new york

A European Wellness Enclave Blooms in New York Harbor

By Columbus International,13 May 2024

In the heart of New York Harbor lies a European oasis that is set to expand its boundaries. Governors Island’s luxurious Italian day spa, QC NY, is unveiling an ambitious growth plan, with a new building, a restaurant, and an array of wellness offerings slated to open this July. Since its inception in March 2022, the $50 million retreat has captivated New Yorkers with its resort-level experience and distinctly foreign ethos. Nestled amid former Army barracks, QC NY has proven that a European-inspired sanctuary can thrive even in the midst of the city’s hustle and bustle, albeit at a premium price point of $98 for timed admission.

Now, over two years after its initial debut, QC NY is poised to unveil its transformation of a second structure, the 15,000-square-foot Building 112. This expansion will introduce a panoply of amenities, including “sensory saunas,” a salt room, an ice room, and a relaxation room adorned with water beds. Andrea Quadrio Curzio, CEO and founder of the QC Spa of Wonders brand, shared his vision with The New York Post, “We will have a breath room serving as a reminder to breathe, and a lavender room reminiscent of the lavender season in Provence or walking through the lavender field only steps away from us in Governors Island.”

The expansion will also feature Casa QC, a 142-seat, 5,000-square-foot restaurant offering a blend of soft and alcoholic beverages, as well as a variety of Italianesque fare, including artisanal gelato and aperitivo trays. A third facility, housed within another former Georgian Revival-style barrack, is slated for completion by spring 2025, bringing the spa’s total footprint on Governors Island to an impressive 100,000 square feet. Currently, QC NY offers guests access to an array of Vichy showers, saunas, infrared beds, more than a dozen relaxation rooms, massages (for an additional charge), and its most Instagrammable feature: year-round outdoor pools with sweeping views of lower Manhattan.

“The expansion is another step in transforming Governors Island into a wildly popular, year-round destination,” reads a release about the new building, noting that until QC NY’s arrival, the ferry only ran to the former Coast Guard base seasonally. The spa’s year-round operations have ushered in a new era for the island, “another change you can thank the Italians for.” In a city known for its relentless pace, QC NY’s European wellness enclave on Governors Island promises an oasis of tranquility and indulgence, catering to those seeking a luxurious escape without leaving the city limits.

Photo via QCNY

Manhattan Rents Soar to Dizzying New Heights

By Columbus International,13 May 2024

New York City’s rental market is reaching dizzying new heights, shattering previous records and exacerbating the city’s affordability crisis. According to a report released by Douglas Elliman and Miller Samuel, median rents in Manhattan and Brooklyn soared to unprecedented levels in April 2024, with no signs of abating as the peak leasing season approaches.

The data paints a grim picture for renters struggling to keep up with the relentless rise in housing costs. In Manhattan, the median rent climbed to a staggering $4,250 last month, a 3.7% increase from March and a 0.2% annual hike. This figure represents a staggering 26.7% surge compared to the pre-pandemic average in April 2019. Brooklyn followed a similar trajectory, with the median rent reaching $3,599, a 3% monthly increase and a 26.7% jump from April 2019 levels.

The report’s author, Jonathan Miller, warns that these eye-watering numbers could be just the beginning. “This is the third time in the four months of 2024 that we’ve seen rental prices rise year-over-year,” Miller said. “And this is increasing the odds — because rents don’t peak until the summer — that we could actually see last year’s July/August record broken.” The rental frenzy extends beyond Manhattan and Brooklyn, with northwest Queens also experiencing a sharp spike. The median rent in the area reached $3,244, the second-highest April figure on record, marking a 1.4% increase from March and a 15.1% jump from April 2019. The escalating rents are compounding New York City’s affordability crisis, which has reached alarming proportions. A recent report from the city comptroller revealed a worsening food insecurity crisis, with one in nine households unable to access adequate nutrition.

