real estate

Florence: the heart of real estate investment still beats. Here’s what emerges from a Tecnocasa study

By Columbus International,1 April 20241 April 2024

The real estate market in Florence continues to attract investors, as revealed by a recent study conducted by Tecnocasa. In 2023, 23% of property purchases were made for investment purposes, a figure higher than the national average of 19.5%.

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However, Florence ranks below other Italian cities such as Verona, which boasts a significant 43.1%, followed by Naples (41.2%), Palermo (35.3%), and Milan (35%). The most active age groups in terms of real estate investments are those between 45 and 64 years old, representing 59.2% of the total, with an increasing average age compared to 2022. The two-room apartment remains the preferred housing type for investors, chosen by 38.5% of them, followed by the three-room apartment at 26.9%. The majority of buyers, accounting for 63%, are couples and families, while 37% are single individuals. The latter group has seen a significant increase in market share compared to the previous year, rising from 32.4% to 37%. 81.5% of investors purchase properties paying in cash, while only 18.5% opt for bank financing.

This percentage reflects a further decline compared to previous years, in line with the national trend, attributed by Tecnocasa to the progressive increase in interest rates, prompting investors to avoid bank loans. According to Tecnocasa, in the past year, there has been a further decrease in real estate purchases through mortgages, as the rise in interest rates has encouraged investors to prefer direct purchases without the assistance of financial institutions.

The LEGO Group and Percassi redefine Milan’s real estate space

By Columbus International,28 March 2024

The Italian real estate landscape is destined for a vigorous evolution, catalyzed by the strategic alliance between the LEGO Group and Percassi, poised to inaugurate their latest endeavor in the heart of Milan.

March 29 marks an unmissable moment with the opening of the 26th LEGO Certified Store, located at Via Dante 4, an enchanting oasis of creativity embraced by the vibrant city center. The inauguration will be anchored by an unprecedented event: facing the store, in Piazza Cordusio, stands a monumental LEGO egg, 4 meters tall and weighing 1,200 kg, a captivating installation destined to enchant passersby. Matteo Morandi, CEO of Percassi Retail, shares the enthusiasm for this adventure, emphasizing the importance of positioning this iconic store in the pulsating heart of Milan, renowned as “the new street of Milan”, destined to become a beacon of creativity for all LEGO enthusiasts. Rossana Mastrosimini, Channel Director LEGO Certified Stores West Europe, reinforces this enthusiasm, celebrating the expansion of LEGO’s presence in Italy and the continuous innovation in the retail concept.

The new flagship store skillfully combines digital and physical elements, offering an ‘immersive’ experience that will enchant both young and old alike. As Milan prepares to welcome this new entry into retail, attention on the real estate market remains lively, especially in the context of a 40% decline in mortgages. However, the luxury segment of the real estate shines as a beacon of stability amidst uncertainties, representing only a small fraction of the total market but significantly contributing to its overall value. According to the Observatory of the Luxury Real Estate Market in Italy 2023, Milan excels as the gravity center for the luxury segment, with a stock of over 6 billion euros, representing 13% of the national total. This data remains surprising considering the solidity and consistency of the sector, with 99% of the stock composed of apartments, reflecting constant demand and sustained growth.

This upward trend has not escaped the LEGO giant, which in 2022 has already made its triumphant entry into Florence, converting spaces previously occupied by the Disney store.

In collaboration with Percassi, this new LEGO emporium introduces unprecedented innovation: the “Mosaic Maker”. Customers now have the opportunity to create personalized portraits using only LEGO bricks, through a process that transforms a photo into a set of 4,500 pieces, making the memory tangible and unique. In a context of continuous transformation, the LEGO Group and Percassi emerge as small but great pioneers, redefining not only the retail landscape but also the real estate space, weaving an increasingly vibrant and creative urban fabric for future generations.

