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New York’s cool comeback
Manhattan’s Hudson River waterfront is experiencing a glow-up with the emergence of 80 Clarkson, two contemporary towers under construction on a full block among the brownstones of the West Village. The architecture – reminiscent of the art deco geometry that defined New York in the 1920s and ’30s, with interiors by the late architect Thierry Despont – is in marked contrast to the glass towers that dominate Hudson Yards. Real-estate experts forecast that New York “will regain its swagger”; Liam Bailey, global head of research at Knight Frank, predicts a 3 per cent increase for the city this year. Is this a modest figure? Yes, but it is ahead of expected increases for London, Paris and Sydney, in addition to Miami – the city that enticed thousands away from New York post-Covid. Sales at 80 Clarkson start this spring with prices up to around $60mn, and penthouse pricing available on request.
Renewal in Rome
There is a spirit of revitalisation in the property market fuelled by new, contemporary developments. “Rome was a static city, seeing little change for decades, but the arrival of internationally branded five-star hotels, restaurants and shops over the past two years has brought wealthy tourists and encouraged authorities to upgrade the infrastructure,” says Danilo Orlando of Savills Rome. Developments come with terraces, parking and sports and leisure facilities – all rarities in the Italian capital. At Via Paolo di Dono in the EUR business district, four-bedroom apartments start from €900,000. “Average prices outside of the historic centre are €6,000 a square metre compared with €7,500 a square metre in Milan,” says Orlando.
Beach beauty in Barbuda
Eight years ago, Hurricane Irma ravaged Barbuda, causing the population of 2,000 to decamp to Antigua. The one-town Caribbean island is in the news again: following the establishment of Nobu Barbuda, a beachfront restaurant that opened in 2020, construction is well underway at Nobu Beach Inn, a 36-room hotel with 25 residences for sale, which is due to open next year. It’s the work of actor and Nobu franchise co-founder Robert De Niro who, along with his two partners, Australian billionaire investor James Packer and Daniel Shamoon, will have homes on the property. Shamoon is the co-owner of Luxury Hotel Partners, operators of Nobu Ibiza Bay and the Marbella Club. The trio have pledged to put sustainability and community to the fore: the inn will be entirely off-grid with its own farm, and community dues and rental prices will include an optional surcharge to support the local population. Prices are expected to start from $12mn.
A branded boom
The appetite for branded residences continues apace. Worldwide numbers grew by 183 per cent between 2014 and 2024 and the trend shows no sign of abating in prime markets, with Savills predicting numbers will rise by 100 per cent in the next seven years. Latest additions in the increasingly crowded market include Mandarin Oriental Esencia in Puerto Rico, Four Seasons in Telluride, Colorado, Six Senses on Portugal’s sandy Comporta peninsula, Mama Shelter in Cape Town and Riva Residenze, the world’s first yacht-branded residences in Florida’s Fort Lauderdale. Saudi Arabia is primed to be the next frontier: among the schemes announced so far are Four Seasons Hotel & Residences in Jeddah, Etoile by Elie Saab in Riyadh and Ritz-Carlton Residences in Diriyah, a Unesco World Heritage Site currently being transformed into a tourist hub as part of Saudi’s ambitious Vision 2030, a government programme that aims to diversify its economy, society and culture.
A private-island paradise
Developers are stepping up to offer the private-island experience with five-star services. In the Maldives, the only property for sale for more than a decade was in the two resorts of Soneva Fushi and Soneva Jani. Now Robert Green, founder at Sphere Estates, says at least eight other islands are selling property, including Baccarat Hotel & Residences, Zamani Islands and Aman Maldives (the latter a private atoll with 16 residences, each on a private islet). In the Bahamas, Montage Cay, a private island in the Abacos, is offering 51 ocean-front, two-bedroom residences priced from $4.25mn, a 50-suite hotel and a deep-water marina, so owners with a berth can sail to their front door.
Banking on Bankside
New York has Hudson Yards, Melbourne has Southbank, Sydney has Barangaroo and now London has Bankside Yards, a £2.5bn regeneration project beside Tate Modern. The 5.5-acre site will eventually have eight buildings: the first is Arbor, a completed office building. The second, Opus, with 249 studio to four-bedroom apartments over 50 floors, launches sales this spring. The site will also include a 171-room Mandarin Oriental hotel, the brand’s third London property, and 3.3 acres of public space that “opens up the route along the South Bank for the first time in 150 years”, according to developers Native Land. There’s also retail and cultural spaces in the 14 historic railway arches, views of St Paul’s and the City, and a focus on sustainability that makes this the UK’s first fossil-fuel free mixed-use development, which Emma Fletcher-Brewer of Knight Frank describes as a “future-proofed global regeneration project with huge domestic and international appeal”. Homes at Opus start from £760,000 through Knight Frank and estate advisers JLL.
https://www.ft.com/content/985bafea-60a2-42f2-8512-286d7f0ef950
