that dwarfs the U.S. median household income of $74,580.

Brooklyn: The Middle Ground Gets Pricier

Brooklyn’s story is one of steady climbs. July rent prices rose 3.5% year-over-year to a median of $3,718 per month – the highest Brooklyn rent on record. To comfortably afford this, you’d need an annual household income of $148,720. It’s a steep ask, but still more attainable than Manhattan for many professionals and dual-income households.

Queens: The Rising Star

Queens emerged as thehottest market among the outer boroughs, with the biggest jump in rental prices – an 8.2% rise to $3,380. This surge puts Queens rents a whopping 40.1% higher than in 2019. To afford a typical Queens home without breaking the bank, you’d need a gross household income of $135,200 per year.

The Bronx: Frontier of Affordability (For Now)

The Bronx offers a relative bargain, with a median rent of $3,175 in July – 7.7% higher than the previous year. While still the most affordable borough, Bronx rents have skyrocketed 60.9% in five years. To comfortably rent here, you’d need a gross annual household income of $127,000.

Staten Island: The Often Overlooked Option

While often left out of the conversation, Staten Island can offer more space at lower prices for those willing to embrace a suburban feel with a city address.

Neighborhood Spotlight: Where to Look

Astoria, Queens: With a 47% increase in listings, Astoria is becoming a hotspot for those priced out of Manhattan and parts of Brooklyn.
Greenpoint, Brooklyn: Matching Astoria’s growth, Greenpoint offers a blend of Brooklyn charm and increasing rental options.
Mott Haven, Bronx: Leading all neighborhoods with an 85% increase in inventory, Mott Haven represents the frontier of affordability, with a median asking rent of $3,050.

Size Matters: The Demand for Smaller Spaces

In New York City, size indeed matters. July saw greater demand for smaller rental units. The median rent for studios, one-bedroom, and two-bedroom units averaged $3,322, up 2.2% from July 2023. Meanwhile, larger units with three or more bedrooms saw a 5.0% decrease in median rent, dropping to $4,996.

Strategies for Every Salary

Look to Emerging Neighborhoods: Areas like Mott Haven in the Bronx offer lower rents and potential for future appreciation.
Consider Outer Boroughs: With Manhattan prices still sky-high, more renters are exploring options in Queens, Brooklyn, and the Bronx.
Timing is Everything: Winter months often see dips in rental prices. If you can time your move, you might snag a deal.
Be Aware of Hidden Costs: Factor in broker fees, application costs, and credit check expenses, which can add significantly to your moving budget.
Explore Affordable Housing Options: While limited, units reserved for low- and middle-income renters do exist, particularly in newer developments.

The Road Ahead

As New York City continues to evolve, so does its rental landscape. Recent legislation aims to curb dramatic rent increases, allowing renters to challenge hikes over 8.5% in most cases. However, the effectiveness of these measures remains to be seen.

For New Yorkers at all income levels, finding that perfect balance of location and affordability is an ongoing journey. But armed with knowledge, a bit of flexibility, and that famous New York resilience, a place to call home is out there – at every price point.

In this city of dreams and determination, the rental market remains as dynamic and challenging as ever. But for those willing to explore beyond their comfort zones and keep a keen eye on emerging trends, opportunities still abound in the concrete jungle where dreams are made.

Manhattan’s Office Market Surges, Creating Space Crunch For Major Tenants

By Columbus International,18 December 2024

The Manhattan office market is experiencing an unprecedented renaissance, with demand outstripping supply in prime locations, according to recent reporting by the New York Post. This remarkable turnaround from the pandemic-era slump is reshaping the commercial real estate landscape in one of the world’s premier business districts.

“If you are a tenant of 100,000 square feet or greater, you should have done your deal already. By the time we get to 2027, you’re going to have a problem,” warns CBRE veteran Mary Ann Tighe, as quoted by the Post. Her assessment is backed by striking statistics: 79% of the mere 2.4 million square feet of new space scheduled for completion by 2026 is already pre-leased.

The space shortage is particularly acute in premium locations. Singapore’s sovereign wealth fund Temasek, currently occupying 27,000 square feet at the iconic Seagram Building, found its expansion plans stymied by lack of available space, the Post reports. Similar scenarios are playing out across Midtown, with firms like Baker Hostetler struggling to expand beyond their current 90,000-square-foot footprint.

SL Green CEO Marc Holliday, whose company is Manhattan’s largest commercial landlord, offered a bullish forecast during a recent investor call. “Vacancies will continue to fall as low as [12%] in midtown and [below 7%] in the prime Park Avenue corridor — maybe the tightest conditions I’ve ever seen for prime space in my career,” he stated, according to the Post.

The market’s strength is evidenced by hard data. JLL reports that by November 30, 2023, leasing activity had already surpassed the previous year’s total, reaching 25.3 million square feet. VTS, a market tracking service, indicates demand has surged to 12.5 million square feet, marking a 50% increase over the previous quarter.

