Serafina to open trattoria at latest Anagram apartment tower
The latest Anagram, which will begin receiving tenants in August, is the latest project by the development team of Global Holdings and MAG Partners.
Global Holdings' senior vice president Josh Feder said, 'Each of our Anagram projects in the city is uniquely designed to fit into the neighborhood.
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Serafina owners Fabio Granato, left, and Vittorio Assaf, right.
Lorenzo Franco
The new spot is the perfect match for Serafina's first spinoff restaurant. Their team saw our vision and approached us, securing a full-floor lease before apartment leasing even began.'
Granato said the location has special meaning for him because, 'When I first came to the States, I lived in the building that was torn down for the Anagram. There's a lot of energy in the neighborhood but no Serafina presence.'
The off-market transaction hasn't been reported previously. Serafina Mare, with 5,000 square feet in the entire ground-floor retail space, will be the Serafina brand's 13th Manhattan location in addition to others in the suburbs and around the US.
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The new Serafina will do battle with La Pecora Bianca across the street. The latter is part of another growing Italian chain in the mid-priced field, a category that also includes Felice, which recently signed a lease to open in Trump Plaza on Third Avenue at East 61st Street…
Granato wouldn't discuss terms other than that the landlord provided a tenant-improvement allowance. 'The rest is all up to us,' he said. Serafina will get the space on Jan. 1, and will take nine months for design and construction.
Rendering of Anagram tower at 300 E. 50th St. at Second Avenue.
Courtesy of Williams New York
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The 194-unit Anagram Turtle Bay follows those on West 28th Street, Eighth Avenue and at Columbus Circle. The new project by Eyal Ofer's Global Holdings and MaryAnne Gilmartin's MAG Partners began leasing in June and will be completed when move-ins start in August.
Engineering and development consulting firm Mott MacDonald NY is expanding with a full-floor, 25,372 square-foot lease at the Empire State Building. The company will also continue to use its current 18,434 square-foot space at 1400 Broadway, which like the landmark skyscraper is owned by Empire State Realty Trust.
ESRT executive vice president Thomas P. Durels said, 'Mott MacDonald is familiar with our turnkey office spaces, top-tier amenities, and sustainability leadership. We are pleased Mott MacDonald will continue their partnership with us and expand.'
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A Colliers team repped the tenant. The ownership was repped by a Newmark team and in-house by Shanae Ursini.
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The nightmare scenario for America's real estate market
A few years ago, Brian Boero and his wife decided to buy a vacation home in Tuscany. They envisioned owning an apartment in a medieval Italian city, the ideal splurge for a couple of empty nesters after the height of the pandemic. It was also "kind of a 'YOLO' thing," says Boero, the CEO of 1000Watt, a real estate consulting firm. Once he started hunting for a place, though, his European dream turned into a total nightmare. Shop Top Mortgage Rates Your Path to Homeownership A quicker path to financial freedom Personalized rates in minutes It didn't take long for Boero to realize he'd been spoiled by the American market. That may sound strange given the country's housing woes, but even Americans who've never bought a house have probably enjoyed the quirks that make our setup the envy of the rest of the world. When you want to get a sense of all the homes for sale in your area, you can easily cruise over to Zillow or the website of one of its competitors. The listings on these sites are pulled from industry databases that police their accuracy to ensure you're not wasting time on old or scammy postings. If you like a place, it's pretty easy for your agent to schedule a tour, scoop the keys out of a lockbox, and show you around. The rest of the buying process may come with tears and headaches, but the matter of actually finding homes is fairly seamless. Not so in Europe. The Zillow equivalents there offer only partial views of the market, turning up inaccurate listings or homes that have already traded hands. In particularly maddening cases, the same house may be listed separately by several agents, each of whom is asking for a different price. Brokers are also known to gatekeep their best listings, hiding them from the view of the average buyer. Even aggregate market data is hard to come by since there's no central clearing house for listings — it can be difficult to know whether you're getting a really good deal or a really bad one. In Italy, Boero says, he ended up having to carry out much of his search on foot, hoofing around town to peek at home listings