real estate New York

Exclusive San Vicente Debuts in West Village, Elevating NYC’s Luxury Real Estate Scene

By Columbus International,19 March 2025

In a significant addition to New York’s ultra-high-end commercial real estate landscape, the San Vicente club opened its doors Friday at 115 Jane Street in the West Village, adjacent to the former Jane Hotel property. This debut marks a pinnacle moment in Manhattan’s exclusive members-only club sector, representing a premium investment in one of the city’s most coveted neighborhoods.

The San Vicente arrives from Los Angeles, where it has established itself as a sanctuary for A-list clientele including Meghan Markle and Prince Harry. It joins Manhattan’s growing portfolio of exclusive venues including Jean-Georges’s Chez Margaux, London import the Twenty Two, ZZ’s from Carbone, Tao’s Crane Club, Zero Bond (a favorite of Mayor Eric Adams), and Casa Cipriani.

What distinguishes this property development is its exceptional exclusivity model. The club maintains complete separation from the adjacent hotel operations, with neither clientele having access to the other’s facilities. More notably, San Vicente’s membership criteria extend beyond mere wealth—even billionaires aren’t guaranteed entry without the right cultural capital and connections.

The West Village location has been in development since 2022 when owner Jeff Klein acquired the Jane property. Klein’s real estate portfolio includes the prestigious Sunset Tower Hotel in Los Angeles, which he purchased for $18 million and transformed into an iconic venue that hosted Vanity Fair’s Oscars parties for years.

Unlike some competitors in the market that command initiation fees reaching $20,000-$30,000, San Vicente’s fee structure ranges from $3,000-$15,000 for initiation and $1,800-$4,200 in annual dues, varying based on age. This pricing strategy positions the property in a unique segment of the luxury market.

The property features multiple revenue-generating spaces including ground floor and rooftop restaurants, plus food service throughout various amenity areas such as the drawing room, billiards room, and disco. Chef Nicholas Ugliarolo, formerly of Jean-Georges management and ABC Kitchen, leads the culinary operations after a rigorous selection process that reportedly involved over 100 candidates.

The food program offers a sophisticated menu with items ranging from $18 appetizers to $58 seafood entrées, positioning the venue in the premium dining sector. Bar operations are led by industry veteran Aaron Thorpe, previously associated with prestigious establishments including Raoul’s, Le Coucou, and Stephen Starr properties.

Industry analysts are watching closely to see if New Yorkers will embrace this West Coast import, particularly given Klein’s exacting standards. As Klein himself noted, New York presents significant challenges for achieving success in the luxury hospitality and real estate sectors.

Klein’s hands-on management style has been compared to that of the late Joe Allen, with The New York Times noting “You feel Jeff’s presence in every way” throughout the property. This attention to detail has been a hallmark of Klein’s previous successful real estate ventures and appears to be central to the San Vicente business model.

Source: Eater NY

Photo credit via San Vicente Clubs

Swiss Watchmaker Audemars Piguet Claims Prime Fifth Avenue Real Estate In Major Expansion

By Columbus International,18 March 2025

In a strategic move that signals confidence in luxury retail’s future, renowned Swiss watchmaker Audemars Piguet has secured a prominent Manhattan location, taking over a corner space that had remained largely unchanged for half a century.

According to an exclusive report by the New York Post, Audemars Piguet has signed a lease for nearly 12,000 square feet at 785 Fifth Avenue in Manhattan’s upscale Lenox Hill neighborhood. The deal encompasses the entire corner site at East 60th Street, a space that previously housed a Citibank branch with notably narrow windows that failed to maximize the prime retail potential of the location.

“The retail space used to have narrow windows befitting a bank, which have since been expanded,” the Post reported, noting that these alterations required approval from the Landmarks Preservation Commission due to the property’s location in a historic district.

This high-profile lease effectively extends Fifth Avenue’s luxury shopping corridor a full block northward. The prestigious address, known as the Parc Cinq, counts Hollywood mogul David Geffen among its residents. The building’s co-op board, which controls the retail space, began marketing the site in late 2023 through brokerage firm Newmark.