This resurgence coincides with the declining popularity of remote work. Mark Weiss, a Cushman & Wakefield broker, told the Post that “most companies came to the realization they must have their workforce together in their offices” at the start of 2024, with elite financial firms leading the return, followed by commercial banks, law firms, and technology companies.

The scarcity of new development compounds the space crunch. As Holliday noted, there are currently zero new ground-up office projects underway in core Midtown. This supply constraint, combined with growing demand, suggests Manhattan’s office market may be entering a new era of premium pricing and heightened competition for prime spaces.

New York City’s Historic Pierre Hotel Hits Market, Signaling Luxury Hospitality Gold Rush

By Columbus International,12 December 2024

In a move that underscores the growing appetite for premium hospitality assets, The Pierre—one of New York City‘s most prestigious five-star hotels—has been put up for sale. The iconic property, which has graced the corner of Fifth Avenue and 61st Street since 1930, represents a rare opportunity for investors to acquire a piece of Manhattan’s luxury hospitality legacy.

The offering includes 189 hotel rooms, along with the property’s retail spaces and dining establishments, though the approximately 80 co-op residences within the building will remain separately owned. The sale is being orchestrated by the co-op board, which currently owns the hotel operations and will be the beneficiary of the transaction.

Douglas Harmon, co-chairman of capital markets at Newmark Group Inc., who is handling the sale, emphasizes the unique position of such properties in today’s market. “Luxury hotels, especially those in marquee cities that provide branding opportunities, are a rare and hot commodity,” he notes, highlighting the scarcity of such investment opportunities.

The Pierre’s availability comes at a time when ultra-luxury hospitality assets are experiencing unprecedented demand from high-net-worth investors and institutional buyers. The property, currently operated by Taj Hotels since 2007, stands as a testament to timeless elegance, with its prime location offering unparalleled views of Central Park and easy access to Manhattan’s most coveted shopping and cultural destinations.

This potential sale aligns with a broader trend of major hotel acquisitions in the American luxury market. Recent months have seen several notable transactions, including the Reuben brothers’ acquisition of Florida’s W South Beach for over $400 million, Oracle co-founder Larry Ellison’s purchase of the Eau Palm Beach Resort & Spa, and a joint venture led by Ares Management Corporation securing the Hyatt Regency Orlando in a billion-dollar deal.

The Pierre’s distinctive position in the market is further enhanced by its storied history. Since opening its doors during the Great Depression, the hotel has maintained its status as one of New York’s most prestigious addresses, hosting royalty, heads of state, and entertainment icons throughout its 94-year history.

While the exact structure of the potential deal remains to be determined, industry experts anticipate significant interest from both domestic and international investors. The opportunity to acquire such a well-positioned asset in Manhattan’s luxury hotel market—particularly one with The Pierre’s reputation and Central Park location—is expected to attract premium offers from serious contenders in the hospitality investment space.

For potential buyers, The Pierre represents more than just a hotel acquisition; it offers the chance to own a piece of New York City’s architectural and cultural heritage while tapping into the robust luxury travel market. As tourism continues to rebound in post-pandemic New York, premium properties like The Pierre are particularly well-positioned to capture high-end domestic and international travelers seeking exceptional accommodations and services.

The timing of this offering coincides with a period of strong recovery in New York’s luxury hotel sector, suggesting that The Pierre’s next chapter could mark another significant milestone in the property’s distinguished history. As the sale process unfolds, the hospitality industry will be watching closely to see who secures this crown jewel of Manhattan’s hotel landscape.

New York City Real Estate Market Shifts as SoHo Claims Top Spot, Brooklyn Gains Ground

By Columbus International,25 November 202425 November 2024

New York City’s real estate landscape underwent notable changes in Q3 2024, with SoHo emerging as the city’s most expensive neighborhood for the first time since 2016. The market showed moderate growth, with citywide median sale prices rising 3% year-over-year to $770,000 and transaction volume increasing 6% to 7,925 deals.

Hudson Yards’ Notable Absence

The quarter’s most significant development was Hudson Yards’ absence from the rankings, recording just four residential sales—insufficient to meet the minimum threshold for price analysis. This marks the neighborhood’s first exclusion since Q2 2020, during the pandemic’s early stages.

SoHo and TriBeCa Lead the Pack

Despite an 8% year-over-year price decline, SoHo secured the top position with a $4.25 million median sale price. TriBeCa followed at $3.9 million, benefiting from a dramatic 55% price surge, though sales volume dropped 36% year-over-year due to decreased co-op transactions.

