Two Groups Made Art a Chief Component of Luxury Real Estate

Bill Braun, New Building, acrylic on canvas, 36 x 48 inches, $6,300

Bill Braun, New Building, acrylic on canvas, 36 x 48 inches, $6,300

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.

At One Hudson Yards, DiPersia and architect Andre Kikoski were given profiles of the desired client base—from an intense businessman to a young family recently relocated from California—to guide their art selections, and to keep in mind the person who would be attracted to this art.

“It’s basically the people who live a life without limitation,” Kikoski explains. “They have multiple homes, in multiple places, they wear the best clothes, drive the coolest cars, collect art themselves, some of them have their own chefs. It’s people who don’t want to be bothered with the time and expense of renovation or ownership.”

So how does that translate into art? In the end, DiPersia used his low six-figure budget to acquire 11 works, primarily abstract paintings by reputable young artists, which decorate areas including the lobby, corridors, and other common spaces.

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