Image: LEGO Firenze

La Lombardia è la regione con più transazioni in Italia

Nhood’s Innovative Urban Regeneration Project Set to Transform Piazzale Loreto in Milan into Vibrant Community Hub

By Columbus International,22 March 2024

Carlo Masseroli, CEO of Nhood Italy, shares his vision regarding Piazzale Loreto, emphasizing the potential of the location and the challenges associated with generating commercial pathways in less central and more complex contexts. Speaking to Sole24Ore, Masseroli outlines the “Loc-Loreto Open Community” project, winner of the Reinventing Cities competition launched by the Municipality of Milan in 2021 and currently in the construction phase to redevelop Piazzale Loreto. Masseroli explains that the success of this initiative lies in the synergistic relationship between the public and private sectors, crucial for effective urban and real estate regeneration. Masseroli highlights the strategic importance of Piazzale Loreto in Milan, frequented by a significant number of people using the subway and by residents of the densely populated surrounding area. However, the commercial route along Corso Buenos Aires towards Piazzale Loreto is currently underdeveloped.

The goal of the project is to transform this location into a destination by engaging various market brands to start construction by May. The plan includes installing retail outlets of various sizes to meet the needs of passersby and the local community. An innovative aspect of the project is managing the square as a reference point for the area, a model absent in Milan but present in other cities. Masseroli sees this initiative not only as a local challenge but also as an opportunity to experiment and subsequently export the adopted model. Unlike past attempts with commercial districts, the project aims to create collective value greater than the sum of individual commercial activities. However, bureaucratic complexities have been an obstacle to the success of such initiatives.

The proposed model could be replicated in other underutilized squares, especially those near subway stops, to stimulate retail attractiveness and dissemination, generating added value for surrounding spaces. The project also presents an advantageous socio-economic return on investment (SROI), estimating that every euro invested generates a value of four euros. Rents for commercial spaces near Corso Buenos Aires, near Piazzale Loreto, range from 1,000 to 2,000 euros per square meter per year, and the project envisages the distribution of commercial spaces over a total area of 8,000 square meters. This model, rooted mainly in the Anglo-Saxon world, where commercial districts are privately managed, is also being implemented elsewhere. Nhood is currently implementing a similar project in Spain, confirming the international potential of this innovative urban and commercial regeneration strategy.

Related Companies Reveals Renderings of Massive $12 Billion NYC Casino Complex at Hudson Yards

By Columbus International,20 March 2024

Plans have been revealed by Wynn Resorts for a colossal $12 billion project in Hudson Yards, a once train-filled area in Manhattan‘s West Side. The proposal, crafted in collaboration with real estate powerhouse Related Companies, envisions an imposing 80-story tower overlooking the Hudson River. This towering structure would house a sprawling gaming facility and hotel. Surrounding the magnificent casino skyscraper would be office complexes, residential towers, and an expansive 5.6-acre park, creating a vibrant urban landscape. Strategically positioned between West 30th Street and 33rd Streets, and 11th and 12th Avenues, the resort would be easily accessible to pedestrians strolling along the High Line, a repurposed elevated train line now serving as a public park. The architectural renderings depict a sleek office building and residential tower adjacent to the casino resort tower, enhancing the skyline from the Hudson River viewpoint. Additionally, the project includes plans for a 750-seat public school, a community facility, and a daycare center.

Dubbed Hudson Yards West, the venture, in collaboration with the Oxford Properties Group, promises to generate 35,000 union construction jobs and 5,000 permanent positions within the resort, according to its planners. Advocates for the proposal argue that the hotel component would become a prime destination for visitors attending events at the nearby Javits Center, potentially amplifying tourism and economic growth in New York City. Jeff Blau, CEO of Related Companies, remarked on the project’s potential to further invigorate the local economy, expressing enthusiasm for the development’s role in benefiting the state, the city, and the neighboring communities. Craig Billings, CEO of Wynn Resorts, highlighted the appeal of Wynn New York City as a premier destination for luxury travelers, citing the propensity of Wynn guests to spend more, thereby driving increased tax revenues and local economic activity. While the exact cost of the endeavor remains undisclosed, previous estimates suggest a staggering $12 billion investment, inclusive of expenses associated with constructing atop the rail yard. With the state contemplating the issuance of up to three casino licenses in the downstate region, intense competition among potential bidders has emerged. Notably, in Queens, Steve Cohen, owner of the New York Mets, has proposed an $8 billion gaming complex near Citi Field named “Metropolitan Park.”

