How the Urban Elite and Experience-Hungry Millennials Made Art a Staple of Luxury Real Estate

Later this summer, luxury rentals at the 33-story residential tower One Hudson Yards, located in the heart of New York’s up-and-coming neighborhood near the Hudson River, will hit the market. Developed by Related Companies, with rents starting at $5,095 for a one-bedroom, its impressive amenities include a bowling alley, an 82-foot lap pool, and a half-size basketball court. But what distinguishes it from competitors is its gem of an art collection.

“It’s not just picking up things and throwing them against the wall,” said art adviser and actor Alexander DiPersia, who curated the common spaces with works by emerging artists including Matthew Chambers, Przemek Pyszczek, Sayre Gomez, and Michael Phelan. “It’s a long, thought-out process.”

The carefully chosen art collection of One Hudson Yards is one example of art’s increasing importance in the high-end, multi-family real estate market, as developers vie for the attention and housing budgets of the art-loving wealthy along with Instagram-obsessed, experience-hungry Millennials. read more

2018-10-29T11:04:42+00:00