Foreign Brands Investing in Istanbul

Posted May 9th 2008 4:02PM by Deidre Woollard
Filed under: Journeys

The beautiful and historic city of Istanbul seems to be suddenly becoming a hot spot for travel and shopping, not just for those looking for a historical experience but for those looking for the latest stores and hotels. The International Herald Tribune recently did a story on the rise of shopping malls in the Turkish town. Income is rising in Turkey and malls are attracting shoppers by offering newness and one-stop shopping, food and entertainment. Foreign retailers are starting to move in as well. WWD reports that the Christian Dior boutique at the Istinye Park shopping complex is thriving. Although the general economic environment is worsening, Turkish retail is very appealing to foreign investors.

One foreign brand making a move in Istanbul is W Hotels Worldwide which will mark its entry into Europe with the grand opening of W Istanbul. The W Istanbul is the centerpiece of the Ottoman Row Houses. W Istanbul features 134 guest rooms, including 26 suites, Chef Jean-Georges Vongerichten's Spice Market restaurant, and a signature spa. The rooms include private gardens, terraces and cabanas and are designed in a blend of modern and Turkish design.The project complex in which W Istanbul is located includes luxury residences and retail shops which will offer global luxury brands.

Brooke Astor's Co-op, Estate of the Day

Posted May 9th 2008 1:02PM by Deidre Woollard
Filed under: Estates

The listing for the much-talked-about Brooke Astor apartment has hit the market. Mrs. Astor, who died at the age of 105 last year was one of the grand dames of New York society. Her home at 778 Park Avenue is considered to be an exceedingly prime New York co-op. The five-bedroom apartment has high ceilings, six terraces and five wood-burning fireplaces. A reception gallery with a wet bar, leads to a living room with a wood-burning fireplace and views up and down Park Avenue. The famed corner library has gleaming red laquer walls (the Real Estalker Mama chillingly described them as looking as if they are "dripping the blood of the under-privileged"), a wood-burning fireplace and French doors opening onto two terraces. The formal dining room also has a wood-burning fireplace and French doors leading out to a terrace. The kitchen includes a pantry, service hall, and three maid's rooms, a set-up which worked well in Mrs. Astor's days but might now be reconfigured into a large eat-in kitchen and family room for today's owner. There is an additional bedroom that can be used as a maid's room or reconfigured to be a second bedroom with ensuite bath. The private quarters include a sitting room with terrace, a separate powder room, and guest bedroom. At the end of the hall is in a corner room with a lovely wood-burning fireplace, terrace, and views toward Central Park. There are 20 closets. This co-op is listed at $46 million.

Only the very, very wealthy can apply to get into the Rosario-Candela-designed 778 Park Avenue co-op. As Max Abelson of the NY Observer pointed out, any potential owner will have to put 100% down and show more than enough cash to pay the steep monthly maintenance of $17,251.

Gallery: The Brooke Astor Apartment

Continue reading Brooke Astor's Co-op, Estate of the Day

Illy's New Hyper Espresso

Posted May 9th 2008 9:02AM by Deidre Woollard
Filed under: Dining, Gadgets

Italian coffee company illycaffè has created a new easier way to make your espresso. Their new system is called iperEspresso (hyper espresso) and this month Illy is launching the Francis Francis X7 with iperEspresso, a capsule system that uses a two-phase preparation process to create the perfect shot of espresso. The first step is hyperinfusion, in which the coffee and water come into contact under optimal pressure conditions, followed by the emulsion process, in which the coffee passes through a valve to form a rich and velvety crema (the thin layer of foam at the surface of the espresso). The iperEspresso's crema yields more volume and height than a traditional shot and can last up to fifteen minutes as compared to the average espresso's five minutes. The coffee never comes into direct contact with the machine so cleaning the machine is far easier. IperEspresso has been released commercially and is currently used in restaurants including Le Bernardin and Nobu, as well as at The Mandarin Oriental Hotel.

The new system is available in the popular Francis Francis X7 machine for a special intro price of $395 and the Francis Francis X8 is available for a special rate of $495. The coffee in the iperEspresso capsule is the same used in the cans and in café espresso and is available in two different roasts: medium and dark as well as decaffeinated capsules .A 21-serving container of capsules is $15.95

Palmetto Bay Resort Planned For Belize

Posted May 9th 2008 8:02AM by Deidre Woollard
Filed under: Real Estate Developments

Another new resort is planned for Belize, an area that has been experiencing a major development boom over the past few years. The Palmetto Bay Resort at Maya Beach will be located on Belize's Placencia Peninsula in an area situated on 16 miles of white sand beaches and backed by the scenery of the Maya Mountains. Palmetto Bay will offer beachfront real estate and four star amenities and will be the first development in the Caribbean designed 'green' from inception.