Moreover, a StreetEasy/Zillow analysis found that New York City has the largest gap between wage and rent growth in the country, with rents growing over seven times faster than wages did last year. As summer approaches and leasing activity typically peaks, the city’s renters brace for further strain on their already stretched budgets. The affordability crisis threatens to deepen, leaving many struggling to keep a roof over their heads in the city they call home.

Among private gardens and inner courtyards, here is the latest oasis of peace in New York

By Columbus International,6 May 2024

The New York Post reports that an imposing townhouse in Lenox Hill at 164 East 66th Street, with access to a lush hidden garden, has been put on the market for $10.75 million. “This rare home offers privileged access to one of Manhattan’s best-kept secrets, gifting its lucky buyer an unprecedented boast,” it reads. The townhouse, spanning around 3,620 square feet, is outfitted with amenities such as a basement sauna, a rooftop terrace and, above all, access to the exclusive Jones Wood Garden – a corner of nature enclosed between the buildings of Lexington and Third Avenue.

Unlike that famous gated area of lower Manhattan, however, Jones Wood Garden cannot be admired from the street; only nearby residents can use and stroll through it. The Post reports that three other townhouses on E. 65th Street that share access to the garden are for sale between $8.75 million and $13.45 million. They are now ready to be sold for the first time since the 1990s. Several owners raised their families here, and now that their kids are mostly out of the house, they feel it’s the right time to downsize a bit.

The article delves into the history of the approximately 10,800 square foot two-level garden, which according to the Post was “created by developers seeking to breathe new life into 12 brownstone-style buildings along East 65th and 66th Streets” around 1920 after combining their backyards. More than a century later, strolling through Jones Wood continues to inspire a sense of curious wonder.

How many other magical nooks like this are silently growing throughout the city, veiled by brownstone buildings, hidden from the public to be enjoyed by only a lucky few? The amenities of the home at 164 East 66th Street for sale, beyond garden access, include a gym, radiant-heated marble floors, an elevator, a bar, six fireplaces, a rooftop deck, two balconies, five bedrooms and 5.5 bathrooms. It is a small community, New York’s latest oasis of peace.

New York’s Real Estate Roller Coaster: Navigating the Highs and Lows of the Housing Market

By Columbus International,29 April 2024

As the world’s financial capital and a global cultural beacon, New York has long been a real estate juggernaut. Its housing market encompasses everything from ultra-luxury Manhattan condos to family-friendly suburbs and bucolic vacation homes. This diversity fuels a perpetual churn of buyers and sellers, each with their own motivations and priorities. However, the pandemic triggered seismic population shifts, with New York losing 2.6% of its residents between 2020 and 2023 according to moving data.

This exodus has contributed to declining listings and sales statewide, even as certain pockets remain red-hot due to inventory constraints. Statewide, new listings plunged 22.4% year-over-year in Q2 2023, while closed sales dropped 22.6%. The median sale price of $405,000 represents a 1.8% annual dip but still outpaces much of the nation. Yet this macro view conceals a intricate tapestry of micro-markets, some scorching, others tepid. “All of these contribute to the diversity of the housing market,” says Jeffrey Decatur, a RE/MAX Capital broker. “There’s strong demand for luxury homes in Manhattan, while the tech hubs attract new buyers from around the world.”

For buyers and sellers navigating these currents, strategic timing is paramount. Higher mortgage rates pose affordability hurdles, while uncertainty surrounding the 2024 election could further dampen activity. Conversely, New York’s resilient long-term appreciation trajectory promises future upside. Ultimately, personal circumstances should guide decisions. “The one thing you don’t want is to think yourself into doing nothing at all,” Decatur advises. “When someone has to buy or sell, the water is fine. Jump in.” In this dynamic landscape, New York’s real estate opus continues its perpetual reinvention, redefining itself with every transaction as an indelible thread in the rich tapestry of the Empire State.

Escape Velocity: The Ultra-Rich Forge a Parallel Housing Universe

By Columbus International,29 April 2024

In leading cities and luxury destinations around the world, a surprising new phenomenon is emerging: a concept of an ultra-luxury real estate market completely independent from conventional economic forces. No longer bound by the same rules that govern traditional housing markets, the super rich are developing their own real estate stratosphere where prices have become almost irrelevant and scarcity is the true luxury commodity.