Meanwhile, Resorts World New York City, situated at Aqueduct race track, has announced a $5 billion expansion, seeking approval to offer table games alongside its existing slot parlor. In the midst of this fervent competition, Hudson Yards’ developers face the challenge of securing political and community support, mindful of past opposition that thwarted similar projects, such as former Mayor Bloomberg’s proposed West Side Olympic stadium. State Sen. Brad Hoylman, representing the Hudson Yards neighborhood, has expressed the need to ensure alignment with the site’s original vision, dating back to 2009. The proposed development, with its consolidation of buildings and increased park space, must navigate a rigorous approval process involving city officials and undergo thorough land use review. Amidst skepticism from rival casino bidders, one close source remarks on the shifting prospects of the Hudson Yards plan, indicating a transition from a perceived impossibility to a challenging endeavor.

Source: New York Post
Images: Related Companies and Wynn Resorts

Rental opportunities on the rise. From Milan to Florence, it’s the perfect time to invest in Italy (Immobiliare.it)

By Columbus International,19 March 20249 November 2024

The rental costs in the main Italian cities have become so high as to exclude both individuals and families with a single income. It’s interesting to note that it’s not Milan, but Florence, that emerges as the least accessible city for those seeking a two-room apartment for rent. And this makes it a great asset if you’re looking for a secure real estate investment.

According to insights from Immobiliare.it, the proptech company affiliated with Immobiliare.it, the average monthly amount a person would need to allocate for rent – ideally not exceeding 30% of their net income – has been compared with the actual average rent demanded for a two-room apartment in major urban centers. In Florence, for instance, the average monthly rent for a two-room apartment stands at 1,066 euros, yet the average budget available for a single individual barely surpasses 480 euros. Shockingly, only 0.5% of the two-room apartments listed in the market are affordable for solo renters. Following closely is Naples, where the average monthly rent climbs to 850 euros, but given the municipality’s average income, a single person can only afford around 415 euros for rent, less than half of the required amount. Consequently, the accessibility rate falls below 1%.

Milan boasts the highest rental rates among the cities under scrutiny, with rents exceeding 1,320 euros per month for a two-room apartment, while the budget available to a single individual, at 650 euros, falls significantly short. A similar situation unfolds in Venice, where despite an average monthly rent of approximately 880 euros, a single person can only afford 430 euros, less than half of the required sum. Moreover, while in Milan only 0.8% of the two-room apartments on offer are within reach for solo renters, the situation in Venice is even direr, with no affordable options available. Single individuals face challenging rental conditions in Bari and Bologna as well. In Bari, where the rent for a two-room apartment has surged by nearly 200 euros per month over the past year, reaching 800 euros, the average salary fails to meet the required amount, hovering around 430 euros. Meanwhile, in Bologna, the average rent stands at about 925 euros per month, exceeding what a person could realistically pay by 510 euros. In Rome, there’s a glaring disparity between the rent demanded by landlords and the budget available to renters, with a gap of over 70%. Landlords request an average monthly rent of 890 euros, while the budget of a single individual barely reaches 520 euros. Verona fares slightly better, with an average monthly rent of 770 euros, aligning closer to the budget of around 480 euros that a resident can allocate for rent. In the two major Sicilian cities, Palermo and Catania, the gap between the rent demanded by landlords and the budget of single renters hovers around 45%. In both cities, the monthly rent slightly exceeds 580 euros, while renters can only afford around 400 euros. In municipalities like Turin and Genoa, where the available budget for renting a two-room apartment closely matches the rent demanded, there’s a more balanced situation. In Turin, the average monthly rent slightly exceeds 600 euros, whereas a single individual can afford around 500 euros. Similarly, in Genoa, the gap between the average monthly rent of 550 euros and the personal resources of 450 euros is narrower. Notably, Genoa remains the city with the highest accessibility to two-room apartments for single renters, with 38% of the available stock.

Antonio Intini, Chief Business Development Officer of Immobiliare.it, commented: “The analysis reveals that the rental market in our major cities offers few sustainable options for those with a single income. In most cases, single individuals must allocate at least 50% more than the considered sustainable budget for rent, if not double. Considering the potential for further rent hikes, it’s imperative to reflect on the future of our main urban centers, which are becoming increasingly inaccessible to new generations, forcing them to seek housing solutions in the outskirts and potentially weakening the socio-economic fabric of the cities.”