The first phase of the gated resort, which is currently under construction, will be comprised of 36 whole ownership, luxury beachfront condominiums ranging from approximately 1,100 to 4,500 square feet, each with open views of the Caribbean. Prices will start in the high $200,000s. The turnkey one- two- and three-bedroom residences are spread through two low-rise buildings. Designer Julieanne Dobson who also worked on Francis Ford Coppola's Turtle Inn in Belize will create the interiors using warm woods and natural stone, vibrant contemporary textiles, and niche lit Mayan and African inspired art.

Ownership at Palmetto Bay Resort will include access to fitness facilities, conference rooms with wireless internet; 24-hour reception and security; fully equipped luxury kitchens with gourmet utensils and stainless steel appliances; balcony barbecues; and lush, mature landscaping with use of indigenous fruit trees and plants. The property will feature a 300-foot oceanfront infinity pool, a 400' private beach, beach boardwalk, and private dock.

Green factors include geothermal, solar, and water filtration technologies, which alone is estimated to conserve 1,000 gallons of water per day at full occupancy. Sales have begun on the property.

InterContinental Hotel Group's Imaginary Green Hotel

Posted May 8th 2008 2:02PM by Deidre Woollard
Filed under: Journeys, Green

Hotels all around the world are pushing hard to go green and tell their customers all about it. The InterContinental Hotels Group has created a whole website devoted to the project. The solar powered 'Innovation Hotel' will include a variety of green features including the forwarding of all unused non-perishable food to charities or food banks, solar panels on the roof to heat water, a rainwater harvesting system to supply water to toilets, a roof garden rich in shrubbery to provide extra insulation, windpower to generate electricity for the hotel, recycled glass windows, furniture and fittings made entirely from recycled materials and household waste to provide heat and power. The plan is to use the virtual property if the Innovation Hotel to gradually roll out to all HG brands within the next few years.

Th Innovation Hotel has a green roof planted with low-maintenance plants which helps keep it cool in warm weather and insulate it in winter. Also on the roof there will be solar panels. Natural lava stone signage at the entrance and on the lawns replaces traditional plastic and metal signs. The decor is low emission paint, all the artwork produced by local artists to ensure a low carbon-footprint and there are recycling bins for guests to use. Left over food scraps are composted to create a fertilizer for use on hotel plants and lawns. Bathrooms feature low-flow showerheads and dual flush toilets. The hotel is more of a prototype of what green could be rather than the design for any specific hotel but it is an intriguing look at the variety of green options available for hotels.

Jennifer Connelly and Paul Bettany's Brooklyn Home, Estate of the Day

Posted May 8th 2008 1:02PM by Deidre Woollard

Celebrity couple Paul Bettany and Jennifer Connelly are the latest to say bye bye Brooklyn and head to a posher address. Curbed reports that the pair have picked up a Tribeca penthouse that was listed at $6.995 million. Their new home is rather modern and bright, a far cry from their old home in Brooklyn. The nine-bedrom home on Prospect Park West is a turn-of-the-century limestone dowager. The home on a corner is full of the details you'd expect in a home of the time period, elaborate, polished wood carvings, plaster ceiling details and herringbone wood floors. There are fireplaces in the living room, dining room and kitchen as well as in three bedrooms. The servant's quarters on the top floor includes four small bedrooms, a full bath and a storage area. It has ben updated with central air and there is a large garden in the back of the house. There are no kitchen pictures and I do wonder if three and a half baths is enough for a home that is over 5,000 square feet and has nine bedrooms. Also if the furnishings in the Brooklyn house belong to the couple I think I can see why they want to move, Calder mobiles and flokati rugs don't quite suit this home. Curbed reports that the couple bought in 2003 for $3.7 million and are now listing for $8.5 million through Sotheby's.

Gallery: Connelly and Bettany in Brooklyn

Robert Parker Pans 2007 Bordeaux Vintage

Posted May 8th 2008 12:02PM by Deidre Woollard
Filed under: Wine

Bordeaux chateaux are starting to release their prices for the 2007 vintage but there is already bad news. The emperor of wine, famed wine critic Robert Parker has slammed the latest vintage handing out low scores and branding the vintage as overpriced. Wine buyers often look to Parker's scores to see if they should buy wine futures which are sold two years before a vintage's release. In his vintage review titled "2007 Bordeaux: Who Will Buy Them and at What Price?" he has basically told buyers not to bother unless prices are lowered dramatically.

The news is devastating for some Bordeaux producers for whom Parker's scores may mean less sales. Certainly his advice carries considerable weight and may influence wine dealers not to purchase simply because they are afraid they won't be able to sell to wine collectors in the long run. Should any one man have this much power?