From the billionaires’ homes in New York to the ultra-luxurious properties in Dubai, the concept of luxury living is being redefined by a rarefied class of buyers for whom money is truly no object. In these realms, a nine-figure price tag is not just the cost of entry – it is a badge of exclusivity that leads to excelling over others. At the highest levels, the motivations go far beyond mere real estate investment. It’s about curating a lifestyle narrative, joining an ultra-exclusive club where admission is granted by the audacity of what you can afford to spend. This dynamic is fueling a boom in what can only be defined as ultra-luxury accommodation: properties so lavishly appointed that they belong in a separate category from traditional high-end homes. Think private garages for your car collection, ultra-private elevator foyers, and amenities so bespoke they verge on the absurd, like hallways with coral aquariums and lounges dedicated to a Space observatory.

In Miami, the new Residences have just unveiled 17,800 sq ft penthouses listed for the staggering sum of $200 million, including a private helipad and a wine cellar stocked with Cristal. While most city real estate markets rise and fall with local economies, these ultra-luxury enclaves have become isolated from such earthly concerns. Their values are unshackled, buoyed by an elite of globetrotting investors who crave a stamp of absolute pedigree and provenance. As wealth concentrates at the highest levels, the appetite for this degree of extravagance continues to grow. In the race to reach escape velocity from conventional markets, the sky is no longer the limit for the highest real estate stratosphere.

The Great Tech Migration to New York City

By Columbus International,29 April 2024

For years, Silicon Valley has reigned supreme as the global epicenter of the tech world. However, a seismic shift is underway, as a growing number of young tech professionals are trading in the Bay Area for the bright lights and endless possibilities of New York City. This trend, which gained momentum during the COVID-19 pandemic, defies conventional wisdom. New York is notorious for its exorbitant cost of living, with rents and everyday expenses dwarfing those of even the priciest Bay Area enclaves. Yet, the allure of New York’s vibrant culture, diverse opportunities, and unparalleled social scene appears to be outweighing financial considerations for many millennials and Gen Zers in the tech industry.

Take Sanchit Gupta, a 29-year-old product manager who recently relocated from the Bay Area to Manhattan. “I always thought New York could be a much more fun city than San Francisco,” Gupta said, citing the city’s world-famous nightlife, robust dating scene, and thriving tech community as key factors in his decision. Gupta is far from alone in his quest for a more fulfilling work-life balance. A recent study found that tech workers leaving the Bay Area are most likely to head to New York, even as apartment rents in the city have reached record highs, and the average income lags behind San Francisco’s.

This trend has not gone unnoticed by the tech industry’s power players. Venture capital firms like Sequoia Capital, long headquartered in the Bay Area, have opened offices in New York to tap into the city’s burgeoning tech talent pool. In 2022 alone, New York attracted a staggering $29.5 billion in venture capital investment, second only to Silicon Valley’s $74.9 billion. While few expect New York to dethrone Silicon Valley as the undisputed tech capital anytime soon, the city’s ascendance offers valuable lessons for Bay Area companies. Young tech professionals’ priorities are evolving, with many placing a premium on experiences and quality of life over traditional markers of success.

“Living in the Bay Area, things kind of shut down around 10 p.m.,” said Kai Koerber, a recent UC Berkeley graduate and founder of the AI startup Koer AI. “So, if you’re in tech and want to kind of live a fun life in your 20s, while also building life-changing technology during the day, New York is kind of the place to be.” This sentiment is echoed by tech recruiters who have observed a growing trend of recent college graduates flocking to Silicon Valley for their first jobs, only to decamp for greener pastures like New York after a couple of years. Some attribute this exodus to burnout from the intense culture of Big Tech, while others believe the Bay Area has simply lost its luster for younger employees. Mass layoffs at tech giants like Google and Twitter, coupled with San Francisco’s staggering 36% office vacancy rate, have undoubtedly contributed to this perception. In contrast, New York has rebounded from the pandemic with remarkable resilience, boasting a vibrant street life, bustling retail scene, and a much lower office vacancy rate than its West Coast counterpart.