Premium Positioning Comes With Premium Price

The financial commitment reflects the location’s prestige. According to sources cited by the Post, the asking rent for the two-level space was approximately $4.8 million annually, though the duration of the lease remains undisclosed.

John LaValley, founder of Sunday Development, the consulting firm that facilitated the redevelopment, told the Post that the project faced initial challenges, including “getting the board to invest in the changes before a tenant was found and to excite retailers over a ‘forgotten corner of Fifth Avenue’ a block north of the Dior and Apple stores at the GM Building.”

The co-op board ultimately selected Audemars Piguet because it “best matched the area and enhanced the story of the building,” LaValley explained to the Post.

Strategic Expansion In Luxury Markets

This new flagship location represents Audemars Piguet’s third Manhattan presence. The luxury watchmaker currently operates a sales boutique at 66 East 57th Street and maintains a service center in the Meatpacking District on Gansevoort Street.

The investment comes at a transformative time for Fifth Avenue. The iconic shopping destination is set to undergo a major redesign that will double the width of sidewalks between Bryant Park and Central Park, creating more pedestrian-friendly spaces that could further enhance the luxury shopping experience.

For Audemars Piguet, the move aligns with its global expansion strategy, which has included opening showcase venues in fashion capitals including Paris and Milan. By securing this prominent Fifth Avenue address, the Swiss watchmaker is positioning itself at the heart of one of the world’s most prestigious shopping destinations, reinforcing its status as a premier luxury brand committed to experiential retail in key global markets.

Manhattan Rents Shatter Records: New York’s $1 Trillion Real Estate Market’s Post-Pandemic Transformation

By Columbus International,14 March 2025

When the pandemic struck New York in early 2020, it delivered a seismic shock to what was already the world’s most valuable real estate market. Office towers emptied overnight. Luxury condos sat vacant. Rental prices plummeted. The prevailing narrative quickly became one of exodus and existential crisis for a city whose identity has always been inextricably linked to its real estate.

Five years later, that apocalyptic vision has given way to something more nuanced: New York hasn’t died—it’s transformed.

The Ultra-Wealthy Have Doubled Down on Manhattan

While nearly 350,000 residents fled between 2020 and 2023, the widely predicted collapse of New York’s high-end real estate market never materialized. In fact, data shows the opposite has occurred.

“The luxury segment has outperformed every forecast,” says Jonathan Miller, CEO of Miller Samuel Real Estate Appraisers & Consultants. “We’re seeing unprecedented demand at the $10 million-plus price point, particularly in new development.”

This resilience is reflected in record-breaking transactions. In Q4 2024, Manhattan saw 47 residential sales above $10 million, a 28% increase from pre-pandemic levels.

The initial pandemic exodus of ultrawealth—when the city lost approximately 17,500 residents from the top 1% income bracket—has reversed. By 2023, net migration of high-net-worth individuals stabilized, with family offices reporting a surge in Manhattan investment activity.

“For sophisticated investors, New York presented an unprecedented buying opportunity,” explains Elizabeth Warren, head of urban investment strategy at Blackstone Real Estate. “The fundamentals never changed—limited land, global appeal, and institutional-grade assets available nowhere else.”

Trophy Assets, Trophy Prices

The median Manhattan sales price hit $1.3 million in Q4 2024, up 36% from Q1 2020. Brooklyn followed with median prices crossing the $1.1 million threshold.

Even more telling: prime assets have commanded extraordinary premiums. The penthouse at 220 Central Park South traded for $102 million in September 2024, while commercial properties in prime locations have maintained cap rates under 4%, defying national trends.

But this prosperity has been highly concentrated. “We’re witnessing a barbell market,” notes Donna Olshan, president of Olshan Realty. “Unprecedented strength at the luxury end, desperation in the middle, and a social services emergency at the affordable end.”

