Soho

New York City Real Estate Market Shifts as SoHo Claims Top Spot, Brooklyn Gains Ground

By Columbus International,25 November 202425 November 2024

New York City’s real estate landscape underwent notable changes in Q3 2024, with SoHo emerging as the city’s most expensive neighborhood for the first time since 2016. The market showed moderate growth, with citywide median sale prices rising 3% year-over-year to $770,000 and transaction volume increasing 6% to 7,925 deals.

Hudson Yards’ Notable Absence

The quarter’s most significant development was Hudson Yards’ absence from the rankings, recording just four residential sales—insufficient to meet the minimum threshold for price analysis. This marks the neighborhood’s first exclusion since Q2 2020, during the pandemic’s early stages.

SoHo and TriBeCa Lead the Pack

Despite an 8% year-over-year price decline, SoHo secured the top position with a $4.25 million median sale price. TriBeCa followed at $3.9 million, benefiting from a dramatic 55% price surge, though sales volume dropped 36% year-over-year due to decreased co-op transactions.

Brooklyn’s Rising Influence

Brooklyn achieved a milestone by placing 23 neighborhoods among NYC’s 50 most expensive—surpassing Manhattan for the first time since Q2 2021. Three Brooklyn neighborhoods ranked in the top 10:

Cobble Hill (#4) at $1.84 million
DUMBO (#8) at $1.67 million
Carroll Gardens (#9) at $1.63 million

The borough also dominated sales growth, with Greenpoint leading the charge as transactions more than doubled year-over-year, largely driven by The Huron development’s 25 unit sales.

Queens Shows Strong Momentum

Queens demonstrated remarkable growth, placing 11 neighborhoods in the top 50. Hollis Hills recorded the city’s sharpest price increase at 125% year-over-year, reaching $966,000. This surge stemmed from a shift toward single-family home sales, which represented 10 of 17 total transactions.

Hunters Point led Queens’ luxury market as the borough’s only representative in the top 20, securing the #20 position with a $1.21 million median sale price.

Market Implications

The third quarter’s shifts suggest evolving buyer preferences and market dynamics:

Price growth remains moderate but steady
Brooklyn’s ascendance indicates strong demand for its residential offerings
Luxury market resilience continues despite economic headwinds
New development sales significantly influence neighborhood rankings

With Hudson Yards’ temporary exit and SoHo’s resurgence, Q3 2024 marks a potential inflection point in New York City’s luxury real estate landscape. As the market adapts to changing conditions, the interplay between Manhattan’s established luxury corridors and Brooklyn’s rising prominence promises to shape future trends.

Model Mogul to Pizza Maven: Inside Heidi Klum’s New York Culinary Venture with Ex Flavio Briatore

By Columbus International,7 November 2024

In an unexpected twist that merges high fashion with fine dining, supermodel Heidi Klum has partnered with former flame Flavio Briatore to bring their upscale pizza concept, Crazy Pizza, to New York’s vibrant SoHo district. The establishment, opening November 6th at 218 Lafayette Street, promises to deliver a uniquely theatrical dining experience that’s already generating buzz in Manhattan’s competitive restaurant scene.

A Fashion-Forward Feast

The restaurant’s aesthetic is as carefully curated as a runway show, featuring sleek red interiors and white tablecloth-topped tables that create an elevated dining atmosphere. The centerpiece of the space is a custom-made pizza-shaped disco ball, complete with heart-shaped pepperoni, handcrafted in London by disco ball artist Sophie Lopez (TownGirlDisco). The walls showcase bespoke artwork by New York cartoonist Arianna Margulis, depicting celebrities enjoying Italian cuisine in playful, street art-inspired scenes.

Menu: Where Traditional Meets Contemporary

The menu reads like a love letter to Italian cuisine, featuring classics with a modern twist. Starters include crispy focaccia, fresh burrata, and calamari fritti with zucchini. The pasta selection showcases traditional favorites like pennette all’arrabiata and linguine alle vongole. However, it’s the pizza selection that takes center stage, with standout offerings such as the Vesuvio, topped with Buffalo mozzarella and smoked provolone, and the luxurious Tartufo, featuring truffle paste, mushrooms, and fresh black truffle shavings.

A Cultural Clash Over Pineapple

In a revealing moment of cultural friction, Klum disclosed to PEOPLE an amusing dispute with her Italian business partner over menu offerings. The German-born supermodel advocated for including a Hawaiian pizza, a suggestion that initially met strong resistance from Briatore. “Italians think this is the worst thing on the planet,” Klum shared, though she eventually won the battle, albeit as an off-menu item.

The Business of Second Chances

The partnership between Klum, 51, and Briatore, 74, demonstrates how business acumen can transcend past relationships. The pair, who dated in 2003 and share daughter Leni (now 20), have put any personal history aside to focus on this venture. Crazy Pizza NYC marks the brand’s first American location, with plans for expansion already in discussion.

A-List Opening

The restaurant’s launch event was attended by notable figures including Klum’s current husband Tom Kaulitz, designer Christian Siriano, and social media sensation Elevator Boys. The evening featured theatrical elements that will become signatures of the dining experience: waiters tossing pizza dough in the air, tableside tiramisu preparation, and personalized touches like embroidered napkins for guests.

Looking Ahead

As Crazy Pizza prepares to open its doors to the public, it joins a competitive landscape of high-end Italian eateries in New York. However, with its unique combination of theatrical dining experience, celebrity backing, and proven international success (the brand already boasts 14 locations worldwide), it seems well-positioned to carve out its own niche in Manhattan’s demanding culinary scene.

The venture represents more than just another celebrity restaurant opening; it’s a testament to how modern business relationships can evolve beyond personal history, creating innovative partnerships that blend European sophistication with New York energy. As Klum noted, “It’s super chic. And obviously the food is amazing, and we leave it to the Italians.”

