real estate

Tuscany’s Triple Threat: 3 Prized Properties Not To Miss This Summer

By Columbus International,30 May 2024

As the warm winds of summer caress the Tuscan landscape, a trifecta of rare real estate jewels emerges, beckoning discerning investors and connoisseurs of la dolce vita.

From a historic villa nestled in the Florentine hills to a seaside oasis on the Maremma coast and a prestigious office steps from the iconic Ponte Vecchio, these properties promise an unparalleled immersion into Tuscany’s enchanting milieu.

The regional real estate market is sizzling, with sales up 1.4% and rents surging 4.3% in Q1 2024, according to Immobiliare.it Insights’ data. The average home sale price stands at €2,536 per square meter, while rental rates command €15.3 per meter. Unsated buyer demand continues driving a 16.3% uptick amidst dwindling inventory, up 5.1%. In the perennially coveted Florence, prices average nearly €4,200 per meter after a 0.8% quarterly hike, with rents now at €22.6 per meter.

Villa Covoni, Fiesole’s Aristocratic Sanctuary

A mere 7 km from Florence’s beating heart, the 18th-century Villa Covoni reigns over the Fiesole hills, an aristocratic sanctuary fusing history with modern refinement. Part of the Villa Sant’Ignazio complex, sumptuous living spaces adorned with frescoes and curated furnishings offer breathtaking vistas of the Renaissance capital. The exclusive condominium park, featuring a pool and scenic walking trails, provides a verdant respite for residents.

Waterfront Glamour At Punta Ala

On the shimmering Maremma coast, an extraordinary Punta Ala villa seduces with panoramic sea views. The impeccably designed single-level residence with basement quarters boasts a spacious layout anchored by a gourmet kitchen, expansive living areas, four bedrooms and three baths. A private pool and garage complete this mediterranean dream home, epitomizing luxurious coastal living amidst tranquil surroundings.

A Renaissance Workspace On Ponte Vecchio

In Florence’s pulsating historic center, a rare office opportunity awaits on the fabled Ponte Vecchio. Available from February 2024, this 140-square-meter gem has undergone immaculate renovations, revealing marble floors, parquet accents and refined architectural details. Floor-to-ceiling windows flood interiors with natural light while framing iconic cityscapes – an inspiring backdrop for receiving clients amidst unmatched old-world ambiance.

As summer casts its brilliant glow, Tuscany’s irresistible allure intensifies with these premier residential and commercial offerings. For those seeking to savor the region’s timeless grandeur, acted upon swiftly, a slice of real estate nirvana awaits.

Milan’s Real Estate Frenzy: Where Savvy Families Strike Gold

By Columbus International,29 May 2024

When it comes to secure investments, real estate remains an evergreen favorite among Italians, especially in the vibrant city of Milan. The Milanese metropolis cements its position as a highly coveted destination for property investors, ranking an impressive third nationwide with a staggering 35% of purchases driven by investment motives – surpassed only by Pavia and Mantua. This figure represents a remarkable uptick compared to 2022 when the percentage hovered at a modest 23.5%. Remarkably, a commanding 85% of these savvy investors opt for cash transactions, underscoring their formidable financial prowess.

Milan’s Magnetic Pull for Real Estate Enthusiasts

While the majority of Milanese buyers (65%) acquire properties for residential purposes, the remaining contingent wholeheartedly embraces the age-old adage that real estate is the supreme investment. Purchasing apartments to leverage the lucrative rental market is an entrenched strategy, particularly in a city like Milan – a veritable crossroads for students and professionals seeking temporary lodgings. In 2023, a notable 16.6% of real estate transactions across the Lombardy region were spearheaded by investors, marking an approximate 2% escalation from the preceding year. The most active age bracket driving these investments falls between 45 and 54 years old, accounting for an impressive 31% of real estate investment activities. This demographic enjoys heightened economic stability and enhanced access to mortgage financing, although only 15% of Lombard investors opt for this payment route.

