Latest news with #DouglasElliman
Daily Mail
3 days ago
- Business
- Daily Mail
Fears of a US recession force ultra-wealthy to bail on rentals in popular summer hotspot
The rich aren't biting this year — sparking concerns about the state of the economy. The super-wealthy, who flock to the Hamptons every summer to live in the lap of luxury, aren't spending tens of thousands per month to do so anymore. A rental crisis has hit the Eastern end of Long Island, as mansion rentals are down 30 percent this year, according to CNBC. And the luxury rental market that is usually booked every summer doesn't show any signs of improving. New York City residents — who make up the majority of Hamptonites — will likely miss their infinity pools, tennis courts, and ocean views. For ultra high-end rentals, brokers say their business is down between 50 percent and 75 percent. While some people may simply be holding out for better deals, brokers say renters are concerned about economic instability. 'People are holding on to their money,' said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. 'They don't like uncertainty.' For example, one palatial seven-bedroom estate in Bridgehampton, which normally rents for $350,000 from July 20 through Labor Day, is still sitting empty, CNBC reported. Another 11,000-square-foot mansion in Bridgehampton has slashed its summer price tag from $450,000 to $375,000 in a desperate bid to lure renters. Experts say some would-be renters are simply holding out for last-minute bargains or have been turned off by the late season frost in the area. But brokers warn there's deeper trouble. Economic jitters, a turbulent stock market, and Donald Trump's tariffs are forcing wallets shut. The crisis marks a sharp reversal from January and February, when rental inquiries were flying in. But by spring — and with the arrival of tariff chaos — it was nothing but crickets. Luxury broker Gary DePersia of My Hampton Homes says what he's seeing is unprecedented, and that usually, the best homes go early. The super-wealthy who flock to the Hamptons every summer to live in the lap of luxury aren't spending tens of thousands per month to do so anymore 'This year, I have great rentals available in every town, from Southampton to Montauk,' he says. Some nervous landlords have started slashing prices by up to 20 percent. They're also offering concessions like shorter stays instead of full-summer commitments. Morabito warns that homeowners who rely on summer rentals in order to pay a year's long mortgage may now be rethinking their investments. He represents several homeowners with large waterfront properties that typically would have been rented by March or April, but that are still available. Despite the bad news, some brokers remain optimistic. Judi Desiderio of William Raveis Real Estate believes the combination of 'dark noise' out there financially and geopolitically, along with bad weather, was not good. But she thinks that last minute takers will show up and predicts everything will be gone by July 1. The rich and famous, like Christie Brinkley (pictured above), flock to Hamptons hot spots like Surf Lodge starting on Memorial Day weekend Meanwhile, the sales market in the Hamptons is also down by 12 percent. But, sales are still happening, despite the median home price hitting $2 million, a new record. One broker is closing on a big deal. 'I just had two Canadians put in a bid on an $18 million house — sight unseen,' Morabito said. Still, the rentals sit. 'I think a number of people have deferred decisions, or they weren't sure what they were going to do, go to Europe or the West Coast,' DePersia said. Famous residents of the Hamptons are heading to far more exclusive locales this year, too. Many celebrities and the super rich are instead making their way overseas. Jeff Lichtenstein, broker and CEO at Echo Fine Properties in Jupiter, Florida, told the Daily Mail that 'the uber-wealthy are changing it up this year,' adding that he's hearing about more people buying vacation residences in Portugal and heading to Spain on glamorous trips. These moneyed folks are visiting 'anywhere from Lagos to Carvoeiro overlooking the cliffs on the Atlantic to ultra new golf course communities within minutes of the Faro airport,' Lichtenstein said.