Parker gave only three of his coveted 100 point scores this year and all three were for whites, Chateau Pape Clement white and Haut-Brion, were both marked 96-100, and Chateau Climens, a sweet white tasted by Parker's British sidekick Neal Martin, got 98-100. Even Bordeaux's top five, first growth wines didn't even hit 95 with Chateau Margaux earning a 92-94, Chateau Haut-Brion a 91-94, and Mouton-Rothschild a 90-94. Chateau Lafite and Chateau Latour both got a 90-93.

Tavern on the Green To Open West Coast Restaurant

Posted May 8th 2008 11:01AM by Deidre Woollard
Filed under: Dining

One of New York's most famous restaurants, Tavern on the Green, is now getting a new branch all the way across the country. Tavern on the Green will be opening a massive 40,000-square-foot restaurant at San Francisco's Metreon. The restaurant will be on the the top floor, with an outdoor terrace overlooking Yerba Buena Gardens. The restaurant will have the same luxurious style that makes Tavern on the Green a popular tourist destination in New York with chandeliers, murals and art.

The new Tavern on the Green will focus on catering and special events. Brian Young, the former chef de cuisine of the three-star Michelin restaurant Le Bernardin and executive chef at Citarella the Restaurant, has been hired as executive chef. The restaurant is expected to open during summer 2009 and will focus on contemporary American with an emphasis on local ingredients and wine selections. The restaurant is closely identified with New York and with more formal fine dining than casual California is often used to, it will be interesting to see how they adapt the concept to the West Coast crowd.

Ugandan Tycoon Orders the Second Private Airbus A380

Posted May 8th 2008 9:02AM by Deidre Woollard
Filed under: Wings

The second potential owner of a private Airbus A380 doubledecker jet has been revealed. The first jet belongs to Saudi Arabian Prince Al Waleed Bin Talal and the second jet will go to Michael Ezra. Never heard of him? I hadn't either. Michael Ezra is a tycoon said to be the richest man in Uganda. He is just 34 and is known as a "sports philanthropist" who has supported Uganda's sports teams and once made a move to buy the Leeds United soccer team. The Daily Monitor has reported that he is paying $260 million for a the Airbus A380 and that his plane will be available in 2010. He could spend another $150 million for the custom designed interior. Preliminary plans for his plane include an office, full satellite communication equipment, a conference room for 12 persons, a karaoke room, a movie room, a gymnasium, medical center four self-contained VIP bedrooms, another four executive bedrooms, as well as a spa.The lower deck of the plane will including living quarters for flight attendants and room for three cars. Ezra's plane will likely be registered in Dubai where he does most of his business. This isn't Ezra's first spendy maneuver in 2006 he spent $250,000 in Dubai for an exclusive Centennial Mont Blanc watch as part of was part of an Emirates charity promotion to help disadvantaged children of the world (a picture of Ezra with the watch is here).

UPDATE: Michael Ezra's website is here. No mention of the plane on there.

Madonna To Sell Historic English Manor

Posted May 7th 2008 6:01PM by Deidre Woollard
Filed under: Estates, Celebrity Shopping

Madonna recently bought some more space in her New York City co-op building and now it looks like she's set to divest herself of some real estate. The Sun reports that Madonna is looking to sell Ashcombe, her English country house in Wiltshire. She and Guy Ritchie bought the home in 2001 for £9 million and are now hoping to put it on the market for £12 million. The eight-bedroom home is listed as a Grade II structure by English Heritage. It was originally part of a larger building and was restored in the 1930s and 1940s by the photographer Cecil Beaton. Madonna and Guy are reportedly selling because they do not spend enough time at the estate especially since Madonna has been recording and touring again. We wish them luck, this is certainly not the best time to be selling England's housing slump is starting to rival the problem we have had in the States.

[Thanks, Lana]

Hermes Reports Strong First Quarter Sales

Posted May 7th 2008 4:02PM by Deidre Woollard

Gucci may have hit a bump in the road but luxury French leather goods retailer Hermes is still going strong. The company has announced that first-quarter sales accelerated 13.4 percent to 415.1 million euros, or $621.7 million at average exchange rates. The company has seen strong performances in all categories and area. Sales in the Americas are up 23 percent, partially due to the new Wall Street location that opened last June. Sales in Japan are up 4.2 percent. The firm has maintained its guidance of 10 percent organic sales growth for the full year. Hermes plans to open or expand 25 branches this year with their first location opening in New Delhi's Oberoi hotel next week.

The numbers from Hermes echo similar strong numbers from LVMH Moet Hennessy Louis Vuitton, Compagnie Financiere Richemont, Burberry and Swatch which seems to indicate that the upper end of the luxury market is still fairly secure. Hermes has, for the most part, kept their product range small and pricey which seems to be a good strategy in this market where the rich are still spending but the upper middle class are starting to watch their money more carefully.