As New York solidifies its position as the nation’s number two tech hub, Bay Area companies would be wise to take note. Fostering a more dynamic, experience-driven culture could be key to retaining top talent in an increasingly competitive landscape. For many young tech professionals, the bright lights of New York City have become too enticing to resist.

Source: San Francisco Chronicle

Rise of Hudson Yards: From Urban Oasis to Office Epicenter (The New York Times)

By Columbus International,24 April 2024

In March 2019, on the west side of Manhattan, 13,000 people flocked to the Hudson River to witness the unveiling of Hudson Yards, the largest private real estate venture in U.S. history. However, just a year later, the vibrant energy of that opening seemed a distant memory as the new construction lay silent amidst the pandemic.

The once lively corridor of luxury skyscrapers and high-end commercial spaces along the Hudson River had been subdued by closures and urban vacancies. With an extraordinary investment of approximately $30 billion, the ambitious neighborhood appeared to teeter on the brink of failure. Yet, five years later, Hudson Yards not only persevered its initial spirit but emerged as a beacon of resilience, becoming, according to The New York Times, the most sought-after workplace in New York City.

Amidst a shift in remote and hybrid work models, the neighborhood’s glass and steel towers have become magnets for some of the world’s most esteemed companies – BlackRock, Pfizer, Ernst & Young – willing to pay astronomical sums for prime real estate and locations. A remarkable resurgence that silenced even the critics who once looked suspiciously upon the Hudson Yards project, deeming it a soulless enclave catering solely to the wealthy elite. While the office sector thrives, other components of the project, particularly luxury residential buildings and a large shopping center, have struggled to take off. This divergence underscores the growing gap between the fortunes of elite office towers like those around Grand Central Terminal and the broader challenges facing Manhattan’s real estate landscape.

Across Manhattan, the office vacancy rate has reached approximately 18%, nearing record levels with no immediate signs of improvement. However, in Hudson Yards, vacancy rates remain below 10%, with several buildings boasting full occupancy. Rental prices have soared, with some spaces commanding nearly triple the city average. The resurgence of pedestrian traffic, especially at the neighborhood’s shopping center, signals a promising recovery, with companies reporting attendance rates similar to pre-pandemic levels. In particular, employee presence exceeds 80% on weekdays, in stark contrast to the subdued activity observed in other office buildings across the city. Initially criticized as an unnecessary gift to promoters and developers, the tax incentives provided by the city have proven instrumental in the success of Hudson Yards.

Developers argue that without these incentives, the project would have been at risk. The recent relocation of Cravath, Swaine & Moore, a prestigious law firm, to Two Manhattan West, further solidifies Hudson Yards’ status as a premier business hub. Major corporations cite the allure of modern, expansive office spaces as a primary attraction, with companies like BlackRock consolidating their operations within the neighborhood, setting a new standard in luxury office spaces.

Photo via 15 Hudson Yards

Manhattan Investment Market: Foreign Buyers Drive Activity, but Uncertainty Persists

By Columbus International,16 April 2024

Manhattan’s investment sales market kicked off the year with a bang, boasting its most robust three-month period since 2022. However, the surge in activity primarily stems from affluent foreign investors with their sights set on a handful of select properties. During the first quarter, commercial property transactions across the city amounted to a staggering $3 billion, with Manhattan accounting for $2.2 billion of that sum.