Photo via Crazy Pizza NYC

Italian Luxury Retailer Luisaviaroma Makes Bold U.S. Debut in Manhattan’s NoHo

By Columbus International,24 July 2024

In a strategic move that underscores the resilience of high-end retail and the enduring allure of New York City, Italian luxury fashion powerhouse Luisaviaroma has unveiled its first international brick-and-mortar location in Manhattan’s trendy NoHo district.

The 11,300-square-foot flagship store, which opened its doors on Monday at 1 Bond Street, marks a significant milestone for the 95-year-old company as it expands its global footprint beyond its iconic Florence headquarters. This calculated expansion comes at a time when Manhattan’s retail landscape is showing strong signs of post-pandemic recovery, buoyed by an influx of tourists and the gradual return of office workers.

Brandon Singer, CEO and founder of Retail by MONA, the brokerage firm behind the deal, spoke to CoStar about the strategic importance of the location. “Luisaviaroma recognized the incredible momentum on Bond Street,” Singer explained. “NoHo has rapidly evolved into one of Manhattan’s most coveted and stylish neighborhoods, making it the perfect backdrop for this luxury brand’s U.S. debut.”

The prime real estate doesn’t come cheap, with an annual asking rent of $3.2 million, reflecting the premium placed on high-visibility locations in Manhattan’s luxury retail corridors. However, for Luisaviaroma, the investment appears well-calculated. CEO Tommaso Andorlini previously revealed to Women’s Wear Daily that the United States accounts for a quarter of the company’s online sales, with New York City leading as its largest market.

This brick-and-mortar expansion strategy aligns with a broader trend of digital-first retailers recognizing the value of physical stores in building brand awareness and providing immersive shopping experiences. For Luisaviaroma, which has built its reputation on curating cutting-edge fashion from top designers, the New York store offers an opportunity to showcase its unique aesthetic and connect with its American customer base in a tangible way.

As Manhattan’s retail sector continues its upward trajectory, Luisaviaroma’s arrival is likely to be closely watched by industry insiders and competitors alike. It not only represents a vote of confidence in the city’s economic rebound but also signals the ongoing importance of New York as a global fashion capital.

With this bold move, Luisaviaroma is poised to capitalize on the resurgence of luxury retail and cement its position as a key player in the international fashion landscape. As the company writes its next chapter on American soil, the success of this venture could pave the way for further expansion and inspire other international brands to follow suit.

Luxury Real Estate Market in Manhattan Heats Up: Here’s Why, According to Wall Street Journal Analysis

By Columbus International,13 July 2023

Luxury real estate market in New York City is experiencing a resurgence, defying earlier uncertainties and signaling a potential shift in the US real estate landscape. The Wall Street Journal reports that high-end properties in Manhattan had their second-best June for signed contracts since 2006. Contrary to expectations, which predicted that rising interest rates and a declining economy would deter affluent buyers throughout 2023, the market has been invigorated by a rebounding stock market and diminishing recession fears. Donna Olshan, president of Olshan Realty, a prominent brokerage firm monitoring luxury sales in Manhattan, remarks on the positive trend: “People are actively investing in exceptional homes, defying any concerns about the market’s current climate.” While transaction speeds may not match the peak years of 2021 and 2022, luxury deals during the first half of 2023 have exceeded pre-pandemic levels.

Notably, a recent off-market transaction in Soho involving a remarkable penthouse set a new record as one of the most expensive real estate deals ever completed in downtown Manhattan. Formerly owned by Peter Jennings, the esteemed former anchor of “ABC World News Tonight,” the apartment boasts breathtaking Central Park views. Within a mere two weeks of listing, it garnered four offers surpassing the asking price of $10.45 million, demonstrating the eagerness of discerning buyers to secure premier properties. Lisa Chajet, the real estate agent overseeing the transaction, notes the enthusiasm: “High-net-worth individuals are recognizing the value and seizing the opportunity before prices surge again.” Although the luxury market in New York remains robust, the national scenario presents a different landscape, as luxury sales nationwide continue to lag behind the past two years and even pre-pandemic levels. Taylor Marr, chief economist at Redfin, explains that affluent buyers are still cautious due to high interest rates and are postponing discretionary purchases, including secondary residences.

In April, for the first time in 11 years, home prices experienced a year-on-year decline. However, this trend is primarily observed in the western regions of the country, whereas the housing market on the East Coast and in the Midwest has demonstrated resilience. In particular, affluent suburbs near major cities like New York and Washington, D.C., have witnessed strong demand, as buyers prioritize properties within excellent school districts. Reluctance among homeowners to sell has further intensified the scarcity of available properties, which, in turn, has contributed to stable or even rising prices in many areas. Despite concerns about bonus reductions on Wall Street, where average payouts fell by 26% compared to the previous year, the real estate market in New York has remained buoyant. The recovery of the stock market, with the S&P 500 gaining 14% by the end of June and the Nasdaq posting its best first-half performance since 1983, has played a vital role in supporting luxury sales. Furthermore, developers have introduced incentives such as covering closing costs and waiving common charges for up to two years, facilitating more than half of the luxury home sales this year.

Zeckendorf Development, a prominent real estate firm, has responded to market conditions by offering discounts of 5 to 10% to attract buyers at their new condominium building located at 1289 Lexington Ave on the Upper East Side. The strategic pricing adjustment has generated positive results, with over a third of the units already sold since the sales campaign commenced a year ago. While the luxury market in New York continues to thrive, potential risks lie ahead. A slowdown in the economy or an increase in interest rates could have a significant impact on the market’s stability. Experts advise keeping a close eye on future developments to gauge the sustainability of the luxury real estate surge in the city.