NOVO TEAM Jan 2024 Newsletter

NOVO NEWS JANUARY 2024

2024 INTERIOR DESIGN TRENDS

FEATURED LISTINGS ON THE MARKET

LOCAL HAPPENINGS:

NYC HAMPTONS MIAMI LAS VEGAS

WEALTH REPORT JANUARY EDITION

MAGAZINE

Vol. XVI Dear Valued Clients, As we enter a new year, we would like to share some updates and insights about the ever-evolving New York City real estate market. 2023 was a dynamic year for the NYC real estate landscape, and as we move forward into 2024, there are several trends and developments that we would like to highlight for you. The market has shown resilience and adaptability, reflecting the city's enduring appeal as a global hub.

Different neighborhoods are experiencing unique transformations, offering a diverse range of opportunities for both residential and commercial investments. Whether you're drawn to the cultural vibrancy of Brooklyn, the timeless charm of the Upper West Side, or the bustling energy of Lower Manhattan, there's something for everyone.

Despite global uncertainties, the NYC real estate market has demonstrated remarkable resilience. Demand remains high, reflecting the city's enduring allure as a center for business, culture, and innovation.

Our Commitment to you.

Thank you for your continued trust and partnership. We wish you a prosperous and successful 2024!

Best regards,

FOOD & DINING FOUR TWENTY FIVE Jean-Georges’s Ambitious Midtown Restaurant Is Now Open A New Culinary Destination in Midtown Four Twenty Five, the latest addition to the Jean-Georges restaurant family. This two-story restaurant bears the signature aesthetic of its sister restaurants, Nougatine and The Mark, boasting both a tasting option and an à la carte menu. Chef Jonathan Benno leads the kitchen, blending Jean-Georges's vegetable and Asian influences with his own unique Italian and American cooking style.

Despite reports that Midtown has lost its charm, Four Twenty Five joins a growing trend of towers opening upscale restaurants as amenities for both residents and workers. Big names in the culinary industry, such as Daniel Boulud, Michael White, David Burke, and Simon Kim of Cote, have also established their ground-floor properties in the same area.

SUSHI BY BOU’S ELEVATED EATS AT THE HOUSE OF CANNABIS

$75 per person Wednesday - Sunday Times Vary between 12:00 PM - 11:00 PM. Duration: 60 minutes Experience the ultimate fusion of culinary delight and relaxation at Prerolls and Handrolls, presented by Sushi By Bou. Located in the decedent penthouse of The House of Cannabis, our handroll bar promises a once-in-a-lifetime journey through the world of sushi. Our expert chefs meticulously craft each handroll with the freshest, highest quality ingredients, with the promise to tantalize your taste buds.

LOCAL HAPPENINGS The Winter Show The Winter Show, a prestigious art, antiques, and design fair, returns on January 19th for its 70th annual year at the historic Park Avenue Armory. Showcasing exceptional works from a wide range of cultures and time periods spanning 5,000 years, The Winter Show is celebrated for offering a unique blend of historical depth and contemporary sophistication. To learn more about the event and to purchase tickets, follow the link below.

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MLK Day of Service: Honoring a Legacy Martin Luther King Jr. dedicated his life to serving and assisting others. Ever since his birthday was first observed, it has become customary for people across the nation to dedicate the day to service. On January 15th, we can all honor his memory by volunteering and giving back to those in need. Click on the link below to discover volunteering opportunities in your local area.

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NEW DEVELOPMENT MANHATTAN & BROOKLYN

OLYMPIA DUMBO Brooklyn, NY

MANDARIN ORIENTAL

WALDORF ASTORIA

New York, NY

New York, NY

BROOKLYN TOWER

53 West 53

Brooklyn , NY

New York, NY

ON THE MARKET

3

590 West End Avenue, PHB

303 West 66th St, 20DW

1 BED | 1 BATH | 990 SQFT

2 BED | 1 BATH | 1,000 SQFT

This Penthouse with Dual Terraces spans 990 interior square feet and two terraces totaling 306 square feet.

The apartment features upgraded fittings in the bathroom and a sunlit kitchen. A marble-clad woodburning fireplace graces the living room.

This penthouse boasts unparalleled water views, providing a canvas for your dream residence. Untouched for decades and hitting the market for the first time in over 40 years, this residence is a testament to enduring charm.

100 Jay Street, 9H

2 Waterline Square, 1908

1 BED | 1 BATH | 801 SQFT

4 BED | 4.5 BATH | 2,436 SQFT

This home features a custom kitchen with solid oak cabinets, acid-etched backsplash, GE stainless appliances, absolute black granite counter. 9’4 ceilings throughout, hardwood floors, washer dryer, large windows to allow the southwestern light into the home.