posted in the windows of various brokerages. His real estate agent spent a lot of time on the phone, calling around to see what was available. For Boero, the whole thing felt like "feeling around in the dark." "It was shadowy, confusing," Boero tells me. "We really didn't feel like we were in control of the process." Boero is among those warning that the US market could be headed down a similar path. Some of the country's biggest real estate companies are engaged in a fierce war over the rise of "hidden listings" — homes advertised in some places but purposely kept off other sites. Zillow has gone so far as to ban listings that it says weren't shared with everyone, including Zillow, in a timely manner. Compass, the nation's largest real estate brokerage by sales volume, has responded by suing Zillow in federal court. The feud could result in a fracturing of the housing market, with home listings scattered across the internet or hidden away in so-called "private listing networks." Such a future would have real consequences for American homebuyers, who are used to getting a near-complete view of the market simply by navigating to one of the many home search websites available. There's also a bitter irony at the heart of this fight. Groups of real estate brokers in countries around the world are trying to replicate the US model at the same time that big firms on this side of the pond are squabbling over that very setup. "In France, they're laughing at the situation at this moment, honestly," Ali Attar, a real estate tech executive in Paris, tells me. The system in the US, he says, is more fragile than people realize. "They are taking it for granted in the US," Attar says. "And as soon as they destroy it, bringing it back will be extremely difficult." It took decades for the US to reach this kind of housing market transparency. The crown jewels of our modern real estate model — the things that make everything else possible — are the multiple-listing services, local databases where agents share detailed information on homes for sale. The MLSes then shuttle that info to search portals like Zillow, Redfin, or as well as the websites of thousands of local and national real estate brokerages. The average buyer doesn't get direct access to the MLSes, but with the help of the search portals, they don't really need it. Any home shopper can peruse the market, free of charge, from the comfort of their couch. The MLS model is considered by many to be the gold standard. Brokers in other countries have attempted to form similar databases, but the structure in North America remains unique. The problem isn't a lack of technological know-how — building the machinery isn't hard. The tougher part is getting brokers to agree to this kind of cooperation and enforcing the rules to make sure people don't take advantage of the system. In Europe, sellers are often represented by multiple agents who jockey to be the first to procure a buyer. There's a clear incentive to gatekeep a listing — share it around too much, and another agent might swoop in and broker a deal before you know what hit you. The popular, Zillow-like search portals in places like Spain or France are less unbiased repositories of information and more like advertising platforms. Agents ostensibly pay to display listings, but they're also marketing their own services. If a buyer inquires about a listing that's already sold, no matter — the agent can direct them to the other listings held behind closed doors. This is why listings may remain on these sites long after they've gone off the market. When it comes to drawing in more clients, there's no better lure. The ideal real estate marketplace is full of valuable, visible, and valid listings — what Attar refers to as the "three Vs." Buyers want these listings, they can find them, and the information is correct. House hunters in the US are accustomed to websites with postings that check off all three boxes. But in Europe, Attar says, home listings are typically missing at least one. "If it is valuable and it is valid, it's not visible," Attar tells me. "It's going to be hidden somewhere." Hollin Stafford, a real estate agent with eXp Realty in Portugal, can attest to these frustrations. She spent more than a decade working in the business in the States before moving to a town outside Lisbon in 2016. There she encountered a setup that, in many ways, still feels like "the Wild West," she tells me. Though Stafford has now spent years helping buyers and sellers navigate the Portuguese market through her company, Blue Horizon Properties, she hasn't forgotten the parts of the US system that she once took for granted. "You get so used to having the centralized system where you can see all of the details you need," Stafford says. "You can see what things actually sold for, and do a proper market evaluation, and all these things that you just think are par for the course." In September, real estate leaders from around the world are set to gather in Toronto for the third-annual