penthouse

Tom Cruise’s Clearwater Penthouse Emerges Unscathed from Hurricane Milton’s Fury

By Columbus International,11 October 202411 October 2024

In a twist of fate that mirrors the action star’s on-screen escapades, Tom Cruise’s multimillion-dollar penthouse in Clearwater, Florida, has emerged victorious against the wrath of Hurricane Milton. The storm, initially forecasted to be a potential Category 5 monster, ultimately spared the actor’s prized real estate investment and the surrounding area from significant damage.

A Storm’s Unexpected Turn

Hurricane Milton, which had meteorologists and Florida residents on high alert, took an unexpected turn just before making landfall. Florida Governor Ron DeSantis reported in a Thursday briefing, “While the storm was significant, we fortunately avoided the worst-case scenario.” In a rare meteorological event, Tampa even experienced a reverse storm surge, pushing water away from the city rather than inundating it.

Cruise’s Clearwater Castle Stands Tall

The “Mission: Impossible” star’s 20,000-square-foot penthouse, valued at tens of millions, weathered the storm without a scratch. Located just blocks from the Church of Scientology’s international headquarters, Cruise’s two-story luxury abode boasts amenities fit for Hollywood royalty:

A 39-foot rooftop lap pool
A private car elevator
A flight simulator
An infinity pool
A hot tub
An outdoor dining area

All of these extravagant features remained intact post-hurricane, according to exclusive photos obtained by this publication.

The SkyView: From Modest Plans to Mega-Mansion

Cruise’s penthouse, part of the SkyView complex, was originally conceptualized by Scientologist developer Moises Agami as a more modest residential project. However, as plans evolved, the building transformed into the home of Cruise’s deluxe penthouse. The actor purchased the property in 2016 after selling his Beverly Hills estate for $39 million, strategically positioning himself near the Scientology headquarters.

Scientology’s Storm Preparedness

The Church of Scientology, of which Cruise is a prominent member, also reported no damage to its nearby headquarters. In a statement released prior to the hurricane’s arrival, the organization emphasized its thorough preparation efforts: “We have completed all necessary measures to secure our staff, parishioners, and neighbors, including boarding up all windows and vulnerable access points to our properties and those of all shops in the downtown area.”

A Star’s Distant Concern

While his Florida home faced down Hurricane Milton, Cruise himself was spotted in London, appearing visibly concerned just a day before the storm made landfall. The actor, known for performing his own stunts, could only watch from afar as his stateside retreat stood up to nature’s challenge.

In an ironic twist, it seems that Cruise’s Clearwater penthouse has proven itself to be as indestructible as the action hero personas he portrays on screen. As Florida begins its recovery process, the actor’s luxurious safe haven stands as a testament to both architectural resilience and, perhaps, a touch of Hollywood magic.

Source/Esclusive via New York Post

Jennifer Lopez Cashes Out: Manhattan Penthouse Sells for $23 Million After 7-Year Listing

By Columbus International,31 July 20249 November 2024

Pop icon and business mogul Jennifer Lopez has finally unloaded her Manhattan penthouse, netting $23 million in a long-awaited deal that closes a protracted chapter in her real estate portfolio. The sale of the Madison Square Park property, confirmed by city records, comes seven years after the multi-hyphenate star first listed it on the market.

The luxurious duplex, situated at 21 E. 26th St., spans an impressive 6,540 square feet. Boasting four bedrooms and 6½ bathrooms, the property’s true crown jewel is its expansive outdoor space—nearly 3,000 square feet spread across four terraces on two levels. This urban oasis features unique amenities including a croquet pitch, a landscaped roof deck, and a putting green, offering a rare combination of space and privacy in the heart of New York City.

Lopez acquired the property in 2014 for $20.1 million, initially listing it in 2017 at $26.95 million. The journey to sale was marked by market fluctuations, with the penthouse appearing intermittently on listings under two separate brokerages before securing a buyer.

The penthouse resides in an exclusive six-story, neo-Georgian building housing only four units. Notable neighbors include Chelsea Clinton and her family, who occupy the floor below. The building has attracted other high-profile residents, including four-time NASCAR Cup Series champion Jeff Gordon and media mogul Dan Abrams.

Architectural highlights of the Lopez residence include soaring 12-foot-6-inch ceilings, pristine white oak floors, and a private keyed elevator opening into a great room adorned with a skylight and Palladian-style windows. The main floor showcases a state-of-the-art chef’s kitchen, complete with a breakfast bar and two wine fridges capable of storing over 100 bottles. A guest wing featuring three en-suite bedrooms rounds out this level.

The upper floor houses the primary suite, boasting two spa-like bathrooms, a spacious dressing room, and two private terraces. A media room with terrace access adds to the penthouse’s entertainment appeal.