Source: Monitor Immobiliare

The Allure of Living Abroad: Exploring Real Estate Opportunities for Americans

By Columbus International,15 March 2024

In recent years, the allure of living abroad has transformed from a distant dream into a tangible reality for many Americans. Fueled by various factors such as a robust U.S. dollar, increased accessibility through direct international flights, and the adoption of flexible hybrid work models, markets around the globe have witnessed a surge in interest from American buyers. However, before embarking on the journey of international homeownership, there are several essential considerations to ponder.

One of the critical factors influencing the decision to purchase property abroad is the cost per square foot, which closely mirrors the familiar adage of “location, location, location.” For instance, in Italy’s Como province, the average price per square foot stands at $147. However, prime waterfront properties in sought-after regions like Lake Como command significantly higher prices, exceeding $1,000 per square foot. Such disparities underscore the importance of thorough research and financial planning when venturing into the international real estate market. While the prospect of purchasing an existing property may be enticing, many expats opt for building anew or embarking on renovation projects to achieve their desired level of luxury.

Despite the initial challenges and delays in return on investment, the appeal of customizing one’s living space to suit individual preferences outweighs the convenience of turnkey properties, especially in markets where supply is limited. According to the 2023 U.S. Residential Real Estate Study by WSJ Intelligence, Europe and the Caribbean emerge as the top two regions where American buyers contemplate purchasing homes. Among European destinations, Italy holds particular appeal, with Tuscany standing out as a favored choice. Motivated by factors ranging from retirement to a desire for a change in lifestyle or a vacation home in the heart of Europe, American buyers are drawn to Tuscany’s picturesque landscapes, rich history, and cultural heritage. Moreover, for many American buyers, acquiring property abroad serves as a pathway to permanent residency, particularly among retirees.

The concept of “golden visas,” which grant permanent residency to property owners, gained traction during the pandemic. As such programs evolve and some expire, prospective buyers must navigate the intricacies of residency requirements to ensure a seamless transition to their new global home. In recent years, Tuscany has emerged as a hotspot for international real estate investment, witnessing a remarkable surge in inquiries from American investors. The region’s timeless allure, characterized by rolling countryside, vineyards, and historic towns such as Florence and Lucca, has captivated the imaginations of buyers seeking a slice of Italian paradise.

From quaint villas with picturesque vistas to charming apartments nestled in bustling city centers, Tuscany offers a diverse range of options to suit varying lifestyles and preferences. In conclusion, the dream of living abroad is no longer confined to the realm of fantasy for many Americans. With favorable market conditions, evolving work dynamics, and a renewed appreciation for quality of life, the prospect of owning property in international destinations like Tuscany has never been more attainable. However, thorough research, careful planning, and an understanding of local regulations are essential prerequisites for turning this dream into a fulfilling reality.

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)

Record number of cash offers show New York property is only for the rich

By Columbus International,7 March 2024

The latest data reveals a striking trend in Manhattan’s real estate landscape: a surge in cash purchases accounting for over two-thirds of home sales last quarter, marking a record high. The driving force behind this shift is the soaring mortgage rates, which have soared to around 6 per cent, dissuading all but the wealthiest buyers from taking on loans.

Pamela Liebman, CEO of Corcoran, a prominent real estate brokerage, highlighted this phenomenon, stating that nearly 70 per cent of Manhattan properties were acquired without mortgages in the final quarter of 2023, a significant leap from the 55 per cent seen in the same period in 2022. High mortgage rates are creating a significant barrier for potential buyers without substantial financial resources, leading many to opt for renting instead. Corcoran’s report further underscores this trend, indicating a 4 per cent increase in new leases in Manhattan and Brooklyn in January 2024 compared to the previous year, alongside a record median rent of $3,950.

The reluctance to incur mortgage debt has led to a “void in the middle” of the property market, with affluent buyers dominating while those unable to pay cash face challenges amid escalating rents. The median sales price for Manhattan apartments reached $1.15 million in the fourth quarter, up 5 per cent from a year earlier, approaching the record high of $1.25 million set in the second quarter of 2022. However, the pace of buying has slowed, with prime properties lingering on the market for extended periods, contrasting with more affordable markets like Charlotte, North Carolina, where homes sell rapidly.