The Office Market’s $100 Billion Question

Manhattan’s 419 million square feet of office space—valued conservatively at $500 billion—faces unprecedented challenges. Vacancy rates hover at 18.2%, more than six times higher than 2000 levels, with empty space equivalent to 32 One World Trade Centers.

This vacancy crisis has triggered the most significant repricing of commercial assets in modern history. Class B and C office buildings have experienced value declines of 40-60%, with distressed sales becoming increasingly common.

“We’re seeing the Great Conversion,” explains Mary Ann Tighe, CEO of CBRE’s New York Tri-State Region. “Properties that no longer make economic sense as offices are finding new life as residential, life sciences, or mixed-use developments.”

This transformation is accelerating, with over 14 million square feet of office space currently undergoing conversion plans. The Adams administration has streamlined zoning to facilitate these transitions, recognizing that commercial-to-residential conversions represent a critical opportunity to address the housing crisis.

The Housing Crisis Intensifies: Manhattan Rents Break Records

For ordinary New Yorkers, the post-pandemic real estate market has become increasingly punishing. The median Manhattan apartment rent reached an all-time high of $4,500 in February 2025, surpassing the previous record of $4,400 set in August 2023, according to data from brokerage Douglas Elliman.

This new peak signals an ominous trend for renters amid slowing housing construction and stubbornly high housing prices across all boroughs. Industry experts see no relief in sight for the multifamily market that has consistently defied expectations of a correction.

Even the historically affordable Bronx has seen rent increases approaching 40%. Nearly 630,000 households—or roughly one in four New York renters—now spend more than half their income on housing.

This affordability crisis has pushed the city’s rental assistance spending to unprecedented levels—$1.1 billion for the current fiscal year, compared to $302 million in 2021.

Despite these challenges, 2024 saw 34,000 new housing units delivered, the highest production since 1965. “But we need to triple that output annually for the next decade to achieve market equilibrium,” warns Vishaan Chakrabarti, founder of PAU architectural firm and former Manhattan planning director.

The Demographics Driving Demand

New York’s real estate future hinges on demographics, and the trends are contradictory. The city recorded just 99,000 births in 2021-2022, the lowest level since the Great Depression. Public school enrollment has plummeted, with 111,000 fewer students than in the 2018-19 academic year.

Families with young children were more than twice as likely to leave the city in 2023 as childless households. Black residents continue to exit at twice the rate of white residents, accelerating a pre-pandemic trend.

Yet immigration has provided crucial population stability. More than 230,000 migrants have arrived since spring 2022, helping push the population back to 8.48 million by the end of 2024—still 262,000 below 2020 levels.

A Real Estate Market for the 1%

The pandemic has accelerated New York’s evolution into a city of extremes. While lower-paying jobs in home healthcare have grown 45% since December 2019, middle-income sectors like retail and construction have contracted dramatically, shedding 54,100 and 30,700 jobs respectively.

This economic polarization is reflected in housing development. “Luxury units and affordable housing get built because they have separate financing ecosystems,” explains Rafael Cestero, former NYC Housing Commissioner. “What’s disappeared is market-rate housing for the middle class.”

The data bears this out: 60% of new housing starts in 2024 were either luxury (defined as exceeding 175% of median prices) or subsidized affordable housing. The middle market has all but vanished.

Investment Implications: The Next Five Years

For real estate investors, New York presents both extraordinary risks and opportunities:

Trophy commercial assets will maintain value. Prime office buildings with ESG credentials and modern amenities continue to command premium rents and institutional capital.
Distressed commercial assets represent generational buying opportunities. Buildings trading at 40-60 cents on the dollar can yield exceptional returns through conversion or repositioning.
Multifamily remains the safest bet. With rental demand exceeding supply by approximately 200,000 units, well-located rental properties continue to outperform all other asset classes.
Retail is experiencing a renaissance in select corridors. High-street retail in SoHo, Fifth Avenue and the Meatpacking District has recovered to pre-pandemic rents, while secondary locations remain challenged.
Industrial and logistics assets command premium valuations. Last-mile delivery facilities in the outer boroughs have seen 85% value appreciation since 2019.