Brooklyn’s Rising Influence

Brooklyn achieved a milestone by placing 23 neighborhoods among NYC’s 50 most expensive—surpassing Manhattan for the first time since Q2 2021. Three Brooklyn neighborhoods ranked in the top 10:

Cobble Hill (#4) at $1.84 million
DUMBO (#8) at $1.67 million
Carroll Gardens (#9) at $1.63 million

The borough also dominated sales growth, with Greenpoint leading the charge as transactions more than doubled year-over-year, largely driven by The Huron development’s 25 unit sales.

Queens Shows Strong Momentum

Queens demonstrated remarkable growth, placing 11 neighborhoods in the top 50. Hollis Hills recorded the city’s sharpest price increase at 125% year-over-year, reaching $966,000. This surge stemmed from a shift toward single-family home sales, which represented 10 of 17 total transactions.

Hunters Point led Queens’ luxury market as the borough’s only representative in the top 20, securing the #20 position with a $1.21 million median sale price.

Market Implications

The third quarter’s shifts suggest evolving buyer preferences and market dynamics:

Price growth remains moderate but steady
Brooklyn’s ascendance indicates strong demand for its residential offerings
Luxury market resilience continues despite economic headwinds
New development sales significantly influence neighborhood rankings

With Hudson Yards’ temporary exit and SoHo’s resurgence, Q3 2024 marks a potential inflection point in New York City’s luxury real estate landscape. As the market adapts to changing conditions, the interplay between Manhattan’s established luxury corridors and Brooklyn’s rising prominence promises to shape future trends.

New York City Council Passes Landmark Law Shifting Broker Fees from Tenants to Landlords

By Columbus International,15 November 2024

The New York City Council passed groundbreaking legislation Wednesday requiring landlords, not tenants, to pay real estate broker fees. The Fairness in Apartment Rental Expenses (F.A.R.E.) Act passed with a veto-proof majority of 42-51 votes.

The law establishes a simple principle: whoever hires the broker must pay their fee. This marks a significant shift from New York’s unique system where tenants typically pay broker fees amounting to 12-15% of annual rent, despite landlords hiring the brokers.

“What other industry exists where someone else orders something, and then someone else has to pay for it?” said Councilmember Chi Ossé, who introduced the legislation. The new law aims to reduce upfront costs for renters, who currently often need around $10,000 to secure a one-bedroom apartment when combining broker fees, first month’s rent, and security deposits.

Council Member Chris Marte praised the legislation as “monumental,” suggesting it breaks the brokers’ monopolistic control over housing accessibility.

Industry Pushback and Mayor’s Concerns

Real estate groups strongly oppose the law, arguing landlords will simply incorporate broker fees into higher rents. Bess Freedman, CEO of Brown Harris Stevens, contends that “almost 50 percent of units are no-fee apartments” and fees are negotiable.

Mayor Eric Adams expressed concern that the legislation could transform one-time broker fees into permanent rent increases. However, Ossé counters this argument on two fronts:

Such increases would be illegal for the city’s 47% rent-stabilized apartments
Market forces, not landlord preferences, determine rent levels

“If your landlord could increase your rent tomorrow, they would have done so yesterday. They’re not holding back,” Ossé argued.

Implementation Timeline

The F.A.R.E. Act will become law either with the mayor’s signature within 30 days or automatically if unsigned. The law takes effect 180 days after enactment, aligning New York with standard practices in other major U.S. cities.

Floyd Mayweather Acquires $402 Million Real Estate Portfolio In New York City

By Columbus International,21 October 2024

Legendary boxer Floyd Mayweather Jr., who retired from professional fighting in 2017 with a 50-0 record, is making a major real estate play in New York City.

According to TMZ Sports, the 47-year-old has purchased over 60 apartment buildings containing more than 1,000 units across upper Manhattan for a total of $402 million. Mayweather’s goal is to provide affordable housing for struggling families in the area.

“Growing up I used to dream about owning just one home by myself. When you work hard, you can achieve anything,” Mayweather said in a statement to TMZ.

The purchase is the latest in a long line of lucrative business ventures for Mayweather, who is widely regarded as one of the wealthiest and most financially successful athletes of all time. His record-breaking fight against Manny Pacquiao in 2015 generated $600 million, with Mayweather pocketing an estimated $250 million. He then earned a reported $275 million for his 2017 fight with UFC star Conor McGregor, bringing his career earnings over the $1 billion mark.

Even in retirement, Mayweather has found ways to keep the money rolling in. He’s participated in several high-profile exhibition matches, including bouts with WWE Superstar Logan Paul and boxer John Gotti III. Mayweather is also the founder of Mayweather Promotions, a boxing promotion company that has signed and promoted numerous notable fighters since its inception in 2007.

This latest real estate move signals that Mayweather is looking to diversify his investments and create a lasting legacy beyond his Hall of Fame boxing career. With his unparalleled earning power and business acumen, it’s clear that “Money” Mayweather is as formidable in the boardroom as he was in the ring.

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