Although the transaction count was lower than any point since Q1 2023, the last instance Manhattan saw CRE sales surpassing $2 billion was in the final three months of 2022. A significant portion of the borough’s sales tally was attributed to a single deal—the $963 million acquisition of 715-717 Fifth Ave. by Gucci’s parent company, Kering, from Wharton Properties and SL Green. James Nelson, Principal and Head of Tri-State Investment Sales at Avison Young, remarked, “This perfectly illustrates the trend of luxury retailers purchasing their own properties within this market.” Another notable transaction was the $153 million sale of retail condos anchored by Home Depot at 401 E. 60th St. from Israeli firm Gazit Horizons to Hennick & Co., the family office of Canadian real estate tycoon Jay Hennick. Reportedly, Chanel and LVMH are vying for another Fifth Avenue tower.

Brandon Polakoff, Principal at Avison Young, noted, “Sales activity and demand primarily stem from the private sector, particularly foreign high-net-worth individuals driving the mid-market, with end-users fueling the high end.” However, these high-end transactions do not reflect the broader market, which still experiences significantly less activity compared to the long-term average. If the pace of Manhattan sales in Q1 persisted throughout the year, it would be 62% lower than the 10-year annual average. Nelson expressed optimism that potential rate cuts could stimulate buyers and sellers, but recent inflation news has dampened investor enthusiasm for the market. Uncertainty continues to shroud office properties as tenants gravitate towards premier offerings, leaving Class-B and C properties in limbo.

Although trophy assets remain unsold, properties at the lower end of the market are changing hands, indicating a significant decline in value. Political uncertainty has also cast a shadow over the housing sector, hampering sales of development sites and existing multifamily properties. Multifamily properties accounted for just a quarter of the total dollar volume in the quarter, despite being the most frequently transacted asset class. The second-largest sale of the quarter was A&R Kalimian Realty’s luxury residential building, The Aire, acquired by a joint venture between The Carlyle Group and Gotham Organization for $265 million. Meanwhile, Kushner Cos. sold its East Village portfolio for $41 million to Penn South Capital. However, the sale of 120-125 Riverside Drive by BGO to Aya Acquisitions for $31 million signaled potential trouble for parts of NYC’s rental market. The lack of significant multifamily sales also impacted development sites, with sales volume down 10% from the previous quarter. Nonetheless, the dollar volume for development sales witnessed a threefold year-over-year increase, reaching $205 million, as more condo developers entered the fray. Investors are eagerly awaiting the outcome of housing legislation in the state budget, as decisions regarding good-cause eviction and 421-a incentives will significantly influence their strategies moving forward.

Source: Bisnow

New York City’s Midtown Reawakens: Power Lunches Return with a Vengeance

By Columbus International,15 April 202415 April 2024

As the dust settles from the tumultuous waves of the pandemic, New York City’s Midtown district is experiencing a renaissance of bustling activity, particularly during lunch hours. Wall Street firms like Goldman Sachs Group Inc. and JPMorgan Chase & Co., often the pulse of the city’s financial heartbeat, have played a pivotal role in propelling New York City’s return-to-office (RTO) rate to nearly 80% of its pre-pandemic levels, according to recent data. The revival isn’t confined to the financial powerhouse alone; Miami, too, is witnessing a similar resurgence, marking a positive shift in the broader economic landscape. Placer.ai’s Nationwide Office Building Index, analyzing foot traffic data from approximately 1,000 office buildings across the nation, underscores this trend, highlighting the remarkable rebound in RTO rates for both cities, surpassing the national average by a considerable margin. In the heart of the Big Apple, the iconic power lunch, once confined to select weekdays, is back on the menu five days a week. Midtown’s culinary landscape is witnessing a resurgence, with renowned establishments like Michael’s, Fresco by Scotto, and Daniel Boulud and Jean-Georges Vongerichten’s culinary ventures, witnessing a steady stream of patrons eager to combine gastronomic delights with deal-making discussions. Daniel Boulud, the visionary behind culinary gems like One Vanderbilt’s Le Pavillon and Wall Street’s Le Gratin, remarks on the palpable return of the lunch crowd, signaling a promising trajectory for Manhattan’s office spaces. Similarly, Jean-Georges Vongerichten’s Four Twenty Five, nestled in the heart of 425 Park Ave., has expanded its lunch service, catering to the renewed demand from office-goers and local denizens alike.