This unit offers unobstructed Hudson River views effective immediately until October 10th, 2024. The net effective rate is $25,969 on a 10.5 month lease with a gross rent of $30,297 (9/1 - 10/10 are free). All or some of the brand new furniture can be purchased.

239 EAST 61ST STREET UPPER EAST SIDE Welcome to 239 East 61st Street, an enchanting, well-preserved townhouse, nestled in the heart of Upper East Side.

An exquisite fusion of traditional architecture and modern elegance, this home is best described as an updated classic that tastefully marries original craftsmanship with the convenience of modern luxuries. Occupying over 5,100 square feet, this magnificent home is 20′ × 63′ on a 100’ lot. The townhouse boasts six bedrooms and six and a half bathrooms, spread across five stories. Plus, an extra bathroom in the cellar. The property includes a 32’ by 20’ verdant rear garden, plus a terrace that is 19′ × 12′. Previously owned by the renowned Allen Dulles and later, the esteemed Seagram Foundation, this magnificent residence was the site of large-scale gatherings and hosted many dignitaries and VIP’s. This home exemplifies the grandeur of a bygone era.

One of the standout features of this grand residence is its commercial-grade elevator, a vestige from its time as a Seagram’s building. A testament to its opulent design, the townhouse is adorned with oversized windows, inviting an abundance of natural light that fills each corner of the home. The house exhibits unique design embellishments, including handcrafted wood doors, and designer tile work throughout, infusing a warm, personal touch. Prestigious interior designer Alex Papachristidis lent his artistic prowess to a comprehensive update of this stately home, further enhancing its inherent charm.

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baths

STORIES

LUXURY TIMEPIECES INTRODUCING JACOB & CO.’S NEW DUAL TIME ZONE WATCH

The World Is Yours Dual Time Zone: A Timepiece with a Story and a Purpose THE STORY A tribute to the watch that started it all - a timepiece that opened the world of watchmaking to Jacob Arabo. It's a tribute to an Arabov family heirloom, a double time zone watch that Jacob received at the age of 13, from the hands of his father, Nison Arabov. The watch represented the world and fueled Jacob's desire to create his own timepieces. It's a reminder that a father's love can inspire his children to conquer the world. This unique watch is still in the Arabov family, waiting to be passed on to the next generation.

THE DESIGN INSPIRATION The gilded dial features a map view of the world between two engravings of Europe and the Americas. This was an unusual design for the time, and it served as the inspiration for the first complication implemented in The World Is Yours collection. The double time zone feature has two sub-dials and a central, small seconds hand shaped like a wind rose, a nod to the true North and a symbolic bearing, just like the one Nison Arabov gave his family as a legacy. The watch's design is not only beautiful but also carries a personal and emotional significance for Jacob that rings closest to his heart.

Read more HERE

Two Spectacular New Watches to buy in 2024 IWC's Pilot Performance Chronograph MAP ref. IW388307 A 41mm pilot's chronograph in black Ceratanium. The watch features a base-1,000 tachymeter scale on the bezel, blue accents on the day-date windows, seconds totalizer, and outer 1/5th-seconds track. It has an in-house movement, Ceratanium H-link bracelet, and 100m water resistance, making it a serious sport watch that competes with the Daytona.

Leica ZM 1 Gold Limited Edition A limited-edition version of its older ZM 1 wristwatch with a 41mm 18K red gold case and titanium appointments. The camera-inspired design features dual buttons on the case flank that toggle between power reserve winding or time setting and advance the date. The watch comes with a power reserve indicator, sub-seconds display, and function indicator on the smokey brown dial.

THE HAMPTONS Southampton Cinema Prepares to Reopen its Doors Southampton Cinema to Reopen as Commercial Movie Theater Following Renovations After much speculation and rumors, it has been confirmed that the Southampton Cinema will reopen as a commercial movie theater once renovations are finished on the building. In 2022, the theater was purchased by billionaire developer and East End homeowner, Aby Rosen, for $8 million. Several media outlets reported that Rosen might be considering turning the historic Southampton Village institution into a private movie club for his affluent friends and colleagues.

A ‘Modern Tree House’ in Montauk for Just Under $7.5M Stunning Contemporary Home Near the Atlantic Ocean Nestled on over one acre of land off Old Montauk Highway, this 4,000 sq. ft. residence boasts a sleek and modern design.