As New York evolves, its real estate market is becoming even more stratified—a mirror of the city’s widening economic divide. The question isn’t whether New York is “back,” but rather, what kind of New York is emerging. The answer, increasingly, is a tale of two cities within the same 302 square miles, each operating under different economic realities but bound by the same fundamental asset: some of the most valuable real estate on earth.

“The pandemic didn’t break New York’s real estate market,” concludes Barry Sternlicht, CEO of Starwood Capital Group. “It accelerated trends that were already underway, creating a market that’s simultaneously more global and more local, more luxury-focused and more subsidy-dependent than ever before.”

For investors with the capital and vision to navigate this new landscape, the opportunities remain as outsized as the buildings that define the skyline—provided they understand which New York they’re betting on.

Sources: Bisnow | The New York Times

The Invaluable Role of Real Estate Brokers in New York City

By Columbus International,13 March 2025

In the concrete jungle of New York City, where the real estate landscape is as towering and complex as its iconic skyline, navigating property transactions without professional guidance can be a daunting endeavor. While New York state law doesn’t mandate broker representation, those who venture into the NYC real estate market solo are often left wondering if they’ve made the right decisions.

Navigating the Labyrinth: Why NYC Real Estate Demands Expertise

New York’s real estate market operates unlike any other in the world. With its distinctive co-op boards, complex approval processes, and hyper-competitive environment, even seasoned investors can find themselves overwhelmed. Each neighborhood comes with its own unwritten rules, price trends, and hidden gems that only market insiders truly understand.

The difference between someone who uses a broker and someone who doesn’t is often measured in thousands of dollars and countless hours saved. At Columbus International’s New York office, brokers frequently see clients who initially tried to navigate the market themselves, only to realize they were missing crucial information that significantly impacted their investment decisions.

Beyond the Search: The Multi-Faceted Role of Today’s Broker

The modern real estate broker is far more than someone who simply shows properties. Today’s brokers are:

Market Intelligence Specialists: With real-time data and years of experience, brokers can identify value opportunities that online listings simply can’t reveal.
Negotiation Experts: In a city where every square foot comes at a premium, skilled negotiation can mean the difference between closing a deal or losing your dream property.
Paperwork Navigators: NYC’s real estate transaction documents can reach hundreds of pages. Brokers ensure that every detail is properly addressed.
Relationship Curators: The best deals in New York often happen before properties ever hit the public market. Established brokers maintain networks that give their clients first access to off-market opportunities.

The International Advantage

At Columbus International, our unique position bridging the American and Italian markets provides our clients with distinctive advantages. Whether you’re an Italian investor looking at Manhattan opportunities or an American seeking the perfect Milanese apartment, our bicultural expertise ensures you’re never navigating unfamiliar territory alone.

Understanding both markets enables the Columbus International team to provide contextual guidance that’s invaluable to clients. The company prides itself on translating not just the language, but the entire real estate culture, ensuring a seamless experience regardless of which side of the Atlantic the transaction occurs.

The Cost of Going Solo: What You Risk Without Representation

Many first-time buyers or sellers are tempted to handle transactions themselves, believing they’ll save on commission fees. However, this approach often proves more expensive in the long run:

Unrepresented buyers frequently overpay by 3-7% compared to broker-represented transactions
Solo sellers typically receive 5-10% less than properties marketed by professional brokers
Without expert guidance, transaction timelines often extend by weeks or months
Legal complications arising from improper documentation can cost thousands in remediation

Making the Right Choice

Whether you’re purchasing your first NYC apartment or expanding an international real estate portfolio, professional representation transforms what could be an overwhelming process into a strategic opportunity.

The value of a broker extends far beyond the transaction itself. It’s the confidence that comes from knowing every decision is informed by expertise and experience that truly matters. In a market as competitive and complex as New York City’s, that peace of mind becomes perhaps the most valuable asset of all for clients navigating these challenging waters.