This high-profile real estate transaction coincides with recent speculation about Lopez’s personal life, including rumors of relationship changes with Ben Affleck. As Lopez closes this chapter in her New York real estate holdings, industry watchers are keen to see where the savvy businesswoman and entertainer will invest next.

The sale, which went into contract in April and closed on Monday, was first reported by the Real Deal. It marks a significant move in the luxury real estate market, showcasing the enduring appeal of prime Manhattan properties despite recent market challenges.

As Lopez continues to make headlines in both her professional and personal spheres, this sale underscores her status not just as an entertainment icon, but as a shrewd player in the high-stakes world of New York real estate.

Source: New York Post
Photo: Brown Harris Stevens

Shore Club Stunner: $120M Penthouse Sets Record as Miami’s Priciest Pad

By Columbus International,11 March 2024

An extraordinary ocean-view penthouse in Miami Beach is set to be sold for a staggering amount exceeding $120 million, as reported by the Wall Street Journal. If finalized, the transaction would surpass previous records, making the condominium the most expensive ever sold in the Miami area. Situated within the prestigious Shore Club Private Collection, this lavish unit boasts a living space complete with terraces and a private rooftop pool, offering unparalleled luxury, comfort, and breathtaking ocean views. The identity of the buyer remains a mystery as the developers, the Witkoff Group and Monroe Capital, have chosen not to comment, fueling speculation. Real estate record-breaker and billionaire hedge fund magnate Ken Griffin had previously set a record for Miami condos in 2015 when he acquired two penthouses at Faena House for $60 million. Griffin later sold those units for a lower price: $46.2 million. His passion for high-value real estate transactions continued in 2022 with the purchase of the waterfront property at Adrienne Arsht in Coconut Grove, Miami, for an incredible sum of $106.87 million, marking a historic moment: the first nine-figure residential sale ever in the city. This recent monumental sale underscores an unprecedented surge in Miami’s luxury real estate market, with affluent individuals eagerly vying to secure their piece of paradise.

The Shore Club redevelopment project has been in the works for years, involving the transformation of two iconic hotels – the 1940s-era Shore Club Hotel and the historic Cromwell Hotel, a gem of Art Deco architecture from the 1930s. Designed by esteemed architects Robert A.M. Stern, the development features 49 residences spread across the original Cromwell Hotel and a new imposing structure rising above the beach. Additionally, an ocean-facing standalone villa and a luxurious five-star resort managed by Auberge Resorts Collection are set to enhance the complex. Sales of Shore Club apartments began early last year, with prices ranging from approximately $6 million to $40 million, excluding the jewel penthouse. Excitement is palpable for the project’s completion (expected in 2026). Kobi Karp Architecture & Interior Design, in collaboration with RAMSA, is the firm responsible for the architecture. The interiors, overseen by RAMSA, will embody a yacht-inspired aesthetic, featuring a serene color palette evocative of the surrounding natural elements.

Photo via The Boundary (Rendering)

$49 Million Manhattan Penthouse Contracted: One High Line Makes Waves with Major Real Estate Overhaul

By Columbus International,13 February 2024

In one of the premier real estate transactions of the year in New York City, a lavish penthouse in Manhattan with an initial asking price of $49 million has entered into a contract. Spanning approximately 7,375 square feet, this opulent penthouse, featuring five bedrooms, stands out as the largest residence within the newly constructed condominium, One High Line, situated in the vibrant Chelsea neighborhood.

Alex Witkoff, co-chief executive of the Witkoff Group, involved in the development alongside Len Blavatnik’s Access Industries, revealed this information while refraining from disclosing the final sale price. Offering panoramic views encompassing 360 degrees, the penthouse boasts approximately 4,830 square feet of outdoor space, as disclosed by Alex Witkoff. Formerly recognized as the XI, this condominium project, comprising 235 units, spans an entire city block above the renowned High Line park. Although sales commenced in 2018 under the auspices of the original developer, HFZ Capital Group, financial difficulties led to project delays. Stepping in over a year ago, Witkoff and Access Industries took over, rebranding the development as One High Line. Since August, the building has witnessed the closure of 80 units, according to a project spokesperson.

In addition to the aforementioned penthouse, another unit, with an asking price of $52 million, entered into a contract back in June but remains pending closure due to its incomplete status, as noted by the spokesperson. The developers attribute the robust sales at One High Line to the heightened demand for expansive residences and the scarcity of family-oriented apartments in downtown Manhattan. In 2023 alone, deals totaling $600 million were struck at the building, with approximately 35 transactions exceeding $5 million. Alex Witkoff expressed optimism for surpassing the previous year’s sales, highlighting that many deals were secured early in the year before macroeconomic concerns arose.

