new york

Manhattan Office Market Shows Signs of Recovery as Worker Return Gains Momentum

By Columbus International,1 July 2024

In a promising turn for New York City’s commercial real estate sector, recent data suggests that the Manhattan office market is gradually regaining its pre-pandemic vigor. According to an analysis by the Real Estate Board of New York (REBNY), office “visitations” in May reached 74% of 2019 levels, marking a notable improvement from 70% in the same month last year.

This upward trend in office occupancy offers a glimmer of hope for property owners and investors who have grappled with the challenges posed by remote work policies in the wake of the COVID-19 pandemic. The data, derived from Placer.ai location information, encompasses visits to 350 office buildings, tracked through cellphone records, and includes retail traffic within these properties.

While the May figure showed a slight dip from April’s 75% due to Memorial Day weekend travel, analysts believe the overall trajectory remains positive. Keith DeCoster, REBNY’s director of market data and policy, notes that excluding the holiday weekend, May’s numbers would have surpassed those of April.

Key Takeaways:

Manhattan office visitations in May 2024 reached 74% of pre-pandemic levels.
Year-over-year improvement from 70% in May 2023 indicates steady recovery.
Data reflects both office worker return and retail traffic in office buildings.

Looking ahead, industry experts are cautiously optimistic but remain vigilant. “We will watch closely to see if visitation rates increase, hold steady or decline during the summer in line with historic behavior,” DeCoster adds.

As the New York office market continues to evolve, stakeholders will be keenly observing these trends. The gradual return to office spaces could have far-reaching implications for the city’s economy, from local businesses that rely on office worker foot traffic to the valuation of commercial real estate assets.

For investors and business leaders, this data provides valuable insights into the changing dynamics of urban work environments and may inform strategic decisions regarding office space utilization and real estate investments in the post-pandemic era.

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

By Columbus International,26 June 2024

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

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

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

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

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

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

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

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

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

Source: Curbed and New York Post

Photo via Four Seasons New York

Catherine Zeta-Jones and Michael Douglas saying goodbye to ritzy $12M New York estate

By Columbus International,21 June 2024

Hollywood A-listers Catherine Zeta-Jones and Michael Douglas are waving goodbye to their posh Hudson River estate, slapping a cool $12 million price tag on their Westchester County palace.

Nestled in the ritzy village of Irvington, a mere 20 miles from the hustle and bustle of Manhattan, this gated oasis sprawls over a luxurious 12 acres. The stunning property, snatched up by Zeta-Jones for $4.5 million in 2019, has seen its fair share of star-studded soirées, including a recent campaign bash for President Biden, according to the Wall Street Journal, which first reported on the listing.

The “Wednesday” star, 54, reflected on their time in the mansion with fondness. “When I purchased our Irvington home I knew our family would share many happy times here, and we have!” she told the Journal, adding that with both of their kids now having flown the coop, the timing feels “right” for a sale. “Michael and I plan to spend more time in Bermuda and Europe,” she revealed, citing work commitments pulling them overseas.

The couple has a home in Bermuda that has been listed for sale in the past. Made up of eight bedrooms and 12 baths, their upstate estate is steeped in history, boasting 130 feet of prime river frontage once owned by Charles Lewis Tiffany of Tiffany & Co. fame, as well as the Matthiessen sugar dynasty. The current Georgian-style stunner, dating back to the 1920s, spans a whopping 12,000 square feet with grand columns and an elegant brick-and-stone façade. A 100-foot terrace offers idyllic river views. Inside, the splendor continues with a two-story, oak-paneled library, an indoor pool, and a kitchenette on the lower level that opens to a picturesque terrace. The power couple has tastefully updated the mansion while preserving its original charm, blending formal and casual spaces seamlessly.

“There’s a blend of formal and informal rooms,” listing agent David Turner of Compass added. “There’s a family room next to the kitchen, which many of these old mansions don’t have.” The estate is a stone’s throw from Irvington’s charming main street, bustling with shops and restaurants and offering a quick train ride to Manhattan. “Longmeadow is a spectacular property — a true Hudson River estate. The owner has done a masterful job in renovating the house in a cool, comfortable and modern aesthetic that preserves its original grandeur and integrity,” Turner told The Post.

Five of the bedrooms come with ensuite bathrooms. The Oscar-winning duo, who previously resided in nearby Bedford, have a knack for lucrative real estate flips. Zeta-Jones sold their Bedford home for a staggering $20.5 million after buying it for $11.25 million. Douglas, meanwhile, once listed their Central Park West pad for $21.5 million.