Originally built in 1980 and updated over the years, the home offers four bedrooms, four-and-a-half bathrooms, a dedicated media room, and multiple terraces. Enjoy a dip in the pool surrounded by expansive decking or take in the ultimate ocean view from the rooftop deck. Natural light floods the openconcept living space, including the kitchen, which features a blend of natural wood and modern elements, a large center island, and abundant storage. The home's unique layout places most of the bedrooms on the ground floor with direct access to the pool. Out back, a shed provides convenient storage for kayaks and paddleboards.

EQUESTRIAN MAGAZINE WINTER 2024

READ HERE

FEATURED LISTINGS

6 WEST POND DRIVE BRDIGEHAMPTON | KHALILY STABLES Khalily Stables, is a large-scale equestrian compound located in the sought after Bridgehampton Farm Corridor., was completed in 2015 and is equipped with state-of-the-art facilities.

NEW DEVELOPMENT NEW YORK & MIAMI INTRODUCING THE GREENWICH BY RAFAEL VIÑOLY AN ELEVATED PERSPECTIVE ON DOWNTOWN LIVING The Greenwich, a breathtaking property designed by the renowned Rafael Viñoly. With its towering height, The Greenwich provides a unique vantage point from which to experience the city, with every floor offering an abundance of light and air and access to stunning views of New York's iconic skyline. From studios to three-bedroom homes, The Greenwich offers a range of living spaces in Manhattan, starting from $1,115,000.

Introducing The Raleigh | SHVO The Raleigh, A Rosewood Hotel and Residences. Originally constructed in the 1940’s by famed Miami architect L. Murray Dixon, The Raleigh returns with a highly anticipated revival and restoration. Located at 1775 Collins Avenue, the reimagined, three-acre retreat with 220 feet of ocean frontage in the heart of Miami’s vibrant Art Deco district. entirely restored and elegantly modernized with ultra-luxury service and amenities; Rosewood Residences Miami Beach, a newly constructed 17-story oceanfront tower featuring 44 residences and timeless architecture; and a private member’s club offering beachfront dining and leisure.

ARTS & ENTERTAINMENT

THE LOUVRE IS RAISING ITS ADMISSION PRICE Louvre Museum Increases Ticket Prices Ahead of Paris Summer Olympics The Louvre Museum has announced it will increase its basic ticket price from 17 euros to 22 euros (S$31.80) effective from next month, an increase of approximately 30 per cent. The price hike is a result of the museum's need to offset rising energy costs and support its free admission programmes for locals. The Louvre expects to have welcomed approximately 9 million visitors by year-end. This increase is not directly linked to the Paris Summer Olympics, but rather to the broader trend of rising prices in the French capital as it prepares to host nearly 10 million people during the Games. The Olympics will run from July 20 to Sept 8.

5 UNEXPECTED INTERIOR DESIGN TRENDS WILL DOMINATE HOME DECOR IN 2024 Interior design trends are set to embrace unique and personality-driven decor ideas while continuing to focus on bold colors and quiet luxury. Interior designer Shea McGee suggests textural surfaces and bold colors as key trends for the new year.

1. MIXING NAUTRAL WITH LUXE 2. RED 3. ITALIAN DECOR 4. PLAYFUL TILES 5. PERSONALITY-LED INTERIORS While we'll see a focus on the use of luxe materials and natural textures. Whatever your interior style, these trends can be adapted to best suit your home for a timeless look.

MIAMI EXCLUSIVE RESTURANT OPENING RAO’S MIAMI BEACH GENERATIONS OF AUTHENTICITY Rao's New York is a culinary national treasure. The iconic Rao’s can now be experienced at Loews Miami Beach Hotel in the historic St. Moritz Tower. Rao's Miami Beach invites you to celebrate the traditions and ritual at the heart of Italian cuisine and the Rao’s family way of feasting.

A MALIBU BARBIE CAFÉ IS COMING TO MIAMI A Malibu Barbie Café is coming to Miami, the vibe: Malibu in the 70s – but pink. The fare: fast-casual Barbiecore. Expect 'Beach Burgers' and 'West Coast Wave Salads,' 'Pacific Paradise Pancakes' and 'Tubular Tenders.' There's also a cupcakefilled mega-yacht that'll sail right to your table, and glittery cocktails will also be served. Even the hummus is Barbie pink.

Malibu Barbie Café opens January 31st in Wynwood (350 NW 24th St) after wrapping up stops in New York, Chicago and Mall of the America in Minnesota. The activation is a collaboration between Mattel and Bucketlisters, the same company that brought you The Golden Girls Kitchen. Early bird tickets are $39 to $44 for adults and $29 to $34 for kids and include an entrée, side and cake pop. Cocktails and other menu items will be available for an additional price. Tickets are not on sale yet, but you can sign up for their waitlist to be the first in queue to purchase.