The sentiments echo beyond the culinary sphere, encapsulating a broader narrative of revitalization sweeping across Midtown. As foot traffic steadily inches closer to pre-pandemic levels, the district is poised for a new era of prosperity, symbolized by the resurgence of beloved institutions and the emergence of new dining destinations. Rosanna Scotto, a prominent figure in New York’s culinary scene, emphasizes the readiness of establishments to welcome back patrons with open arms. Lauren Mitinas-Kelly, a seasoned broker, recounts her recent experience at Estiatorio Milos, underscoring the palpable energy reverberating through Midtown’s streets. The impending arrival of Rosemary’s, a beloved West Village haunt, further underscores the evolving landscape of Midtown, injecting a dose of warmth and hospitality into the bustling district. Carlos Suarez, the visionary behind hospitality gems like Bobo and Claudette, highlights the district’s craving for neighborhood camaraderie, a sentiment echoed by patrons and proprietors alike. Beyond the gastronomic delights, Midtown’s resurgence holds promise for the city’s economic recovery, with notable figures like Jonathan Tisch, CEO of Loews Hotels, rekindling the tradition of power lunches at iconic locales like the Loews’ Regency. As Midtown continues to reclaim its vibrancy, the echoes of its renaissance resonate far beyond its bustling streets, offering a glimpse into a future brimming with promise and possibility.

Luxury Upper East Side Townhouse, Renovated by Neighbors, Hits Market for $24.99 Million (New York Post)

By Columbus International,12 April 202412 April 2024

The New York Post reports that a meticulously renovated townhouse situated in the coveted Upper East Side, originally owned by the late Richard “Dick” Snyder, former chair of Simon & Schuster, has been listed for an impressive $24.99 million. This remarkable property, located at 120 E. 78th St., has stirred considerable interest due to its intriguing backstory. Meredith Verona, a prominent figure in the real estate arena and the listing agent for the property, shared insights into this captivating narrative. Verona, who resides adjacent to the townhouse, described the listing as emblematic of a quintessential New York tale, highlighting the vibrant dynamics of the city’s real estate landscape.

Verona and her husband Bryan acquired the residence in 2022 from Snyder’s estate for $9.25 million, subsequently embarking on an extensive renovation journey. The acquisition unfolded against the backdrop of a legal dispute initiated by Snyder, who alleged that the Veronas’ renovation activities on their neighboring property had adversely impacted the marketability of his own residence. However, Verona swiftly dismissed the lawsuit as baseless, emphasizing the positive impact of construction endeavors on enhancing property values within the locality.

Despite initially harboring no intentions of purchasing the townhouse, the Veronas eventually succumbed to the allure of the property as its price gradually declined. Motivated by a sense of responsibility and armed with a comprehensive understanding of the neighborhood’s nuances, they seized the opportunity to acquire the residence at an opportune moment. Spanning over 12,600 square feet, the neo-Georgian townhouse boasts a plethora of luxurious amenities, including nine bedrooms, 12 baths, and six fireplaces. Originally constructed in 1930 by esteemed banker Henry Winthrop, the property exudes timeless elegance, featuring exquisite French paneling, hardwood floors, and ornate marble mantels.

Designed by renowned Beaux-Arts architects Delano & Aldrich, the eight-story residence epitomizes architectural grandeur, with its elliptical staircase, expansive living spaces, and state-of-the-art facilities. The meticulous renovation process, which spanned approximately 12 months, ensured that the townhouse seamlessly melded historic charm with modern comforts. Verona, drawing upon her familial ties to the real estate development sector and her firsthand experience with renovations, spearheaded the restoration efforts with unwavering dedication. Reflecting on the arduous yet fulfilling journey, she expressed profound admiration for the property’s rich history and unwavering commitment to preserving the neighborhood’s architectural legacy. In essence, the listing of this exquisite townhouse symbolizes not only a testament to meticulous craftsmanship but also a celebration of New York City’s vibrant heritage and enduring allure.