Columbus International Real Estate specializes in residential and commercial properties, with offices in New York, Miami, Milan, and Florence. Our multilingual team of expert brokers provides seamless service for clients navigating both American and Italian real estate markets.

De Niro’s Ex-Wife Sells Central Park West Co-Op at $2.9M Loss

By Columbus International,10 March 2025

In a notable shift within Manhattan’s luxury real estate market, Grace Hightower has finalized the sale of her Central Park West residence for $18 million, according to public records. The transaction represents a $2.9 million loss from the $20.9 million that Hightower and her former husband, actor Robert De Niro, originally invested in the property in 2006.

The five-bedroom duplex in the prestigious Brentford building was initially listed at $20 million in May, reflecting the current downward pressure on Manhattan’s co-op market. Leonard Steinberg of Compass, who represented the listing, acknowledged to the Wall Street Journal that “co-ops have gotten pretty beaten-up, pricewise” — a sentiment supported by recent market data.

The 5,700-square-foot residence underwent significant renovations following a 2012 fire that rendered it uninhabitable for approximately a year. During this period, Hightower and De Niro temporarily relocated to luxury rentals in the West Village and at 15 Central Park West.

This high-profile transaction occurs amid a broader market trend showing significant divergence between luxury and entry-level co-op segments. According to Miller Samuel data, co-ops with four or more bedrooms have seen median prices fall from $4.9 million last year to $3.5 million in 2024, while studio apartments have maintained relatively stable valuations around $420,000.

The property features premium Central Park views from its corner primary bedroom, complete with three walk-in closets. Four additional bedrooms occupy the northwest wing of the upper level, with entertaining spaces including a formal living room, dining room, and eat-in kitchen on the lower floor.

The Brentford’s prestigious address at 88 Central Park West has attracted numerous celebrities, including musician Sting and photographer Annie Leibovitz, who similarly sold her unit at a loss last February for $10.7 million. Interestingly, the unit purchased by Hightower and De Niro in 2006 was previously owned by disgraced film producer Harvey Weinstein.

While Hightower manages this real estate transition, De Niro has shifted his investment focus toward commercial development with his Wildflower Studios project in Queens. The $1 billion, 765,000-square-foot film production complex completed construction last year, positioning the actor as a significant player in New York’s entertainment infrastructure.

Source: The Real Deal

Major Investors Eye New York Office Properties as Return-to-Office Trend Accelerates

By Columbus International,8 March 2025

In a significant shift for commercial real estate, heavyweight investors including Blackstone and affluent individuals are actively pursuing office properties in New York as companies implement return-to-office policies, igniting a nascent recovery in a market that has struggled for years.

This renewed interest in New York offices could portend a broader economic revival for major urban centers worldwide, with the five-day in-person work week returning and stimulating demand for local services. The development marks a dramatic turnaround after investors consistently avoided vacant commercial spaces in the post-pandemic years.

Industry professionals across real estate investment, consulting, and banking report increasing demand for premium office spaces in New York, leading to accelerated deal activity. Several indicators support this trend: Amazon is searching for additional space, BXP is engaged in discussions with potential tenants for a new development, and Blackstone has adopted a more optimistic stance toward the sector.

Blackstone President Jonathan Gray identified compelling value opportunities in New York City and San Francisco offices during a recent conference. “In New York, you have financial services firms who are growing rapidly, you don’t have any new building,” Gray stated. He noted that in San Francisco, values had plummeted by as much as 75% in some cases, while highlighting the region’s continued importance for AI and technology innovation.

Blackstone has strategically reduced its office exposure in recent years. Office properties now represent less than 2% of its real estate portfolio, compared to more than 60% in 2007, according to company data. Industry consultants report that investors completed more office transactions last year as lease terms improved and tenant activity increased.

Among these transactions, Blackstone is pursuing a substantial stake in the office building at 1345 Avenue of the Americas in Manhattan, though the company has not commented on these investment plans. “More deals of scale are definitely coming,” observed David Giancola, senior managing director of capital markets at JLL’s New York office.