NBC News
3 days ago
- Business
- NBC News
Summer rentals in the Hamptons are down 30%
Summer rentals in the Hamptons are off to a chilly start to the season, as unrented homes start to pile up and sales slow, according to brokers. Hamptons rentals are down 30% from the same period in previous years, according to Judi Desiderio of William Raveis Real Estate. Brokers who focus on ultra-high-end rentals say their rental business is down between 50% and 75%. 'People are holding on to their money,' said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. 'They don't like uncertainty.' Of course, Hamptons renters often wait until the last minute to book July and August rentals. Brokers say this year may be starting even later due to cold, rainy weather in May. Some renters may also be holding out for better deals in a Hamptons market that has become far more expensive after Covid. Yet brokers and renters say privately that the volatility in the stock market and economic uncertainty sparked by the ever-changing tariff landscape has made some affluent renters and even some buyers hold off on a pricey Hamptons vacation this summer. After the post-election euphoria in markets at the end of last year, brokers saw a surge in interest from potential renters in January and February. But as spring arrived, along with the April tariff announcements, the early interest didn't translate into rentals. Morabito said he represents several homeowners with large waterfront and luxury properties that typically would have been rented by March or April. Today, they're still available. He said some homeowners who rent out three or four homes in the Hamptons during the summer may start to question their investments after this summer if renters don't start emerging. On the plus side, the rise in unrented inventory means potential bargains and choice for renters. Brokers say some listings have started lowering their prices by 10% to 20% in hopes of saving the summer. Some homeowners are adding more flexibility, allowing for shorter one- or two weeks stays in hopes of getting renters. Gary DePersia of My Hampton Homes said the best houses in the Hamptons typically get rented early in the year. 'But this year I have great rentals available in every town, from Southampton to Montauk.' While tariffs and economic uncertainty may play a role in the slump, he said renters seem to have been waiting longer and longer every year, perhaps holding out for better deals. Eventually, he said, they end up renting. 'I think a number of people have deferred decisions, or they weren't sure what [they were] going to do, go to Europe or the West Coast,' he said. 'They will realize they want to be in the Hamptons; they have lot of friends and colleagues here and then they start scurrying around for rentals.' Desiderio said the combination of weather and grim economic headlines made for a slow start that will quickly reverse. 'I believe this year there was so much 'dark noise' out there financially, and geopolitically, and the weather was not conducive to thinking of summertime,' she said. 'There's no doubt that by the time July 1 is upon us, all of the rentals will be taken this year.' When it comes to home sales, the Hamptons real estate market remains fairly strong, despite relatively low inventory. Sales in the first quarter were down 12% from a year ago, although the median sales price jumped 13% to a record $2 million. Brokers say when a quality home in the Hamptons is priced right, it sells immediately. They add that the surge in high-end sales in Manhattan over the past two months could also lift the Hamptons market. 'I just had two Canadians put a bid on an $18 million house, sight unseen' Morabito said. 'When Manhattan comes alive, we always follow.' This 11,000 square-foot home in Bridgehampton in the Hamptons has slashed its rental price from $450,000 to $375,000 for August through Labor Courtesy of Corcoran.
New York Post
5 days ago
- Entertainment
- New York Post
Dakota co-op next to Yoko Ono's home has sold for $6.2M
Yoko Ono has a new neighbor at the Dakota. An apartment directly next to the longtime home of the artist and peace activist — and former residence of the late John Lennon — has sold for $6.2 million, The Post has learned. According to StreetEasy records, the four-bedroom, 2.5-bath co-op hit the market in June 2024 and sold for its asking price, marking a rare transaction inside the famously tight-knit Upper West Side building at 1 W. 72nd Street. Advertisement 9 A four-bedroom, 2.5-bathroom apartment at Manhattan's iconic Dakota co-op has sold for its full asking price of $6.2 million, nearly a year after hitting the market. Robert Lowell for Douglas Elliman 9 The seventh-floor residence, once owned by the late copyright attorney Paul H. Epstein — whose clients included Leonard Bernstein (himself a onetime Dakota resident) and Rodgers & Hammerstein — sits directly next to Yoko Ono's longtime home. Robert Lowell for Douglas Elliman 'The apartment is a work of art and received multiple offers,' Daniela Kunen of Douglas Elliman, who held the listing, told The Post. Advertisement The seventh-floor residence belonged to the late Paul H. Epstein, a prominent copyright attorney whose client list once included cultural luminaries Leonard Bernstein and Rodgers & Hammerstein — both towering figures in 20th-century American music. The late Bernstein was also a onetime Dakota resident. Epstein purchased the unit in 2012 with his husband, Garry Parton, and lived there until his death in 2022 at age 81. 