Green Plains, Estate of the Day

Posted May 7th 2008 1:03PM by Deidre Woollard
Filed under: Estates

A classic piece of Virginia acreage has just hit the market. Green Plains is a 642-acre estate in Virginia's Matthews County located 30 miles from Williamsburg. The property has a long history. It is believed Green Plains was established in the 18th century with a Colonial King's Deed (the original documents were burned in Richmond during the Civil War). The property has been owned by just four families including the Cabots, one of Boston's first families, and former Texaco CEO and Chairman Augustus C. Long. The property is now held in The Augustus C. Long Trust, his daughter Dorothy Long is sole trustee and beneficiary of the property.

The property includes three miles along the North River in Mobjack Bay and it has deep water access via a 360-foot-long private pier. The main house is a red brick Georgian mansion with seven bedrooms. No interior pictures of the home unfortunately so we can't speculate on how the shape it is in. The property includes a four-foot wall which surrounds an acre of gardens and orchards. There are five Cape-Cod style cottages and three equestrian barns with 20 stalls and fenced paddocks. The property also includes property for hunting and fishing. Green Plains estate is listed at $22 million.

Gallery: Green Plains

Continue reading Green Plains, Estate of the Day

DayJet Scales Back

Posted May 7th 2008 11:02AM by Deidre Woollard
Filed under: Wings

DayJet, one of the newer air taxi services has announced that they are planning to scale back their growth plan. Aero-News Network reports that the company, which operates a fleet of 28 Eclipse 500 very light jets, has cut back on jobs. The company has cited trouble with getting new investment capital due to the troubled economy as a reason for the revised business plan.

DayJet CEO Ed Iacobucci told ANN that overall DayJet's operations are strong and that the business model is sound but that the external factor of the general economic malaise has led to the scaleback. The Florida-based company has over 1,500 members with more than 550 active DayJet users. The company only officially launched in October 2007 but now needs more money to grow the business. The plan was to have a network of 30-50 aircraft serving 20-30 markets but this would have required $40 million in new operating capital in the first quarter of 2008. Unfortunately for many businesses needing cash no one is in a lending mood lately. Therefore the employees hired and trained with an eye toward expansion had to be let go.

DayJet isn't planning to curtail existing service region and plans to resume expansion plans once the money is available. But this news comes on the heels of the announcements of shuttering of Eos and MaxJet and it makes me wonder about the long-term viability of small jet businesses in general.

Sting's Rainforest Foundation Charity Under Fire

Posted May 7th 2008 10:02AM by Deidre Woollard
Filed under: Charity of the Day

Sting has long been known as one of Hollywood's most philanthropic people but this week Sting and his wife Trudie Styler are under fire for their charity The Rainforest Foundation. Charity Navigator has reported that only 41 percent of the money raised by the couple's Carnegie Hall charity concert in 2006 actually went to fund programs that save the rain forest. In their rating system they have given the charity 0 stars.

Trudie Styler is quoted in People as saying that the foundation is in it's 20th year and that alone speaks to the efficacy of the nonprofit. In 2006, the charity reported $10 million in net assets including almost $5 million in cash which has caused some to speculate as to what they are doing with the money. This news comes as the Rainforest Foundation's next Carnegie Hall concert is set for May 8 with performances by Billy Joel, James Taylor and Brian Wilson and also includes a charity auction with a variety of donated items to raise money for the foundation.

Abramovich Picks Up Wildcat Ridge

Posted May 7th 2008 9:02AM by Deidre Woollard
Filed under: Estates

Free-spending Russian billion Roman Abramovich is at it again. Just a week after we learned that he is working on a home that will be the most expensive private residence in Britain, we learn he's also picked up an Aspen home. This isn't just any Aspen home, this is Wildcat Ridge, the modern home of Leon Hirsch. We've been following Hirsch's struggle to sell this home since February of 2005. Back then Hirsch listed his home for $35 million. Since then he's switched real estate brokers a couple of times and has even put it up for actuion a couple of times with no luck. Another man might have dropped his price looking for a sale but Hirsch's stubbornness seems to have paid off, he sold to Abramovich for $36.375 million.

Abramovich is getting quite a home. Wildcat Ridge has 11 bedrooms is perched at an elevation of 9,200 feet on Wildcat Ridge offering views for miles. The home, designed by Voorsanger Architects, has a dramatic folded plate roof and a large moss rock wall dividing the east and west wings of the building. The home gets its energy from 60 geothermal wells so that it is virtually self sufficient. The wells heat the home, driveway and pool during the winter months and provide cooling in the summer. It also comes with 32 pieces of furniture custom designed for the home.

[via Wealth Bulletin]
[Thanks, Ben]

Gallery: Wildcat Ridge

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