NEW DEVELOPMENT SOUTH FLORIDA

THE RITZ-CARLTON RESIDENCE Palm Beach Gardens, FL

VILLA MIAMI

RIVER DISTRICT 14

Miami, FL

Miami, FL

OLARA RESIDENCE

BENTLEY RESIDENCE

West Palm Beach, FL

Sunny Isles Beach, FL

NEVADA The Fontainebleau in Las Vegas Finally Opens Its Doors, 16 Years After Breaking Ground.

The Long-Awaited Opening of Fontainebleau Las Vegas It's been sixteen years since the 67-story, 3,644-room Fontainebleau Las Vegas first broke ground in 2007. Since then, the property has undergone multiple changes in ownership and name, development has started and stopped, and now, it is finally ready to open its doors to the public. The property is an impressive sightvery large, modern and chic. It features a grand porte-cochère, a luxurious lobby adorned with marble and bowtie motifs, a vast convention center, contemporary hotel rooms, and an astonishing 36 bars and restaurants.

READ more on what to expect

The Most Exciting New Las Vegas Residencies Of 2024 Christina Aguilera at Voltaire at The Venetian Resort Las Vegas a. Jan 5 - March 2 Garth Brooks: Plus One at The Colosseum at Caesars Palace b. April 18 - Dec 22 Shania Twain: Come On Over at Planet Hollywood a. May 10 - Dec 14 Rod Stewart: The Hits. at The Colosseum at Caesars Palace a. July 24- Aug 7 Carrie Underwood: Reflection at Resorts World Theatre a. March 26 - Oct 26

Lionel Richie: King of Hearts at The Wynn June 26 - Nov 16 Maroon 5: M5LV The Residency at the Dolby Live at Park MGM May 17 - Oct 12 Adele: Weekends With Adele at The Colosseum at Caesars Palace Jan 19 - June 15 Wu-Tang Clan: The Saga Continues… The Las Vegas Residency at Virgin Hotels Feb 9 - March 23

Four Seasons to Develop New Residences Four Seasons Brings New Residential Development to MacDonald Highlands Two Roads has set the standard in luxury development building and managing residential properties with the best location, architecture and amenities.

The highly esteemed MacDonald Highlands community has seen the unveiling of its first ground-up residence by Four Seasons. Located in one of the most vibrant destinations in the United States, the Four Seasons Private Residence Las Vegas has achieved remarkable sales figures, showcasing the strong market demand. This development sets the stage for establishing a new benchmark for luxury living in Las Vegas.

WINE & SPIRITS

OUR FAVORITE: BRUNELLO CUCINELLI– CASTELLO DI SOLOMEO Castello di Solomeo Vineyard: A Testament to the Earth's Bounty Nestled in a five-hectare vineyard, Castello di Solomeo produces approximately 9,000 bottles of wine annually. The vineyard's grapes - Cabernet Franc, Cabernet Sauvignon, Merlot - are blended to create a prestigious Bordeaux blend, joined by the Sangiovese grape as a tribute to the winemaking tradition of Central Italy. The result is a wine that is structured, yet smooth, with a touch of enchantment that inspired its creation.

For many years, the vineyard's fruit and olive oil have been emblematic of the Earth's abundance, passed down through generations. Wine from Solomeo is an act of filial sacredness towards our planet, inspiring every choice in life, work, and the enchanting landscape that surrounds us.

Brunello Cucinelli: A Life Close to Nature Brunello Cucinelli grew up in a peasant family and developed a deep love for nature from a young age. As a child, he spent hours playing with his siblings and cousins in the fields, and later on, as a teenager, he drove the ox-drawn plough straight through the furrows. His father appreciated the beauty of this order and praised him for it. Being so close to the earth, he could smell the rich scent of the soil and witness the groaning of life as the ploughshare turned the earth upside down, smoking against the pale sky. This experience allowed him to understand why the ancients worshipped the fertile land as Mother.

THE WEALTH REPORT - JANUARY EDITION Global Housing Markets: A Look Back at 2023 and What's Ahead in 2024 Last year, the global economy was facing a challenging time, with high inflation, rising interest rates, sluggish investment, and disruptions caused by Russia's invasion of Ukraine. Experts believed that the conditions in global housing markets would worsen with every passing month. However, in 2024, the situation has taken a turn for the better, with inflation in key markets easing rapidly, and interest rate cuts expected in the second quarter.

