real estate

Palm Beach: A Gilded Age Gem Reimagined

By Columbus International,17 May 2024

The ultra-exclusive island of Palm Beach has been luring the elite since the early 1900s when industrialist Henry Flagler transformed the marshy backwater into an opulent winter escape. Today, this 16-mile long barrier island continues to redefine luxury with new upscale additions blending seamlessly with its Gilded Age heritage. From magnificent architecture to world-class culture, exceptional dining and pampering pursuits, here is how to experience the best of Palm Beach over a indulgent weekend getaway.

Where to Stay

The Colony is the chicest place to bed down in Palm Beach. This iconic “pink paradise” reopened after a dazzling renovation that pays homage to its 1950s tropical glamour. Custom designed rooms, cheeky monkey motifs, and the lively scene at Swifty’s Pool Bar & Grill exude a playful, see-and-be-seen vibe befitting the style setters who frequent nearby Worth Avenue.

Day One

After settling in at The Colony, spend the afternoon exploring the Mediterranean-inspired shopping mecca of Worth Avenue. Pioneering architect Addison Mizner crafted this whimsical district of hidden courtyards, stair stairs, and eclectic tilework to evoke an Old World aesthetic. Browse the chi-chi boutiques like Gucci and Tiffany & Co or hunt for vintage gems at consignment salons like Attitudes.

Cap off the day with sunset cocktails at Spruzzo, a breezy rooftop bar overlooking the Intracoastal Waterway and dine alfresco on Italian classics at Elisabetta’s across the street.

Day Two

Delve into Palm Beach’s Gilded Age legacy at the magnificent Flagler Museum, a lavish 75-room mansion built by the railroad pioneer in 1902. Then explore the outstanding art collection at the Norton Museum, recently revamped by Norman Foster. Contemporary art lovers can browse intriguing exhibits at Sarah Gavlak Gallery. Afternoon calls for a round at one of the area’s celebrated golf courses – splurge for an oceanfront tee time at The Breakers or tackle a redesigned championship layout at PGA National Resort. Celebrate the perfect drive at Jeremy Ford’s new Butcher’s Club with indulgences like a 50oz. Tomahawk steak.

Day Three

Book a rejuvenating Biologique Recherche facial and massage at the gorgeous Four Seasons spa to start your day, then linger over a Mediterranean-inspired brunch at Florie’s helmed by acclaimed French chef Mauro Colagreco. If visiting during polo season, attend the weekly champagne brunch at the International Polo Club, where you can watch the fast-paced “sport of kings” and participate in the traditional divot stomp during half-time. Otherwise, bask in the warm Florida sun on one of Palm Beach’s pristine white sand beaches before departing this gilded paradise refreshed and revitalized.

Source: CN Traveler

Photo by Arnel Hasanovic via Unspash

South Florida’s Bustling Offices Buck National Trend

By Columbus International,16 May 2024

While remote work remains prevalent across most of the United States, South Florida stands out as an exception where office attendance is nearly back to pre-pandemic levels. According to data from Placer.ai, which tracks mobile phone location data, office visits in the Miami metro area (including Fort Lauderdale and West Palm Beach) were just 14% below April 2019 levels. This contrasts sharply with the national figure of a 32.2% decline compared to four years ago.

For the past three months, South Florida has led all U.S. metro areas in office attendance after overtaking New York City. April marked the region’s highest level of office foot traffic since before the COVID-19 pandemic began. The gap from 2019 narrowed slightly last month to 14.1%, down from 9.4% in February. The only other metro area achieving at least 75% of its 2019 office occupancy is New York City at 16.9% below its pre-pandemic benchmark. Washington D.C. (-26.5%), Dallas (-27.6%), San Francisco (-49.3%), Los Angeles (-43.3%), and Chicago (-41.1%) all lag further behind. Despite San Francisco’s last place national ranking, it actually led the country in year-over-year office visit growth at 26%. Miami took second with a 23.5% annual increase in foot traffic. Nationwide, office visits grew 18.2% year-over-year, with the gap from 2019 levels the smallest since August of that year. South Florida’s robust office market has benefited commercial property owners.

Asking rents in Miami rose over 9% annually in Q1 2023 per Cushman & Wakefield. Tenants are flocking to premium modern buildings while older offices see high vacancy. Over 70% of 3 million SF available for sublease is in pre-2000 properties, with just 220,000 SF available in buildings constructed after 2015. Largest leases are also concentrating in top-tier properties more than in past years. Since 2019, the average size of new leases has been bigger in Class A buildings compared to lower tiers according to Avison Young data. These trends have allowed most of South Florida’s office markets to achieve greater rent growth than nearly anywhere else in the U.S. since 2019, with stable vacancy outside of Fort Lauderdale. Class A asking rents in Miami-Dade County spiked over 20% between Q1 2023 and Q1 2024.