Designed by the acclaimed Bjarke Ingels Group, One High Line comprises two striking towers and boasts around 20,000 square feet of amenity space, including a 75-foot lap pool, whirlpool, fitness center, co-working area, children’s playroom, billiards room, and dining facilities. Additionally, one of the project’s towers is set to house a 120-key Faena Hotel, scheduled for opening in early 2025. Despite an overall deceleration in the luxury real estate market in the previous year, downtown Manhattan witnessed several notable high-value condo transactions. Noteworthy among these were the off-market sale of a penthouse at 150 Charles Street for $52 million and the sale of another penthouse at 151 Wooster Street for $50 million. According to real estate appraisal firm Miller Samuel, while the number of luxury sales in Manhattan experienced a 5.9% decline in the fourth quarter of 2023 compared to the same period in 2022, the average sale price for luxury properties surged by 7.3% year-over-year.

Source: WSJ

Photo: One High Line Residences

Aston Martin Residences: Unveiling Miami’s Triumph Over Market Challenges with a Real Estate Gem

By Columbus International,23 August 2023

The Aston Martin Residences, an ambitious luxury condo tower situated in downtown Miami at 300 Biscayne Boulevard Way, is once again making headlines as construction resumes following a resolution between the project’s general contractor and a subcontractor. The Miami-based stucco and drywall company, Edgewater Construction, had filed for Chapter 11 bankruptcy in March, which led to a two-month delay in the project’s timeline. The impasse was attributed to cost increases linked to inflation, culminating in financial strain for Edgewater Construction. According to the South Florida Business Journal, Jacqueline Calderin, the attorney representing Edgewater Construction, explained that the company had to absorb these elevated costs due to its original contract with Coastal Construction, the general contractor, established in early 2019. G and G Business Development, under the ownership of the Coto family from Argentina, initiated the Aston Martin Residences project in 2017. This nearly 400-unit, 50-story tower was initially slated for completion in the preceding year. Aston Martin’s spokesperson confirmed that the tower is on the brink of being sold out and is anticipated to be finalized by the year’s end.

Edgewater Construction’s Chapter 11 filing affected six ongoing developments, including the Estates at Acqualina in Sunny Isles Beach, AMLI Wynwood, Society Wynwood, Bayshore Grove, and a project in Tampa. It remains uncertain whether Edgewater Construction will resume work on the other South Florida sites where agreements with general contractors were in place. Notably, the company will not be returning to Coastal Construction’s Tampa development project, as disclosed by Edgewater’s legal representative. Developers have grappled with substantial cost hikes over the past few years, spanning land acquisition, construction materials, labor, insurance, and financing. These augmented expenses, coupled with disruptions in the supply chain and other contributing factors, have compounded the challenges faced by developers, making project initiation and completion increasingly complex. Meanwhile, Aston Martin has seized the spotlight with its prestigious 66-story luxury high-rise in Miami. The brand recently unveiled the interiors of its much-anticipated triplex penthouse, fittingly named “Unique” for its exceptional design attributes. This extraordinary property spans an expansive 19,868 square feet across three floors, housing seven bedrooms and eight bathrooms. Each level boasts a wrap-around terrace, boasting a grand total of 7,300 square feet of outdoor space. The Unique penthouse represents Aston Martin’s inaugural foray into the penthouse property market worldwide.

What further distinguishes this residence is an exclusive buyer’s privilege—an accompanying Aston Martin Vulcan, a limited-edition race car valued at $3.2 million. The provision of a custom-built, climate-controlled garage within the building ensures that this masterpiece finds a fitting home. Adding to the allure, the buyer will receive an 80-page fine-art book chronicling the conception of Unique through paintings, sculptures, music, and poetry. Germán Coto, CEO of G&G Business Developments, anticipates the book to be coveted by connoisseurs who appreciate the irreplaceable. Intricately designed to maximize natural light, the interiors of the penthouse are adorned with expansive wall-to-wall glass panels, offering panoramic views from the Atlantic Ocean to the vibrant cityscape. At the heart of the residence lies a custom-crafted staircase, embodying the elegant wings of the Aston Martin logo. Anchoring the living room is an equally sculptural light fixture, complementing the luxurious ambiance. The penthouse includes a private pool, a spa, a gym, and an elevator, enhancing the exclusive lifestyle it promises to deliver. Marek Reichman, EVP & Chief Creative Officer of Aston Martin Lagonda, articulates, “The creation of art is one of the most important things on the planet, and at Aston Martin, we articulate the soul of our brand through art and beauty.” With its triumphant return to the Miami skyline, the Aston Martin Residences exemplify a harmonious fusion of luxury, artistry, and innovation in the realm of real estate.

Photo via Aston Martin Residences

Luxury Real Estate Market in Manhattan Heats Up: Here’s Why, According to Wall Street Journal Analysis

By Columbus International,13 July 2023

Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.