real estate New York

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.

Source: New York Post

The Great NYC Rent Puzzle: Where Can You Afford to Live?

By Columbus International,4 February 2025

In the ever-evolving tapestry of New York City’s real estate market, a pressing question echoes through the concrete canyons: Where can New Yorkers actually afford to live? As we navigate through 2025, the answer is as complex as the city itself, with each borough telling its own unique story of affordability and opportunity.

The Big Picture: A Market in Flux

The latest data paints a nuanced picture of New York’s rental landscape. As of April 2024, the number of available rentals in the city grew to 30,314, up nearly 5% from the previous year. It’s a glimmer of hope for apartment hunters, but still a far cry from the 41,123 units available in April 2019. This increase in inventory, however, comes with a caveat – rising prices.

The citywide median asking rent reached a staggering $3,700 in recent months, the highest since September 2023. This figure represents a 1.7% year-over-year increase – a notable slowdown from the 14% surge seen between April 2022 and 2023, but still outpacing wage growth in a city where the gap between income and rent continues to widen.

The Income-Rent Tightrope

To put this in perspective, adhering to the standard financial wisdom that rent should not exceed 30% of one’s income, a New Yorker would need an annual salary of $148,000 to comfortably afford the median rent. It’s a sobering figure, considering the city’s median household income hovers around $77,000.

Even more alarming, a recent report finds that New York City rents are rising seven times faster than wages. While average wages increased by about 1.2% last year, median rents surged by 8.6%. This widening gap outpaces every other metropolitan region in the country, creating what StreetEasy economist Kenny Lee calls a “vicious cycle” of price hikes driven by severe housing shortages.

A Tale of Five Boroughs

Manhattan: The High-Roller’s Haven with a Twist

Surprisingly, Manhattan offers a glimmer of hope. July 2024 marked the 13th consecutive month of year-over-year rent decreases in the borough. The median rent stood at $4,489 – down $91 from the previous year, representing a 2.0% savings. It’s even $362 less than its peak in August 2019.

However, don’t break out the champagne just yet. To afford a typical Manhattan apartment without spending more than 30% of your income on housing and utilities, you’d still need a gross household income of $179,560 per year. It’s a figure that dwarfs the U.S. median household income of $74,580.

Brooklyn: The Middle Ground Gets Pricier

Brooklyn’s story is one of steady climbs. July rent prices rose 3.5% year-over-year to a median of $3,718 per month – the highest Brooklyn rent on record. To comfortably afford this, you’d need an annual household income of $148,720. It’s a steep ask, but still more attainable than Manhattan for many professionals and dual-income households.

Queens: The Rising Star

Queens emerged as thehottest market among the outer boroughs, with the biggest jump in rental prices – an 8.2% rise to $3,380. This surge puts Queens rents a whopping 40.1% higher than in 2019. To afford a typical Queens home without breaking the bank, you’d need a gross household income of $135,200 per year.

The Bronx: Frontier of Affordability (For Now)

The Bronx offers a relative bargain, with a median rent of $3,175 in July – 7.7% higher than the previous year. While still the most affordable borough, Bronx rents have skyrocketed 60.9% in five years. To comfortably rent here, you’d need a gross annual household income of $127,000.

Staten Island: The Often Overlooked Option

While often left out of the conversation, Staten Island can offer more space at lower prices for those willing to embrace a suburban feel with a city address.

Neighborhood Spotlight: Where to Look

Astoria, Queens: With a 47% increase in listings, Astoria is becoming a hotspot for those priced out of Manhattan and parts of Brooklyn.
Greenpoint, Brooklyn: Matching Astoria’s growth, Greenpoint offers a blend of Brooklyn charm and increasing rental options.
Mott Haven, Bronx: Leading all neighborhoods with an 85% increase in inventory, Mott Haven represents the frontier of affordability, with a median asking rent of $3,050.

Size Matters: The Demand for Smaller Spaces

In New York City, size indeed matters. July saw greater demand for smaller rental units. The median rent for studios, one-bedroom, and two-bedroom units averaged $3,322, up 2.2% from July 2023. Meanwhile, larger units with three or more bedrooms saw a 5.0% decrease in median rent, dropping to $4,996.

Strategies for Every Salary

Look to Emerging Neighborhoods: Areas like Mott Haven in the Bronx offer lower rents and potential for future appreciation.
Consider Outer Boroughs: With Manhattan prices still sky-high, more renters are exploring options in Queens, Brooklyn, and the Bronx.
Timing is Everything: Winter months often see dips in rental prices. If you can time your move, you might snag a deal.
Be Aware of Hidden Costs: Factor in broker fees, application costs, and credit check expenses, which can add significantly to your moving budget.
Explore Affordable Housing Options: While limited, units reserved for low- and middle-income renters do exist, particularly in newer developments.

The Road Ahead

As New York City continues to evolve, so does its rental landscape. Recent legislation aims to curb dramatic rent increases, allowing renters to challenge hikes over 8.5% in most cases. However, the effectiveness of these measures remains to be seen.

For New Yorkers at all income levels, finding that perfect balance of location and affordability is an ongoing journey. But armed with knowledge, a bit of flexibility, and that famous New York resilience, a place to call home is out there – at every price point.

In this city of dreams and determination, the rental market remains as dynamic and challenging as ever. But for those willing to explore beyond their comfort zones and keep a keen eye on emerging trends, opportunities still abound in the concrete jungle where dreams are made.

The $300 Million Leaning Tower of Manhattan: A Real Estate Development Gone Wrong

By Columbus International,3 February 2025

Looking to buy or rent property in New York? Columbus International real estate agents are at your service: info@columbusintl.com

In New York‘s competitive luxury real estate market, the story of 1 Seaport stands as a cautionary tale of ambitious development, cost-cutting decisions, and devastating consequences. The 60-story glass residential skyscraper, developed by Fortis Property Group with projected sales of $300 million, now leans up to eight inches off-center—a $250 million mistake that remains unfinished and embroiled in litigation.

