Art attracting affluent tenants to lavish properties

Art is becoming a draw in the luxurious condo market.

Multi-family housing developers are adapting to the times and becoming savvier in trying to lure wealthy tenants to luxurious properties.

An exclusive gym, campus-wide Wi-Fi availability and vaulted ceilings are no longer prominent pulls for the high-end condo market, according to The Wall Street Journal. Those amenities are becoming standard, which has led investors to look at other ways to draw well-off clients.

In New York's West Village, a pair of real estate agents who live at 350 Bleecker St., spend roughly two days every six weeks hanging art work and hosting an opening party for 50 to 75 people. The party attracts people to the residence. Some of the art has sold to the public for upwards of $8,000, according to Maura and Robert Geils, the real estate agents behind the setup.

"We're passionate about art," Maura Geils told The Wall Street Journal.

She added that neither she nor the building takes a commission, but it has been a great tool in attracting affluent clientele to the building.

"It puts us in a niche," she said. "We might stage a loft with some of the art. We bring clients to the openings. One of my clients purchased here, and one of the contributing factors to her purchase was that she really liked the changing scene in the lobby."

Following suit
In New York's West Village neighborhood, Greenwich Lane, a 200-unit condo development that spans five buildings, decorated the walls of its sales office with a 32-work collection privately owned by Beth Rudin DeWoody, Rudin Management's executive vice president of development.

"Beth's artwork allows people to sense that they are walking into their homes or homes they wished they lived in," Samantha Rudin, vice president of Rudin Management, told The Wall Street Journal.

In downtown Manhattan, the high-end Schumacher is slated for completion in late 2014. The building developers hired SoHo gallery owner Cristina Grajales to commission original pieces of artwork and furnishings for the common areas.

In Miami, developers are building the Faena House, which sits across from the Faena Arts Center and will sell for around $3,000 per square foot. Faena homeowners are allowed to check out art exhibits before they open to the public, according to Ximena Caminos, the Faena Group's creative director.

"The building itself is a work of art and they will be living in an art environment," Faena said.

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