9 Epstein and his husband, Garry Parton, bought the apartment in 2012. Robert Lowell for Douglas Elliman 9 It features 13-foot ceilings, five fireplaces and views over the Upper West Side. Robert Lowell for Douglas Elliman Advertisement 9 The building, famed for its ornate architecture and storied past, has historically seen little turnover. Getty Images The new buyer has not yet been identified. The home's design mirrors the building's signature grandeur, with 13-foot ceilings, ornate wainscoting, five fireplaces and a formal gallery that unfolds into eight gracious rooms. A library currently staged as a dining room contains a discreet wet bar, and windows frame views of the Dakota's internal courtyard and the rooftops of the Upper West Side. Advertisement Despite its age — the building was completed in 1884 by architect Henry J. Hardenbergh of the Plaza Hotel fame — the Dakota remains one of the city's most exclusive and culturally charged addresses. 9 Though Ono, now 90, spends most of her time on a rural New York farm, her decades-long presence at the Dakota remains integral to its cultural aura. Getty Images 9 A photo of Yoko Ono in the lounge of the apartment she shared with John Lennon, one year to the day after he was murdered outside the Dakota building. Getty Images Ono first moved into the building in 1966 and remained there after Lennon's 1980 assassination outside its main entrance. While she now spends most of her time on a 600-acre farm in Franklin, NY, her presence and legacy remain integral to the co-op's mystique. At one point, she and Lennon occupied as many as five units in the building, using the space for living, storage, guests and Ono's studio. This sale is just the second at the Dakota this year, following the sale of the late Ilon Specht's home in February for $8.1 million. Specht was a pioneer for women in advertising, having written a successful television commercial for L'Oréal's Preference hair color in 1973. She passed away in May 2024 at the age of 81 from complications of endometrial cancer, according to the New York Times. 9 One of four bedrooms. Robert Lowell for Douglas Elliman 9 One of 2.5 bathooms. Robert Lowell for Douglas Elliman Advertisement Meanwhile, only one unit in the building is currently on the market — a five-bedroom, eight-bathroom residence listed for $17.5 million. It initially listed for $19 million in 2024. Though it lacks modern amenities like gyms or lounges, which today's buyers have demanded for years, the Dakota offers something few others can: a piece of living history. The Dakota 'doesn't need to appeal to everybody,' architectural historian Scott Cardinal previously told The Post. 'All it needs is 100 people who think it's awesome. I don't think it will ever have trouble finding people.'
New York Post
6 days ago
- Business
- New York Post
Gilded Age apartment carved from Joseph Pulitzer's ballroom to list for $6M — and it has a rare 2-story bathroom
A rare piece of Gilded Age glamour is returning to market. A grand Upper East Side apartment fashioned from the former ballroom of Joseph Pulitzer's palatial Manhattan home is set to hit the market for $6 million. Located on East 73rd Street between Fifth and Madison avenues, the opulent residence occupies the second floor of Pulitzer's former mansion, designed by architect Stanford White in the style of a 17th-century Venetian palace. 7 An apartment carved from the former grand ballroom of Joseph Pulitzer's Gilded Age mansion on East 73rd Street has hit the market for $6 million. Douglas Elliman 7 Once home to the pioneering journalist, the Stanford White-designed mansion was outfitted with cutting-edge features for its time, including ball bearings under the floors and triple-pane windows to block out city noise. ASSOCIATED PRESS Pulitzer, the trailblazing newspaper publisher and namesake of journalism's Pulitzer Prize, who at one point owned the largest circulation newspaper in the world, lived in the home for the final eight years of his life. Commissioned with durability and peace in mind after a fire destroyed his previous home, the mansion was constructed with then-cutting-edge soundproofing features — including triple-pane windows, thick walls and even ball bearings beneath the floors to muffle the clatter of passing carriages, according to a press release. The building was converted into 17 individual residences in the 1930s and restructured as a co-op in the 1950s. 7 The building was divided into 17 units in the 1930s and became a co-op in the 1950s. Douglas Elliman 7 The seller, an 84-year-old former Tiffany & Co. accessory designer, is downsizing after spending her retirement in the apartment with her dog. Douglas Elliman This particular apartment, coming to market for the first time in 20 years, is being sold by an 84-year-old former Tiffany & Co. accessory designer who has spent much of her retirement living there with her dog, listing agent Natalie Rakowski of Douglas Elliman said in the release, first cited by Mansion Global. The two-bedroom unit retains many of its original details, including deep oak millwork that was carefully removed and reinstalled during the conversion. The main living area features oversize windows, a fireplace and soaring 19-foot ceilings — some of which are duplexed. 