International MLS Forum, a conference where attendees discuss plans to create the kinds of systems that buyers and sellers in the US already enjoy. Canada is the only other country with anything approaching a similar setup, says Sam DeBord, the CEO of the Real Estate Standards Organization, a nonprofit group focused on developing the technological rules and processes that undergird the MLS databases. Other places, like Egypt and France, have taken steps toward creating comparable databases. But in most cases, those with power — the big brokerages or portals that run things — have little incentive to make a change. "It's this concept of a tragedy of the commons," DeBord tells me. "If every individual goes out and takes as much as they can, all of a sudden the marketplace is ruined." There are some clear signs that the US real estate market could fall into something like the cutthroat, user-unfriendly European model. For one thing, the MLSes are basically a social construct. The National Association of Realtors — one of the most powerful industry groups in the country — effectively sets the rules for participating in these databases, and the local MLSes may levy fines against agents who run afoul of those policies. But there's no law that says it has to work this way, and recent troubles at the NAR have dented the group's influence over other power players. 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The brokerage's marketing plan, on the other hand, lets sellers fine-tune their approach and gather valuable feedback from other agents before making a broader debut. Plenty of industry figures cried foul over this plan — the whole system is predicated on the idea that agents share their listings widely and freely. But the brokerage's play also seemed to be working. Buyers want to get a first glimpse at homes however they can, and sellers may not mind testing the market in a limited capacity if they think it'll net them more in the long run. In February of this year, Compass said that more than half of its sellers were choosing to "premarket" their homes using the three-phased plan. About 94% of Compass's listings last year, including those that went through this kind of premarketing, eventually made it to the MLS, the company says, though it's not clear how long those houses spent in the databases. Even if most of these houses ended up on Zillow and the like, Compass clients still had early access to thousands of listings that couldn't be found on the big search portals. The concern now is that other big brokerages could decide to follow suit, keeping homes on their own websites before sharing them elsewhere. In this state of play, a buyer could still visit a site like Zillow to look at homes for sale, but the portal wouldn't be able to show you all, or maybe even most, of the available listings at any given moment. Instead, you'd have to jump from site to site, scouring the web for homes. The choice of an agent would carry additional weight — you'd have to consider just how much of the market they could unlock via their access to private, internal databases. The closest analogy to this hypothetical may be the fragmented world of video streaming, in which companies like Netflix, Hulu, and HBO Max are racing to build walled gardens of exclusive content. Sure, you can try to get access to all the shows and movies out there, but doing so requires a lot of time and money. And, frankly, it's a huge pain. Mike DelPrete, a real estate tech strategist and scholar-in-residence at the University of Colorado Boulder, has been warning about this threat to the search portals for years. "When it comes to browsing for real estate, consumers want access to all of the available inventory," DelPrete wrote in a blog post four years ago. "If a certain portion of listings are held off-market, available exclusively on another platform, consumer eyeballs will naturally follow." For now, a lot of eyeballs are still on Zillow, which draws more than 220 million unique visitors each month. But that's of little comfort to those who warn that Compass could trigger a domino effect among other large brokerages. The 10 largest brands in real estate accounted for more than half of US home sales volume last year, data from T3 Sixty, a consulting firm for residential real estate brokerages, shows. Even some leaders who have come out against Compass' strategy have warned that they, too, could flex their sizable market share to execute a similar game plan. MLSes need "someone to enforce the rules," DeBord tells me. In this case, that enforcer may turn out to be Zillow. The home search giant has tried to put the kibosh on all of this by banning listings that are not shared with Zillow — and the rest of the MLS — within one business day of being marketed publicly. That means as soon as a "for-sale" sign shows up in the front yard or an agent posts about a house on their website, the clock is ticking for them to send it to the databases that share listings with pretty much every other site in the