The Cornerstone of Family Investment Portfolios

A staggering nearly 70% of real estate investors in Lombardy hail from family units, underscoring the pivotal role of property as a strategic asset for numerous households. The two-room apartment emerges as the preferred property type among investors, captivating 47% of buyers, closely trailed by the three-room apartment at 23.3% of preferences. These compact dwellings cater to the burgeoning demand for affordable and conveniently sized accommodations from the city’s student and professional denizens.

An Enduring Investment Bastion

Despite the ebbs and flows of the real estate market, investing in property continues to represent a prudent choice for many Italians, with Milan at the forefront of this trend. The city presents an enticing environment for investors, bolstered by an unwavering demand for rental accommodations and the potential to generate stable, long-term income streams. While some opt for outright cash purchases, others strategically leverage mortgage financing to diversify their investment portfolios. Irrespective of the chosen path, real estate remains an unassailably tangible and reassuring investment for countless Italian families.

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.

Florence’s Commercial Real Estate Landscape Reshaped by Trams, Tourism, and Regulations

By Columbus International,22 May 2024

Florence’s non-residential real estate market is experiencing a period of significant change. The expansion of tram lines, influx of tourists, and new municipal restrictions for businesses in the UNESCO historic center area, coupled with the opening of the Viola Park stadium, are reshaping the dynamics of this sector. According to data from Tecnocasa, by the end of 2023, there is an increase in sale prices and rental rates, although more contained compared to mid-year. On main thoroughfares, the price increase is more pronounced (+0.7%), while on other streets, it is +0.2%. For rental rates, the increase is 0.3% in both cases. In the historic center, luxury brands and restaurants maintain a strong presence, despite the restrictions on opening new dining establishments, which require purchasing an existing license.

In the Oltrarno area, prices remain high on streets like Guicciardini, Borgo San Jacopo, and Ponte Vecchio, with rents reaching €1,200 per square meter per year in top zones. Artisans are returning to streets like Maggio and Sant’Agostino, declared by the municipality as artisanal-oriented. On low-traffic streets, there is a higher turnover and an increase in sale and rental times. These locations attract startups that do not want to make significant initial investments but aim to accumulate capital to eventually move to high-traffic streets. Offices in the center are only purchased if they can be converted into residential units, making them attractive to investors. Otherwise, sale times are prolonged, and prices decrease significantly. Currently, the San Lorenzo neighborhood is the most vibrant area for non-residential real estate, thanks to the renovation works of the Sant’Orsola complex and the arrival of the tram line in Piazza San Marco, which is expected to appreciate the value of Via Cavour as well.

In Florence South, where the tram line to Bagno a Ripoli is scheduled for 2026, a vacancy is recorded on Viale Giannotti, while interest (and rental rates) is maintained on Viale Europa, leading to the new Viola Park stadium. However, there is a significant demand for offices in this area. In the Baracca-Novoli area, demand is low, and many shops remain vacant, except for Piazza Dalmazia and Via di Novoli, which are crossed by the tram line. Rental rates vary significantly depending on the location, ranging from up to €600 per square meter per year for Florence South, over €200 per square meter per year for Rifredi and Isolotto, between €120 and €144 per square meter per year for Florence North, and three-digit values for the UNESCO area. The gross annual returns requested by investors are also differentiated, ranging from 10% and above for Isolotto and Novoli, down to 8% for Florence South and the center, where in 2023, a settling around 6-7% was observed for shops in prime positions within the UNESCO area with reliable and solid businesses. In the second half of 2023, investors resumed purchasing apartments in Florence’s historic center, where prices increased by 3.1%, with the aim of generating income through short-term rentals, despite the municipality’s ban in the UNESCO area (which is currently under litigation at the Regional Administrative Court).

Palm Beach: A Gilded Age Gem Reimagined

By Columbus International,17 May 20249 November 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 20249 November 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.