7 This particular two-bedroom residence — boasting 19-foot ceilings, deep oak millwork, a dramatic stone-column stairwell and even a two-story bathroom — hasn't changed hands in two decades. Douglas Elliman 7 A bedroom. Douglas Elliman 7 A den. Douglas Elliman A grand stone-column stairwell punctuates the center of the home, while one of the more eccentric features is a two-story bathroom with a staircase leading to a sunken soaking tub. A terrace runs the length of the apartment and overlooks 73rd Street. For buyers seeking even more grandeur, the building's penthouse — complete with its own squash court — is also currently for sale, listed by longtime Sotheby's auctioneer David Redden.
Forbes
7 days ago
- Business
- Forbes
DBS Revolutionizing Global Private Banking For New Generation Of HNWIs
Global wealth is on the rise, with the number of high net worth individuals (HNWIs) growing by 4.4% in 2024 to reach 2,341,378. According to The Wealth Report 2025 by Douglas Elliman and Knight Frank, this figure is projected to further increase by 28.1% by 2028. At the same time, the greatest wealth transfer in history is gaining momentum, bringing a shift in investment behavior and priorities among younger generations. One constant remains—these wealthy individuals continue to seek a trusted partner to help them preserve and grow their wealth, amid an increasingly complex global landscape with shifting trade policies and geopolitical tensions. Ultra-wealthy families have traditionally managed their wealth from a single-family office located where their business and family reside. But the dynamics for many of these families have radically changed as their businesses, homes and children migrate across the world. Having interests across multiple jurisdictions creates possibilities for wealth creation as part of a broader diversification strategy but also presents complexities. Clients with high international mobility require a wealth manager with extensive cross-market expertise, both onshore and offshore, along with a team of skilled planners who can guide them through the diverse financial regulatory landscapes. Recognized as the world's best private bank for HNWIs and Asia's safest bank for 16 consecutive years, DBS Private Bank has earned the trust of clients across more than 120 markets. These clients look to leverage DBS as a gateway to the growing pool of dynamic investment opportunities in Asia through its dual booking centers in Singapore and Hong Kong. Joseph Poon, Group Head of DBS Private Bank 'Our clients are drawn to our deep regional expertise, access to global markets and comprehensive investment platform, all delivered via our award-winning 'phygital' model,' says Joseph Poon, Group Head of DBS Private Bank. 'What truly differentiates our approach to wealth management is our appreciation that clients often need much more than wealth services. Many are also entrepreneurs who require corporate banking solutions and services or sophisticated investors looking for bespoke and institutional investment opportunities. Our unique 'One Bank' approach enables our clients to tap into the expertise of our capital markets and institutional banking teams for strategic advice and solutions, as well as financing for their business.' Serving The Needs Of Family Offices As an international financial center and a key node in Asia, Singapore is one of the leading hubs for family offices. At the end of 2024, there were more than 2,000 single-family offices set up in Singapore, with DBS Private Bank working with about one-third of them. In 2023, DBS launched the world's first bank-backed multi-family office (MFO), leveraging the variable capital company (VCC) structure. The DBS Multi Family Office Foundry VCC helps ultra-high net worth (UHNW) clients seeking a safe and secure platform in Singapore to manage their investments without the need to set up their own single-family office. It is especially appealing to families who may not be relocating to Singapore immediately but wish to consolidate their assets there. With DBS MFO, families can access the full suite of investment services on a single platform. 