ART: THE NEW TOOL IN HIGH-END REAL ESTATE
In NYC’s competitive real estate market, and particularly in the somewhat sluggish climate we’re now experiencing, brokers and developers must think on their feet, and go beyond conventional marketing methods to move trophy apartments.
Two years ago, one simply needed to list a property online and see it sell for a record price; but such is certainly not the case in today’s market. These days, not only is proper pricing paramount, sellers of high-end properties have to gain an edge over the competition, and to stand out.
Enter high-end art: the new tool for selling luxury real estate in NYC.
Art and real estate have a deeply entwined history, especially in an art mecca like New York where both have long cohabited. More than ever, art is being used to sell apartments, and now, conversely, apartments too are being used to sell art. Though the former seems more obvious and has been a strategy of developers and brokers for quite some time, selling art by way of luxury real estate is relatively new, and a means I find very exciting.
artREAL’s upcoming event, HIGHER GROUND
artREAL is collaborating with Mercer Contemporary, an art consulting and curating firm, on HIGHER GROUND, a private group show of six artists set exclusively within a penthouse apartment in Greenwich Village which is being marketed for sale. The art will also be available for sale. This partnership between artREAL, Mercer Contemporary and Douglas Elliman Real Estate will highlight and celebrate the incredible work of these artists, while drawing attention to the crossover of art and real estate in New York, and the placement of art within a luxury property setting. The aim is to showcase the property, which will enjoy added exposure and publicity, not to mention valuable foot traffic from the exclusive art-collector and art-world guests in attendance. At the same time, artists will benefit from a new venue and audience for displaying and selling their work – a win-win for all.
550 Park Avenue, 17E
In the case of my new listing at 550 Park Avenue, the $17.5 million dollar penthouse is enhanced by the exquisite art currently on display. Works by Andy Warhol, Jasper Johns, and Lichtenstein, to name a few, elevate the apartment and create a cachet that only high-end art can, lending to the appeal and potential sale.
22 Bond Street
My team and I are presently marketing and selling 22 Bond, a new development on Bond Street in NoHo. The theme again is heavily focused on art. Aptly coined for its blend of ‘art + architecture,’ the six ultra-exclusive residences feature site-specific art commissions and public art installations, as well as ceilings up to 20’ tall with reinforced walls made for hanging large art – all with the discerning art collector in mind.
In a city where everyone is trying to distinguish themselves, art clearly seems like a smart bet in the fast-paced world of New York real estate.
If you are interested in attending our upcoming event HIGHER GROUND, or would like more information, please kindly email info@artrealny.com.
– Aren Ebrahimi, ae@artrealny.com
Photo credit: Christian Harder and ASH. Artwork on right by artist Lauren Seiden.