Despite the positive momentum, challenges persist for older Class B and C buildings, particularly those with unfavorable locations or configurations that make them difficult to lease, according to Ran Eliasaf, founder and managing partner at real estate private equity firm Northwind Group.

Senior industry executives cite economic growth and lower interest rates as additional factors boosting office demand. “The world is moving back to work and back to in-person work, no question about it,” said Owen D. Thomas, chairman and CEO of Boston-based real estate investment trust BXP Inc. “Real estate is a financial asset driven by interest rates, so that’s helpful,” he added.

BXP is currently in discussions with four to five potential anchor tenants for a planned 46-story tower in Midtown Manhattan, Thomas revealed. This commercial project is situated near JPMorgan Chase’s new global headquarters, which will accommodate 14,000 employees and is scheduled for completion by year-end.

Billionaire Ken Griffin’s experience illustrates the growing space constraints. When he decided to consolidate offices for his hedge fund Citadel and market-maker Citadel Securities in midtown approximately three years ago, insufficient space led him to pursue new construction instead, anticipating the wave of five-day in-office mandates now filling buildings.

Griffin has partnered with Vornado Realty Trust and Rudin Management to develop a 62-story skyscraper at 350 Park Avenue with capacity for 6,000 people. Citadel and Citadel Securities will anchor the building, projected for completion by 2032. Griffin’s employees will relocate to temporary facilities next year to allow demolition of the current 30-floor structure built in 1960.

Market improvements are reflected in cap rates, a key metric investors use to evaluate property profitability and risk. After peaking at 6.99% in Q1 2024, this indicator fell to 5.77% by year-end, signaling enhanced returns for investors, according to research firm Trepp data.

Sales volumes for U.S. commercial properties increased by 9% in 2024 after declining by half in 2023, property consultants CBRE report. Occupancy has rebounded following sharp pandemic-related declines, analysts note.

Data from commercial real estate advisory firm Avison Young shows Manhattan office utilization reached 79.9% in January 2025, compared to 66.9% across offices in major and secondary U.S. cities relative to pre-pandemic levels.

New York’s commercial buildings benefit from diverse tenants across multiple industries, including finance, insurance, and technology, according to Doug Middleton, vice chairman with CBRE’s Investment Properties group. He notes that other cities typically depend more heavily on one or two industries.

Wealthy individual investors are renewing their interest in higher-quality Class-A offices, prompting financial institutions to increase deal financing. Nishi Somaiya, Goldman Sachs’ global head of private banking, lending and deposits, observed, “Our CRE loan portfolio in the private bank is growing, which tells you that there’s a lot of demand and confidence in opportunities within the sector.”

The trend extends beyond American shores. In Europe, surging demand for premium office space is driving rents to record levels in central London, fostering investor optimism despite overall office sale volumes remaining at multi-year lows.

“People got very excited post-COVID that this was the end of the office – it was never the end of the office,” concluded Hugh White, a London-based senior director at BNP Paribas Real Estate.

Source: Reuters

Smart Investors: Why Now is the Perfect Time to Enter the Real Estate Market

By Columbus International,6 March 2025

Strategic Opportunities Emerge as Market Resets

The recent pullback in investor activity in the U.S. residential real estate market represents a significant opportunity for savvy investors ready to position themselves for the next growth cycle.

Recent Redfin data showing a 3.9% year-over-year decline in investor purchases during Q4 signals not a fundamental market weakness, but rather a strategic reset that creates ideal entry points for forward-thinking investors.