'We were able to provide bespoke investment solutions by leveraging the structuring capabilities of our Global Financial Markets team. One of our UHNW clients was able to diversify the exposure of onshore wealth to a customized offshore investment portfolio, through our VCC structure,' says Poon. A One Bank Offering That Meets All Your Wealth And Business Needs DBS' approach to wealth management is characterized by a clear understanding that clients in Asia often need much more than just wealth services. In fact, '70% of our clients are entrepreneurs,' Poon says. 'We serve their businesses and personal wealth holistically through our distinctive One Bank approach, where they can leverage our corporate and investment banking franchise to expand their businesses across Asia.' For instance, the bank's Equity Capital Markets team has recently advised a UHNW client on his company's IPO and dual listing. Another client with a public market portfolio valued at more than US$500 million benefitted from a bespoke total return swap transaction recently executed by the bank's Global Financial Markets team—a solution typically used by institutional clients. 'Our wealth and institutional businesses at DBS are well integrated, and when combined with our strong track record of collaboration for the benefit of our clients, they create a differentiated wealth proposition,' Poon says. Leveraging The 'Phygital' Strengths Of The World's Best Private Bank As an early adopter of technology and artificial intelligence (AI), DBS has successfully developed and embraced a 'phygital' approach to wealth management, blending the best of digital convenience with the personal touch of human expertise. The bank's award-winning phygital approach enables its relationship managers (RMs) to provide greater value through AI-augmented insights, dynamic portfolio optimization and personalized advisory—without losing the personal touch clients expect. 'Our long-term investment in data allows our RMs to be attuned to what our wealth clients need. We understand where clients are in their financial life cycle, such as how and when they accumulate wealth, when they begin investing or when they start planning for retirement and legacy,' says Poon. 'This allows us to anticipate their needs and provide them with timely personalized insights or actionable nudges that cut through clutter.' For example, an RM was alerted to a large inward remittance for a client after receiving insights that the client had recently been researching private debt as a strategy to counter inflation. This prompted the RM to proactively reach out to the client, explaining how he could invest in private debt with DBS. The client acted on this advice, which benefited his portfolio. 'Our RMs are well-trained to 'nudge' clients and provide forward-looking advice. They ensure that clients know in advance what they need to understand and do, whether it's optimizing their portfolio's risk/return, executing an FX trade or making a payment on their premiums,' Poon says. The Best Investment Ideas, Delivered With Conviction HNW clients can also leverage the bank's Chief Investment Office (CIO) as a leading source of ideas, research and advice. For instance, its bullish outlook on gold has paid off, with bullion hitting an all-time high last October. Clients can also invest in the DBS Barbell Strategy, which includes allocating assets to the CIO's highest conviction calls. With a positive return of 14.1% as of last November, it outperformed its peers and is ranked in the top 5% of its category. Riding The Digital Asset Wave Meanwhile, clients seeking to diversify their portfolios into alternative investments can trade digital assets via DBS Digital Exchange (DDEx), a trading platform for institutional investors and accredited wealth clients. Last year, trading volumes on DDEx grew four times year-on-year, as Asia undergoes a private wealth boom. Beyond providing a robust and secure platform for trading and custody of digital assets, DBS is laser-focused on client convenience. The DBS digibank app offers seamless, round-the-clock trading, direct conversion of virtual assets to fiat currency and a consolidated portfolio view that includes both digital and traditional assets. This integrated approach delivers a unique value proposition, setting the bank apart from typical cryptocurrency exchanges. More importantly, DBS is the first and only bank in Singapore to offer not only a platform for the custody of digital assets but also the integration of these assets into legacy planning for wealth clients. Helping Clients Do Well By Doing Good The bank has seen more UHNW families committed to using their family wealth as a 'force for good,' be it through impact investing or philanthropic means. DBS Foundation, which champions businesses for impact—social enterprises and SMEs with a dual bottom-line of profit and impact—serves as a natural partner for these clients, offering multiple avenues for them to drive change. Poon says, 'It's about creating a legacy that not only benefits clients and their successive generations but also helps them pave the way for a more sustainable and equitable world. This is the power of wealth when it is aligned with purpose.' Find out more about DBS Private Bank.