The Revival of New York City’s Office Market

By Columbus International,5 June 20245 June 2024

New York’s iconic skyline is undergoing a transformation as major companies capitalize on the city’s weakened office market to revamp their workspaces. In the wake of the pandemic’s disruption to traditional office life, savvy firms are seizing opportunities to enhance their brands and create environments that foster collaboration and attract top talent.

The New York Bargain Hunters With office vacancies soaring and prices dropping, 2023 became a prime year for companies to go trophy hunting in New York. Investment sales of office properties plunged 59% citywide to just $3.2 billion as hybrid work took hold. The average value of Manhattan offices fell 22% to $848 per square foot. But this shakeup opened a rare window for prospective buyers.

Wells Fargo snagged over 400,000 square feet at the coveted 20 Hudson Yards development for $408 million. Hyundai acquired a newly redeveloped Tribeca building for $275 million to house its showroom. And NYU purchased prime real estate in Manhattan and Brooklyn totaling nearly $220 million. Even luxury retailers got in on the New York fire sale. Prada claimed a $822 million Fifth Avenue flagship location, while Gucci‘s parent company Kering paid close to $1 billion for another stretch of the iconic shopping corridor. Revamping the Office Experience For companies taking the plunge, the goal is to redesign the office environment itself. Google‘s vibrancy is on full display at its new $2 billion St. John’s Terminal campus. The 1.3 million square foot former rail terminal has been reimagined as an urban oasis with terraces, gardens, and ultra-modern workspaces. “It’s a testament to New York’s… diverse talent pool that keep us rooted here,” said Sean Downey, President of Google’s Americas operations. With 14,000 New York employees, Google is doubling down on flexible, amenity-rich spaces that enhance the in-office experience.

The “office” is being redefined for a hybrid age. No longer simply spaces to work, tomorrow’s corporate headquarters aim to inspire collaboration, rejuvenation and pride. As the pandemic catalyzes evolving workplace models, controlling the physical workspace has become a competitive advantage.

The revamp isn’t limited to offices either. Amid skyrocketing e-commerce demand, companies are reinventing New York’s industrial spaces as well. FedEx alone dropped $248 million acquiring a massive distribution facility in Brooklyn’s Sunset Park neighborhood. Amazon, which had already established a significant logistics footprint in the borough, saw two of its Brooklyn warehouses trade for over $560 million combined in 2023. With its unbeatable access to Manhattan and surrounding areas, Brooklyn is rapidly emerging as an e-commerce distribution hub. From glitzy corporate campuses to gritty warehouses, New York’s urbanscape is being remade by forward-thinking companies. The pandemic’s disruption has created a unique opportunity to transform the very nature of the workplace. And in the ultimate live-work-play city, companies are going all-in.

Main source: Forbes

Fotografiska Gears Up for Relocation: New Home for New York’s Photography Museum

By Columbus International,28 May 2024

Fotografiska, the renowned global photography museum network, is preparing for a significant change in its New York City presence. After four years of operating from the historic Church Missions House on Park Avenue South, Fotografiska will bid farewell to its current location on September 29th, 2024.

The decision to relocate stems from the museum’s ambitious vision to showcase exceptional artistic talent in a grander, more conducive space. Fotografiska’s commitment to inspiring new perspectives and amplifying the works of celebrated photographers has outgrown the confines of its current home. Before closing its doors on Park Avenue South, Fotografiska will present two captivating exhibitions. From May 31st, visitors can immerse themselves in the enigmatic world of Vivian Maier, the self-taught photographer whose work gained posthumous acclaim. On June 21st, the museum will unveil a showcase dedicated to Bruce Gilden, the renowned New York street photographer. Fotografiska’s popular bar, housed in a former chapel, and its restaurant, Verōnika, will continue to operate until mid-June, allowing patrons to savor the ambiance one last time before the relocation.

Yoram Roth, the executive chairman of Fotografiska’s board, expressed the museum’s unwavering commitment to the city’s art scene, stating, “At the core of Fotografiska is a dedication to inspiring new perspectives by amplifying some of the greatest artists of our time. As it’s become clear that our current space is not conducive to this vision, our commitment to the city’s art scene remains unwavering.” After vacating its current premises, Fotografiska plans to temporarily exhibit a century of New York nightlife photography while actively seeking a larger, more suitable location to continue its mission of showcasing exceptional photography.

The Church Missions House, Fotografiska’s current home, is owned by RFR Holding, the real estate company of art collector Aby Rosen. In 2022, RFR Holding put the property up for sale with an asking price of $135 million, a significant increase from the $50 million they paid for it in 2014. As Fotografiska embarks on this new chapter, the anticipation builds for the museum’s next grand showcase, where it can continue to inspire and captivate audiences with the power of photography.

Photo via Instagram

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

By Columbus International,24 May 202424 May 2024

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

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

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

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

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.