According to Knight Frank's Global Residential Cities Index, annual average price growth across our basket of world cities increased to 2.3% in Q3, from 1.6% the previous quarter, indicating a positive outlook for global housing markets.

However, the strength of property values will impede a more sustained housing market recovery in both pricing and transactions for the time being. Affordability remains a significant concern, and many prospective homebuyers are compelled to enter the rental market due to insufficient deposits and the prospect of high mortgage repayments.

Sales in many of the world's mainstream markets are down by 20% - 30% year-on-year, whereas sales in global superprime (US$10m+) markets fell just 2.4% to 362 in Q3 compared to the same period a year earlier. The total value of super-prime sales hit US$31.7 billion over the most recent 12-month period, which is still well ahead of the 2019 prepandemic total of US$18.6 billion.

Interest rates will dictate how the year pans out in housing markets, and investors continue to believe that central banks are being far too pessimistic. The Federal Reserve is expected to cut rates for the first time in March, with five quarterpoint cuts to follow during the year. The European Central Bank and the Bank of England will also likely lower rates six times over the course of the year.

As the housing market continues to evolve, it is essential to keep an eye on the latest developments, trends, and predictions to make informed decisions.

WELLNESS & BUSINESS

BEST SPAS AROUND NEW YORK CITY Relax and Recharge: The Benefits of Visiting a Spa in January After the holidays, it's easy to feel drained and in need of a break from the winter cold. What better way to rejuvenate yourself than by indulging in a spa day? Fortunately, New York City has a wide variety of wellness hubs to choose from.

Check out some of our top picks across the city: Aire Ancient Baths - Tribeca The Spa by Equinox Hotels Shibui Spa at The Greenwich Hotel – Greenwich Village Bamford Wellness Spa at 1 Hotel Brooklyn Bridge The Spa at Four Seasons Hotel New York - Downtown Guerlain Spa at The Plaza THE WELL New York- Union Square SEE FULL LIST HERE

JENNIFER ANISTON'S FITNESS REGIMEN AND DIET FOR FEELING STRONGER AT 54 Jen Aniston's Workout Transformation: Pvolve Method Amidst the pandemic and a back injury from set, Jen Aniston discovered a new workout method that revolutionized her routine: Pvolve, or Personal Evolution. The resistance-based, low-impact fitness plan emphasizes full-body movements in every direction.

Aniston's appreciation for Pvolve began in 2021 as she recovered from a back injury. "Working out is a vital part of my life," she explains. "When a friend recommended Pvolve, I noticed her incredible transformation – not just physically but also in her energy level." The method's functional fitness approach accommodates your current physical state, allowing you to work within your limitations.

Enamored with the program, Aniston ordered the equipment and began streaming workouts from home. "I fell in love with the program's ability to push me and deliver tangible results," she shares. "It's unlike anything I've ever tried before, and that's why I wanted to become involved with the company."

NEW DEVELOPMENT LONDON

THE GLEBE London SW3, England, United Kingdom

BATTERSEA POWER STATION

CHELSEA BARRACKS

London SW11

London SW1W

6

Beds

THE OWO RESIDENCE

PARK & SAYER

London SW1A

London SE17

A SNEAK PEEK INTO MORTGAGE RATES FOR 2024 Mortgage rates have risen to a 23-year high due to the Fed's rate hikes. Experts predict that rates will fall into the 6% range in 2024 based on current inflation trends and the Federal Reserve's decision to maintain current rates. The Fed has voted to maintain the federal funds rate at 5.25% to 5.50% for the last five months, considering labor market conditions, financial and international developments, and inflation pressures and expectations.

Experts predict that mortgage rates in the US will decrease over the next few months and settle between 6% and 6.5% by spring 2024, provided there are no unexpected economic shocks. The National Association of Realtors' chief economist expects that mortgage rates will first rise to around 7% before falling to the 6% range by spring 2024. The Mortgage Bankers Association predicts a baseline forecast of 6.1% for 2024, while Bank of America's head of retail lending suggests that significant drops in mortgage rates may not occur until later in the year if the Fed reduces rates in 2024. Palisades Group's chief investment officer forecasts that mortgage rates will remain around 7% to 7.25%, and Ally Home's president expects that current mortgage rates, averaging around 7.5%, will decrease in the first half of 2024. The most recent economic data, including a deceleration in inflation and stabilization of the economy, is expected to ease the upward pressure on mortgage rates.

THE NOVO TEAM M. Monica Novo Licensed Associate R.E. Broker 917-699-9227 MN@Elliman.com

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