New York, Lake Como and Milan: Life in the world’s most fashionable locations

“There is something in the New York air that makes sleep useless”, the French intellectual Simone de Beauvoir once wrote of the intoxicating, fast-paced energy of the American city.

And it is a city that continues to captivate and leave an indelible imprint on culture. As it recently took a starring role in The Devil Wears Prada 2, we explore what makes it not only a fashion capital but a global landmark, before turning to two chic Italian destinations that also had their moment on screen to examine their enduring appeal for international buyers.

New York

New York is a powerhouse of the fashion world, where creativity meets commerce, making it a natural home for the industry’s elite. As highlighted in Knight Frank’s Prime International Residential Index, which tracks price movements across leading housing markets in 2025, it also remains a key destination for globally mobile buyers.

While prices have risen marginally (0.8%), supply of high-quality turnkey properties is tight, fuelling competition for the best homes. At the same time, increasingly flexible lifestyles are driving demand for high-end rentals, with top-end rents rising by 63% over the past five years.

New York’s Upper East Side was a natural setting for fictional fashion editor Miranda Priestly’s townhouse. With institutions including The Met and MoMA, alongside designer boutiques, private members’ clubs, fine dining and leading schools, the neighbourhood is seeing renewed demand and has been identified in The Wealth Report as one of the Hottest Housing Markets.

New condos and pre-war residences here start at US$3,000 per sq ft and can exceed US$6,000 to US$7,000 per sq ft. Townhouses in need of renovation trade between US$2,500 and US$3,000 per sq ft, rising to US$4,000 per sq ft for a turnkey residence.

Knight Frank’s new branded alliance with Modlin Group underscores the city’s global importance. The luxury real estate brokerage has overseen some of New York and the Hamptons’ most significant deals, including the US$55 million sale of 8 East 62nd Street and the US$57 million penthouse at 70 Vestry Street.

“Knight Frank has a long‑established presence and track record in New York, but this partnership represents an exciting new chapter — one that responds directly to the evolving needs of our UHNW client base — toward deeper discretion, trusted advice and seamless global connectivity,” adds Paddy Dring, head of global prime sales and Knight Frank’s Private Office.