Why This Market Presents Extraordinary Value

Several factors make this an opportune moment to invest:

Reduced Competition: With investor market share dropping to 17.1% (the lowest fourth-quarter level since 2020), there’s less competition for desirable properties, creating better negotiating positions.
Regional Arbitrage Opportunities: While Florida and other markets are seeing investor pullbacks, the Bay Area is experiencing renewed interest with impressive growth: Seattle (33.8%), San Jose (21.1%), Oakland (19.4%), and San Francisco (19.1%). This regional divergence creates tactical opportunities for portfolio diversification.
Value in Low-Priced Properties: While high and mid-priced home purchases have declined, activity in low-priced homes has remained stable – highlighting where smart money is finding value in today’s market.
Appreciating Asset Values: Despite fewer purchases, the total value of investor acquisitions increased by 6.3% year-over-year to $36.5 billion, directly matching home price appreciation. This confirms real estate’s ongoing strength as a value-preservation vehicle.
Condo Market Reset: The significant drop in condo investor activity (down 13% to lowest levels since 2012) has created potentially undervalued assets that astute investors can acquire at favorable prices before the inevitable market rebound.

Strategic Investment Approach for Today’s Market

The current market conditions favor investors who:

Take a contrarian approach to cities like Orlando, Miami, and Chicago where others are retreating
Focus on value-add opportunities in condos where rising HOA fees and insurance costs have temporarily suppressed demand
Consider the Bay Area renaissance as an indicator of where growth will spread next
Use current higher interest rates to negotiate better purchase prices while preparing to refinance when rates inevitably decrease

For sophisticated investors, market pullbacks have historically represented the best entry points. The current plateau in the housing market, combined with the demonstrated resilience of property values, makes this an ideal moment to build positions before the next growth cycle begins.

Palm Beach’s Luxury Real Estate Boom: How New York’s Elite Transformed a Market

By Columbus International,20 February 2025

Columbus International: Your Gateway to Premier Real Estate Markets

As a distinguished real estate boutique connecting the vibrant markets of New York, Miami, Milan, and Florence, Columbus International presents exclusive insights into luxury real estate trends. Our expertise in facilitating cross-market investments positions us uniquely to analyze emerging patterns in high-end property movements.

The transformation of Palm Beach’s real estate landscape tells a compelling story of wealth migration that began during the COVID-19 pandemic and continues to reshape Florida’s luxury property market. What started as a temporary exodus from Manhattan has evolved into a permanent shift in how high-net-worth individuals view their residential choices.

The surge in demand for Palm Beach properties has been nothing short of extraordinary. By April 2022, the median home price in this exclusive enclave of fewer than 10,000 residents reached an astounding $4.15 million. While prices have slightly adjusted since then, they remain significantly elevated compared to pre-pandemic levels.

This wealth migration from New York City has fundamentally altered the market dynamics in Palm Beach. Analytics reveal a striking trend: in 2019, New York-based viewers accounted for just 6.5% of Palm Beach County listing views. By 2023, this figure had surged to 19.6% – representing one in five potential buyers.

The impact of this migration becomes even more apparent when examining driver’s license data. In 2022 alone, 8,059 New Yorkers exchanged their licenses for Florida credentials in Palm Beach County. Perhaps more telling is that in 2021, 41% of all transplants to the area originated from New York City, bringing with them an average annual income of $728,000.

Entrepreneurship always flows to some new place, and COVID-19 broke long-established habits long enough to allow the formation of new ones, supercharging these migration patterns. The results are evident in the numbers: Palm Beach County’s median single-family home price jumped from $370,000 in 2019 to $665,000 in 2024 – an 89% increase.

The luxury segment has experienced even more dramatic growth. Between 2019 and 2024, sales of homes priced at $2,000 per square foot surged by 640%. Ultra-luxury properties, valued at $20 million or more, saw a 500% increase in sales during the same period. January 2025 alone recorded six transactions exceeding $20 million – more than the entire year of 2019.

The inventory landscape further reflects this transformation. From September 2019 to January 2025, while the median listing price nearly doubled to $2.9 million, the number of available homes priced above $1 million dropped by half, from 313 to 137.

This unprecedented market evolution stems from wealthy New Yorkers creating an appetite for product price points that basically didn’t exist before. The combination of limited buildable land and rising construction costs ensures that this high-end market transformation will likely persist, reshaping South Florida’s luxury real estate landscape for years to come.

