Argentine-born art mogul and real estate developer Eduardo Costantini recently focused his business stateside, with two luxury condominiums in Miami: Oceana Bal Harbour (which also happens to house two Jeff Koons multi-million dollar sculptures) and Oceana Key Biscayne.
Mr. Costantini, a true art enthusiast, created the MALBA museum in Buenos Aires, which holds one of the world’s most impressive collections of contemporary Latin American art (he donated 200 pieces to the museum at first and has since donated many more.)
We spoke to him about his favorite part of his home, the skyscraper that got away, and more.
Mansion Global: Do you have a real estate property that got away?
Eduardo Constantini: Yes, 432 Park Avenue. I met with Harry Macklowe in 2009, but didn’t take on the project.
MG: What does luxury mean to you?
EC: It’s all about the quality of life you can experience there—that includes landscaping, amenities, everything.
MG: What area do you think is the next hub for luxury properties?
EC: Anything facing Central Park (in New York City) or anything facing the water.
More:Click to Take A First Look at 432 Park Ave.’s Amenities
MG: What’s the biggest surprise in the luxury real estate market now?
EC: I’m surprised with the height of the buildings on 57th Street in Manhattan. [Editor’s Note: The aforementioned 432 Park Avenue is Manhattan’s tallest residential tower, perched 1,396 feet above the city.]
MG: What’s your favorite part of your home?
EC: At my home here in Buenos Aires, it’s the reception area, living room and dining room, because I’m an art collector and it’s like an art gallery and has double-height ceilings.
MG: What best describes the theme to your home and why?
EC: A modern interpretation of French style.
MG: Most valuable thing in your home?
EC: The spa, which has a swimming pool and spa, too.
MG: What’s the most valuable amenity to have in a home right now?
EC: It depends on the property and the type of family that’s living there, but the spa is a very important amenity these days. The gym, too.
More:Spa Luxuries in Home a Stone’s Throw from Helsinki
MG: What’s your best piece of real estate advice?
EC: Buy in the best location you can afford. You’re protected against market fluctuations and can always sell at a high price.
MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
EC: The real estate market is in a sort of downturn in the high-end segment, and this has something to do with overcrowded supply. Interest rates are something to look at, too.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
EC: A pre-war building can be superb if it’s renovated well.There’s the privacy, the elegance of the building and the charm. But a modern building is often well-conceived, and has all the amenitiesand the conveniences of modern life. And large windows. To be honest, I’d love to have one old building in Paris, and a modern one in Manhattan.