Historic Tobacco Factory Reborn as Modern Residential Oasis in Florence

By Columbus International,9 May 20249 May 2024

A new residential project called “Zenit” is coming to life in the area of the former Manifattura Tabacchi in Florence. Designed by the international architecture firm Quincoces Dragò & Partners, led by David Lopez and Fanny Bauer Grung, this project will transform the iconic entrance building of the Manifattura into 34 new residential units. Spanning an area of 4,800 square meters, with an additional 1,530 square meters of rooftop spaces, loggias and terraces, the project aims to preserve and enhance the original architecture, reinterpreting it in a contemporary and sustainable way.

The architects have chosen to preserve the characteristic features of the building, such as the imposing volumes, exposed reinforced concrete structures, and large windows, while introducing modern and comfortable elements. Most of the apartments will feature private loggias and terraces, with privileged views of the restored industrial complex, the historic center of Florence, and the surrounding hills. The completion of the Zenit project is scheduled for March 2026. The new residences are already available for purchase in the experiential marketing suite located on the ground floor of Building 4 of the Manifattura Tabacchi (information is also available on www.liveinmanifattura.com), and the partnership with Savills has been renewed for the commercialization of the residential units. Zenit takes shape in the two wings of the entrance building of the Manifattura Tabacchi, which formerly housed the management, offices, and lodgings of the old factory.

Built between 1936 and 1940, the distinctively curved building features a monumental portal decorated with original bas-reliefs by the sculptor Francesco Coccia. This historical heritage becomes an integral part of the project’s identity, even in its name: Zenit was one of the cigarette brands produced at the Manifattura Tabacchi. The ground-floor apartments will be developed over two levels, taking advantage of the exceptional height of the original spaces to create a new mezzanine level. The living areas will extend outwards into cozy covered gardens or private terraces. The first-floor residences, arranged on a single level, will feature spacious private panoramic outdoor areas on the rooftop, accessible from the living area via a spiral staircase.

Zenit will enjoy privileged views of landmarks of the Manifattura Tabacchi’s regeneration, such as the Chimney Courtyard and Piazza Emanuela Loi, destined to host extensive green areas and cultural activities, as well as the skyline of Florence, the cultivated fields of the Agricultural Institute, the Cascine park, and the verdant hills. Future residents of Zenit will have access to numerous exclusive amenities, including a fitness room, a workshop equipped for bicycle maintenance, a pet room dedicated to the care of domestic animals, and a furnished condominium rooftop of approximately 400 square meters. Zenit is a candidate for achieving the Breeam Excellent environmental certification. All apartments, rated Class A1 or higher, will be equipped with state-of-the-art technological systems and rainwater recovery and recycling systems. Zenit follows the launch in 2022 of Anilla and Puro (a total of 45 units), currently in the final stages of construction in Buildings 7 and 12 and designed by Patricia Urquiola and the Florentine studio q-bic, respectively.

This project is part of the ambitious redevelopment plan promoted by the real estate company of the Cassa Depositi e Prestiti Group and Aermont Capital, with the coordination of MTDM – Manifattura Tabacchi Development Management Srl, which envisions the recovery of the historic industrial area by 2026, transforming it into commercial and office spaces, cultural and educational facilities, residential areas, hospitality, and public green spaces, totaling approximately 110,000 square meters.

According to Michelangelo Giombini, CEO of MTDM, “Manifattura Tabacchi is progressively transforming into a new, vibrant neighborhood that will be a protagonist in the social and economic life of Florence. Zenit is an important step in this journey, as it perfectly represents the synthesis of tradition and avant-garde design, promoting a high-quality lifestyle while prioritizing environmental and people’s well-being. Our goal is to create a sustainable and scalable model of urban regeneration, demonstrating that it is possible to develop by repurposing historic architecture – in this case, the factory built by Pier Luigi Nervi in the 1930s – choosing to preserve rather than demolish, enhancing green spaces, and offering the community of residents, professionals, students, and tourists a stimulating environment from an architectural, cultural, and professional standpoint.”

David Lopez Quincoces and Fanny Bauer Grung stated, “The project of recovering and transforming the former industrial spaces of the Manifattura Tabacchi is the result of a careful balance between preserving existing historical elements and introducing contemporary features that are functional for its new intended use. The meticulous attention paid to preserving the original elements, creating new spaces, and integrating modern technology reflects a comprehensive and thoughtful approach to renovation and design. The traces of the industrial past integrate with the new residences, as if seeking a kinship, a connection with the place. The old factories become an integral part of the new residences, a symbol of continuity and belonging to the territory. The result is a delicate balance between contemporary elements and highly historicized elements, a prudent choice aware of the context’s complexities.”

Source: Il Sole 24 Ore
Images: The Florentine and Manifattura Tabacchi

Milan, real estate prices on the rise with several surprises, from Garibaldi to Moscova, from Porta Nuova to CityLife

By Columbus International,8 May 20248 May 2024

According to analyses by the Tecnocasa Group Research Office, residential property prices in Milan increased by 0.1% in the second half of 2023, bringing the overall annual growth to 0.3%.

