The latest luxury real estate trend: high end condo developers have found the perfect new amenity — art, and they’re using it to generate buzz, separate themselves from the competition, and for community relations, according to a recent article in the Wall Street Journal. New York and Miami developers are leading the pack in this innovation.One of the more creative uses of art is to make friends in the neighborhood before the building’s opening by holding a monthly tour of area galleries. For instance, the lobby turns into an art gallery every six weeks at 350 Bleecker in New York’s West Village, complete with an opening party for 50 to 75 people and actual sales of the art. An invite to a potential client becomes a social event and time for bonding.
Probably the boldest initiative is from Argentine hotel and real estate developer Alan Faena (hotels in Buenos Aires and Rio de Janeiro) who is building a $100 million exhibition space called Faena Arts Center by starchitect Rem Koolhaas that will make the development (pictured here), which includes a hotel, a cultural destination. It will feature art exhibits and dinners with visiting artists. The Faena Group also sponsors an annual art award with $75,000 in prize money ,and commissions original work as well. Also in Miami, the new Oceana Bal Harbour has commissioned $14 million in art from mega artist Jeff Koons. After five years, the art can be sold upon an 80% majority vote of homeowners. Similarly, at the Ritz Carlton Residences in Chicago, buyers of apartments selling for $1 to $11 million will get a share of a half million dollar art collection. They can choose to change it or sell it and split the proceeds. It will be fascinating to see how this plays out as, though it’s a noble effort, if you’re ever been on a condo board you know how contentious even the smallest thing can be.