industry. Those who don't comply will be left to explain to their clients why their house won't appear on the most popular home-search portal in the country. Compass has sued Zillow in federal court, accusing the company of using its monopoly power to quash a competing business model that, Compass claims, gives sellers more control over where and how their homes are marketed. In a formal response last month, Zillow disputed the monopoly characterization and argued that it shouldn't be forced to help Compass freeride on the system by accepting its stale listings only after they haven't sold on the Compass site. The brokerage's three-phased marketing strategy, Zillow's lawyers wrote, "harms consumers, who face balkanized and less liquid markets for homes, and Zillow, whose ability to attract and serve consumers depends on comprehensive, up-to-date listings." It's important to remember that anyone weighing in on this battle has a financial stake in their desired outcome. Compass wants to grow its agent base and market share. Zillow needs fresh home listings to fuel its business, which relies on selling leads to agents who pay to advertise on its platform. American companies aren't the only ones who care about this, either — brokers around the world are watching to see how this shakes out. When I talked to DelPrete back in June, he had just returned from a weekslong work trip to Europe. The fight over inventory back in the States, he says, came up "a surprising amount of times." "I think it's a case of the grass is always greener, right?" DelPrete says. "The US wants what the rest of the world has, and the rest of the world wants what the US has." There's a case to be made that all this hand-wringing will turn out to be hyperbole. The real estate industry in the US is notoriously slow to change, and consumers are used to the current setup. Zillow draws so many visitors that it's hard to imagine real estate agents shunning the platform en masse — it's simply too powerful a marketing machine. The MLS model, at least as it exists in the States, is far from perfect. More than 500 local databases form a complex web of overlapping fiefdoms that agents have to subscribe to individually. The recent class-action lawsuits against the National Association of Realtors and major brokerages cast the MLSes not as models of transparency, but as shadowy databases that helped prop up agent commissions by facilitating a sneaky practice known as "steering." There are other models that could work, too: In Australia, for instance, there's a dominant search portal where most people go to find homes, and many places sell via an auction that offers more transparency than the US system of making blind offers. And while the search portals here offer pretty comprehensive views of the market, they've never had all of the listings. There have always been so-called "pocket listings" that float around beyond the reach of the MLSes, available only to in-the-know agents who can offer their clients a leg up on the competition. But hardly anyone in the industry disagrees with the basic premise that buyers like being able to find homes easily and in one place. People may gripe about Zillow's power in the industry or the questionable accuracy of its ubiquitous Zestimate, but the ability to scroll through all the listings on the site — or those on any of the other search portals — is unique to North America. Few probably appreciate this better than Boero, the real estate exec who set out to buy the Italian getaway of his dreams. He did eventually find a place that checked off his boxes: "We're happy with it," he says. But he made that purchase with far less confidence than he had in any real estate transaction in his life. And even today, he has no idea whether it's worth more or less than it was when he bought it three years ago. The whole experience, he tells me, gave him a new appreciation for the American way of doing things. "Within the industry, we've made these comparisons ad nauseam," Boero tells me. "'Hey guys, let's not destroy this very special thing we have. Because just look at the rest of the world and how messed up it is.'" James Rodriguez is a senior reporter on Business Insider's Discourse team. Read the original article on Business Insider
New York Post
11 hours ago
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Italy approves $15.5 billion project to build world's longest suspension bridge from mainland to Sicily