Central areas like Garibaldi, Moscova, Porta Nuova and CityLife witnessed a 2.1% surge in values, being highly sought-after by domestic and international buyers looking to live, work and study in the city. Demand concentrated on spacious properties exceeding 200 sq.m, with multiple bedrooms, outdoor spaces and top floor units.

The highest prices, peaking at €15,000/sq.m for sales, were recorded in the Porta Nuova district. Some semi-central neighborhoods like Lambrate, Navigli and Famagosta experienced a slight price decline, partly attributable to the abundant supply of new constructions. However, the rental market remained vibrant, with average monthly rents of €1,500 for a two-room apartment in central zones. The Vercelli-Lorenteggio macro-area saw a 1.6% price hike, fueled by growth in Lorenteggio-Frattini and Tolstoj. The Lodi-Corsica area witnessed a 1% increase, propelled by ongoing works for the Olympic Village development. Modest declines were observed in the Bovisa-Sempione (-0.7%), Central-Station (-1.6%) and Navigli (-0.5%) macro-areas, with varying trends across different neighborhoods. The Bovisa district was bolstered by the Scalo Farini redevelopment project.

Prices remained largely stable in the Città Studi-Indipendenza area, with localized increases along Viale Abruzzi and Corso Buenos Aires. Rental demand remained robust, driven by students and non-resident workers. In summary, Milan’s real estate market experienced modest yet consistent growth in 2023, underpinned by the central areas and large residential units, while exhibiting heterogeneous dynamics across various semi-central neighborhoods.

Source: Monitor Immobiliare
Photo: CityLife Residences

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.

Trump Ally Tom Barrack Exits Luxury Florence Real Estate Project

By Columbus International,3 May 2024

Billionaire real estate investor Tom Barrack, known as an advisor and major supporter of former President Donald Trump, is exiting a prime 18,000 square meter (193,750 sq ft) development in the heart of Florence, Italy after a decade of ownership before the site’s transformation into luxury residences could be completed.

Through his Colony Capital investment firm, Barrack in 2013 acquired the former headquarters of Cassa di Risparmio di Firenze bank on the prestigious Via Bufalini near the iconic Piazza Brunelleschi. Plans called for converting the historic property into upscale condos and apartments designed by the acclaimed Genius Loci architecture firm.

The Arab-American tycoon, a close friend of Trump for over 30 years who chaired the former president’s 2017 inaugural committee, was arrested in 2021 on charges of illegally lobbying on behalf of the United Arab Emirates. Barrack, whose other major deals included buying and flipping the luxury Costa Smeralda resort from the Aga Khan and Michael Jackson’s Neverland Ranch, is now selling the unfinished Florence renovation project. The buyer is an Italian real estate fund founded by Eugenio Radice Fossati.

While the sale price was not disclosed, the property’s coveted address between the Arno River and Florence’s iconic Duomo cathedral ensures it will command a top premium. The new owners aim to complete the upscale residential conversion at this crossroads of art, finance and la dolce vita in Tuscany’s Renaissance capital.

Source: Repubblica Firenze

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

Rental Price Surge During Milan Design Week

By Columbus International,26 April 202426 April 2024

The Milan Design Week, an event of international renown, has recently rekindled the spotlight on the Lombard capital, attracting a vast and passionate audience of design enthusiasts from every corner of the globe. The record-breaking 62nd edition saw the participation of over 2,600 exhibitors and the influx of 600,000 visitors, registering a 15% increase compared to the previous year. This success was evidently reflected in the city’s rental market, where housing prices experienced a vertiginous surge.

Data provided by the property management company Italianway, specialized in short-term rentals, and reported by Il Sole 24 Ore, reveals that the average daily rate for an apartment in Milan during the 2024 Design Week was €386, with a peak of €414 on the night of April 17th, marking a 7.5% increase compared to 2023. But how much can a week’s rental cost during this event? For a studio apartment, the average cost hovers around €1,354, while for a one-bedroom apartment, the figure rises to €2,030. For larger apartments with three bedrooms or more, the expenditure easily exceeds €2,700. The highest prices are recorded for luxury apartments in the city center, which can reach the considerable sum of €7,000 per week.

A veritable boom that has made fortunes for property owners but has put a significant strain on the wallets of those seeking accommodation during the Design Week period. Several reasons contribute to explaining this surge in rental prices. Firstly, demand significantly exceeds supply. The event attracts visitors from all over the world, many of whom are willing to pay high prices for accommodation situated in the heart of the city, close to exhibition venues and collateral events. Secondly, the supply of available rental apartments is limited. Not all property owners decide to rent out their homes during the Design Week, and those who do often apply higher prices to take advantage of the high demand.

Source: Immobiliare.it