Despite a slight uptick in transactions in January, Thomas Ryan, a property economist at Capital Economics, notes that the US housing market remains stagnant, with transactions significantly below the 2010s average. Erin Sykes, a real estate agent and economist, attributes the surge in cash purchases to buyers seizing opportunities amid rising mortgage rates, viewing them as an advantageous time to strike deals. The challenges facing buyers in New York are further compounded by a severe housing shortage attributed to regulations limiting rent increases and the expiration of tax incentives for new construction projects. Mayor Eric Adams has proposed converting obsolete office buildings into residential towers as a potential solution, although this presents technical and cost-related hurdles.

The supply crunch has significantly reduced vacancy rates, plummeting from nearly 4.5 per cent in 2021 to 1.4 per cent, exacerbating affordability concerns and pricing many out of the market. As Liebman aptly summarizes, New York’s housing market is currently facing rough terrain, posing significant challenges for aspiring buyers.

Introducing E11EVEN Residences Beyond: Redefining Luxury Living in Miami

By Columbus International,26 February 2024

Nestled within the prestigious District 11 of Miami, E11EVEN Residences Beyond emerges as the epitome of opulent living, introducing a lifestyle coined as “24/11”. This visionary development, the second phase of the esteemed E11EVEN Hotel & Residences Miami project, is poised to transcend the ordinary and set new standards in Miami’s residential landscape.

With bespoke amenities empowering residents to transcend the mundane and a cadre of esteemed partners crafting immersive, entertainment-filled experiences, E11EVEN Residences Beyond promises a life of unparalleled luxury. Embark on an immersive journey into the realm of extravagance with a visit to the state-of-the-art sales gallery located at 1018 N Miami Avenue, where the essence of E11EVEN Residences Beyond comes to life through a meta-reality experience showcasing the new residential collection. At the heart of this visionary development lies the integration of holistic wellness practices, courtesy of the globally renowned wellness brand Chopra Global. Marking their inaugural residential and hotel partnership, Chopra Global brings the ancient healing traditions of Ayurveda to the towers of E11EVEN Hotel & Residences. The Chopra Spa & Studio invites residents and guests into a sanctuary of tranquility, featuring a sublime reception area designed to instill a sense of serenity. From a breathtaking indoor pool to a revolutionary somatic room offering immersive sensory experiences, the spa promises a holistic approach to well-being, complemented by yoga sessions, personalized treatments, and nutrition coaching.

Elevating the social and culinary landscape of E11EVEN Residences Beyond is The Clayton, an exclusive premium social club hailing from Chicago. Exuding an air of sophistication, The Clayton offers residents an array of curated cocktail and dining experiences, alongside private meeting spaces and secluded cigar hideaways, promising the epitome of a lavish night out. Further enriching the culinary tapestry of E11EVEN Residences Beyond is the Riviera Dining Group, renowned for its innovative hospitality concepts. Residents can indulge in a gastronomic journey at the experiential restaurant and lounge nestled within E11EVEN Hotel & Residences, or ascend to the rooftop lounge for panoramic vistas of the Downtown Miami skyline and Biscayne Bay. Beyond its luxurious amenities, E11EVEN Residences Beyond offers a realm of adventure, granting residents access to an expansive resort-style dual-level pool deck and a vibrant day club overlooking the cityscape. Sports enthusiasts can revel in the thrill of major sporting events at the casino-style sports lounge, complete with state-of-the-art amenities and a beer garden. For those seeking a seamless blend of leisure and business, E11EVEN Residences Beyond presents an array of services curated to facilitate every aspect of life. From fully staffed executive office suites to a private helipad for optimal convenience, every detail is meticulously crafted to elevate the resident experience.

Comprising studio to two-bedroom residences, the new residential collection at E11EVEN Residences Beyond epitomizes luxury living, boasting fully integrated “smart building” features, Subzero and Wolf appliances, custom ITALKRAFT Italian cabinetry, and designer-curated furnishings. The recently unveiled Speakeasy Collection adds a touch of sophistication, featuring studios with integrated modern cocktail bars stocked with premium liquors, transforming each residence into a swanky entertainment destination. Embrace a life of limitless possibilities at E11EVEN Residences Beyond, where luxury knows no bounds. With exclusive amenities and world-class partners, this visionary development epitomizes the ultimate live, work, play experience, inviting residents to embark on a journey of unrivaled sophistication and indulgence.

Photos via E11EVEN

$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