Italy cleared the way Wednesday to build the world's largest suspension bridge linking the Italian mainland with Sicily in a massive 13.5 billion euro ($15.5 billion) infrastructure project that has been long delayed by debates over its scale, earthquake threats, environmental impact and the spectre of mafia interference. The Strait of Messina Bridge will be 'the biggest infrastructure project in the West,' Transport Minister Matteo Salvini told a news conference in Rome, after an interministerial committee with oversight of strategic public investments approved the project. 5 Matteo Salvini holds a press conference about the decision to approve work on the Strait of Messina suspension bridge. AP Advertisement Premier Giorgia Meloni said that the bridge 'will be an engineering symbol of global significance.'' Salvini cited studies showing the project will create 120,000 jobs a year and accelerate growth in economically lagging southern Italy, as billions more in investments are made in roads and other infrastructure projects accompanying the bridge. Preliminary work could begin between late September and early October, once Italy's court of audit signs off, with construction expected to start next year. Despite bureaucratic delays, the bridge is expected to be completed between 2032-2033, Salvini said. Bridge could count toward NATO spending target Advertisement The Strait of Messina Bridge has been approved and canceled multiple times since the Italian government first solicited proposals in 1969. Premier Giorgia Meloni's administration revived the project in 2023, and this marks the furthest stage the ambitious project— first envisioned by the Romans — has ever reached. 5 This digital rendering shows a bridge linking the Italian mainland with Sicily. AP 'From a technical standpoint, it's an absolutely fascinating engineering project,'' Salvini said. The Strait of Messina Bridge would measure nearly 3.7 kilometers (2.2 miles), with the suspended span reaching 3.3 kilometers (more than 2 miles), surpassing Turkey's Canakkale Bridge, currently the longest, by 1,277 meters (4,189 feet). Advertisement With three car lanes in each direction flanked by a double-track railway, the bridge would have the capacity to carry 6,000 cars an hour and 200 trains a day — reducing the time to cross the strait by ferry from up to 100 minutes to 10 minutes by car. Trains will save 2/12 hours in transit time, Salvini said. 5 Italian undersecretary Alessandro Morelli, Italian Vice Premier and Minister of Transport Matteo Salvini and businessman Pietro Ciucci. AP The project could provide a boost to Italy's commitment to raise defense spending to 5% of GDP targeted by NATO, as the government has indicated it would classify the bridge as defense-related, helping it to meet a 1.5% security component. Italy argues that the bridge would form a strategic corridor for rapid troop movements and equipment deployment to NATO's southern flanks, qualifying it as a 'security-enhancing infrastructure.' Salvini confirmed the intention to classify the project as dual use, but said that was up to Italy's defense and economic ministers. Advertisement A group of more than 600 professors and researchers signed a letter earlier this summer opposing the military classification, noting that such a move would require additional assessments to see if it could withstand military use. Opponents also say the designation would potentially make the bridge a target. 5 The project could provide a boost to Italy's commitment to raise defense spending to 5% of GDP targeted by NATO. AP Concerns over organized crime Environmental groups have lodged complaints with the EU, citing concerns that the project will impact migratory birds, noting that environmental studies had not demonstrated that the project is a public imperative and that any environmental damage would be offset. The original government decree reactivating the bridge project included language giving the Interior Ministry control over anti-mafia measures. But Italy's president insisted that the project remain subject to anti-mafia legislation that applies to all large-scale infrastructure projects in Italy out of concerns that the ad-hoc arrangement would weaken controls. Salvini pledged that keeping organized crime out of the project was top priority, saying it would adhere to the same protocols used for the Expo 2015 World's Fair and the upcoming Milan-Cortina 2026 Winter Olympic Games. 'We need to pay attention so that the entire supply chain is impermeable to bad actors,'' he said. 5 Environmental groups have lodged complaints with the EU, citing concerns that the project will impact migratory bird. AP The project has been awarded to a consortium led by Webuild, an Italian infrastructure group that initially won the bid to build the bridge in 2006 before it was later canceled. The Canakkale Bridge, which opened in 2022, was built using an engineering design similar to the one devised for the Messina bridge, including a wing profile and a deck shape that resembles a fighter jet fuselage with openings to allow wind to pass through the structure, according to Webuild. Advertisement Addressing concerns about building the bridge over the Messina fault, which triggered a deadly quake in 1908, Webuild has emphasized that suspension bridges are structurally less vulnerable to seismic forces. It noted that such bridges have been built in seismically active areas, including Japan. Turkey and California. Webuild CEO Pietro Salini said in a statement that the Strait of Messina Bridge 'will be transformative for the whole country.'