A Promising Start

When Fredrik Eklund, star broker of “Million Dollar Listing New York,” secured the exclusive rights to sell 1 Seaport’s units in 2016, the project seemed destined for success. Within eight weeks, Eklund had pre-sold 20 units, demonstrating strong market demand for luxury waterfront properties in Manhattan’s Financial District.

Fatal Flaws in Foundation

The project’s troubles began with a critical decision: rather than using traditional pile foundations driven to bedrock—standard practice for Manhattan skyscrapers—Fortis opted for a “soil improvement” method that would save $6 million. This decision came despite warnings from engineering consultant Robert Alperstein about potential “differential settlements” in the challenging site conditions, which included Colonial-era infill and former marshland.

Tragedy and Construction Issues

The project was plagued by safety violations and construction problems. In September 2017, these issues culminated in tragedy when Juan Chonillo, a 44-year-old carpenter, fell to his death from the 29th floor. The construction company, SSC High Rise, later pleaded guilty to second-degree manslaughter and was fined just $10,000.

The Lean Becomes Apparent

By April 2018, contractors discovered the building was leaning three inches northward. Rather than halting construction, attempts were made to correct the lean by intentionally misaligning upper floors in the opposite direction. This strategy backfired, resulting in what one lawyer described as a “banana-shaped” structure leaning up to ten inches in some places.

Financial Impact and Legal Battles

The project has spawned over two dozen lawsuits involving:

Fortis Property Group and Pizzarotti (the construction manager)
Buyers seeking to recover deposits
Multiple contractors and subcontractors
Insurance companies and lenders

Construction halted in July 2020, leaving the tower in development limbo. The structure, now under receivership, stands as a stark reminder of the risks in luxury real estate development.

Bottom Line

1 Seaport represents one of the most significant real estate development failures in recent New York history. While structural engineers maintain the building won’t collapse, its commercial viability has. The project demonstrates how seemingly minor cost-saving decisions can cascade into catastrophic financial consequences in high-stakes real estate development.

For investors and developers, 1 Seaport offers crucial lessons about the false economy of cutting corners on foundations and the importance of maintaining rigorous construction standards—especially in an era of increasingly ambitious luxury developments.

Source: The New Yorker

Harlem Real Estate: Historic Manhattan Neighborhood Emerges as Prime Investment Opportunity

By Columbus International,17 January 2025

This article is brought to you by Columbus International Real Estate, your trusted global partner in luxury real estate. With offices in New York, Miami, Milan, and Tuscany, our boutique firm specializes in premium property transactions across these prestigious markets.

555 Lenox Avenue, Apt. 4B

For expert guidance on Harlem and other New York properties, contact our dedicated team of real estate professionals.

In the competitive landscape of Manhattan real estate, Harlem stands out as a compelling investment destination, offering a rare combination of historical charm, cultural richness, and significant growth potential. As 2025 begins, the neighborhood’s real estate market demonstrates remarkable strength, with median home listing prices reaching $840,000 – a robust 5.1% increase from the previous year that signals continued appreciation opportunities.

At $896 per square foot, Harlem presents an attractive value proposition for investors and homebuyers seeking entry into the Manhattan market. This pricing, substantially lower than many downtown neighborhoods, suggests significant upside potential, particularly in prime areas like Striver’s Row, Hamilton Terrace, and Convent Avenue, which have historically maintained their value through various market cycles.

The neighborhood’s investment thesis is strengthened by its rich architectural heritage, particularly evident in its stunning brownstones, many dating back to the 1890s. These historic properties, some valued well into the millions, represent the kind of unique real estate assets that consistently attract premium buyers in the New York market.

Harlem‘s evolution as a real estate market traces back to transformative moments like the 1904 subway construction and the 2001 arrival of President Bill Clinton’s office on 125th Street – events that catalyzed waves of development and appreciation. Today, the neighborhood continues this trajectory of positive change, with new luxury developments complementing its historic housing stock.

The current market dynamics offer multiple entry points for investors. The gap between listing prices ($840,000) and median sold prices ($659,000) creates opportunities for value-oriented buyers while leaving room for appreciation. This pricing spectrum, where properties just blocks apart can range from mid-hundreds of thousands to millions, offers diverse investment strategies from value-add renovations to luxury development.

Looking ahead, several factors support continued market strength. The neighborhood’s unparalleled cultural heritage, exemplified by institutions like the Apollo Theater, combines with ongoing infrastructure improvements and commercial development to drive sustained demand. New restaurants, boutiques, and cultural venues continue to enhance the area’s appeal to both residents and investors.

As the market evolves, public and private sector initiatives are working to ensure sustainable growth. State legislators are advancing measures to preserve housing affordability, while developers are creating new housing stock that caters to various market segments. These efforts help maintain the neighborhood’s diverse character while supporting property values.

For investors, Harlem’s real estate market offers a compelling combination of immediate value and long-term appreciation potential. The neighborhood’s architectural heritage, cultural significance, and relative value compared to other Manhattan areas position it for continued growth through 2025 and beyond. Whether through direct property ownership, development projects, or housing rehabilitation, Harlem presents multiple pathways to participate in one of New York’s most dynamic real estate markets.

As Manhattan continues to evolve, Harlem stands out as a neighborhood that successfully balances historical preservation with modern development, creating unique opportunities for investors who recognize its enduring value proposition. For those seeking to capitalize on Manhattan real estate’s long-term appreciation potential while maintaining a reasonable entry point, Harlem’s market merits serious consideration.