Columbus International expertly navigates these evolving market dynamics, offering investors unique opportunities to establish roots in four of the world’s most prestigious real estate markets. Our boutique approach ensures personalized service while leveraging deep market knowledge across New York, Miami, Milan, and Florence.

Contact Columbus International to explore premium investment opportunities in these thriving markets: info@columbusintl.com

Source: New York Post

Atelier Jolie: A Revolutionary Fashion Space Where Sustainability Meets Craftsmanship

By Columbus International,14 February 202514 February 2025

In the heart of New York City’s SoHo district, at 57 Great Jones Street – once Jean-Michel Basquiat’s studio – Angelina Jolie has launched a groundbreaking fashion venture that challenges industry norms. Atelier Jolie isn’t just another celebrity fashion brand; it’s a creative sanctuary where sustainability meets craftsmanship, bringing together diverse talents and innovative approaches to fashion.

https://www.youtube.com/shorts/4vjwmGHurSg

The historic building’s graffitied facade, a tribute to its artistic legacy, slides back during operating hours to reveal modern glass windows. Inside, the space is staffed by Parsons School of Design students and alumni, creating an environment where education meets innovation. The ground floor houses screen printing facilities, while the basement serves as a painting room. Upstairs, an airy atelier space with exposed wooden beams and vintage sewing machines welcomes clients for bespoke tailoring.

What sets Atelier Jolie apart is its democratic approach to luxury fashion. Customers can collaborate with skilled artisans to customize pieces from the house collection, which includes everything from fluid trench coats to crisp suiting, with prices ranging from $15 for customizable T-shirts to $575 for intricately designed maxi dresses. The space also showcases collections from various sustainable fashion brands, all available for personalization.

The atelier also partners with Eat Offbeat, a women-founded café that employs refugee chefs, adding another layer to its community-focused mission. The space features workshops on innovative upcycling techniques, proving that sustainable fashion can be sophisticated rather than simply “shabby chic.”

“There is so much happening that divides us, and it’s essential that we create and share time together,” Jolie explains. The atelier stands as a testament to this philosophy, offering not just a retail space but a creative hub where sustainability, craftsmanship, and community converge. Through collaborations with various visionaries and designers, Atelier Jolie is proving that ethical fashion can be both luxurious and accessible, paving the way for a more inclusive and sustainable fashion future.

Sources: Harper’s Bazaar | Forbes

Manhattan’s Most Elevated Fifth Avenue Residence Commands Full $11.5M Asking Price

By Columbus International,6 February 2025

In a testament to New York’s resilient luxury real estate market, the highest residential perch on Manhattan’s iconic Fifth Avenue has secured a buyer at its full asking price of $11.5 million. This swift sale, occurring just months after the property’s market debut, signals continued robust demand for ultra-luxury properties in prime Manhattan locations.

Positioned at a staggering 880 feet above Midtown Manhattan, Penthouse 80 at 520 Fifth Avenue stands as a monument to architectural ambition and luxury living. The building itself, rising 1,002 feet, claims the title of Fifth Avenue’s tallest residential tower, marking a new milestone in the storied avenue’s evolution.

The 2,562-square-foot full-floor residence, crafted by celebrity-favored design firm Charles & Co. (whose portfolio includes projects for George and Amal Clooney), exemplifies the pinnacle of urban luxury. The penthouse’s design capitalizes on its unprecedented elevation with nearly 13-foot ceilings and sophisticated arched windows that frame panoramic views of Manhattan’s architectural landmarks, from the Empire State Building to Central Park.

“The exceptional sales velocity at 520 Fifth Avenue, with 90% of units now sold, underscores the enduring appeal of premium Midtown properties,” notes Donna Puzio, senior sales director at Corcoran Sunshine Marketing Group. The remaining inventory includes just two penthouses and select residences, suggesting a rapidly closing window of opportunity for potential buyers.

The penthouse’s interior appointments reflect its market positioning, featuring a chef’s kitchen adorned with honed Taj Mahal quartzite countertops and custom walnut cabinetry. The primary suite, boasting three exposures and a marble-clad bath, epitomizes modern luxury living.