New York Daily NewsJanuary 17, 2014The Whitney isn’t the only condo development capitalizing on its proximity to a top arts institution. Being next door to — or in some case on top of — a museum can provide a project with serious cachet.
MoMA practically pioneered the practice when it developed Museum Tower in the 1980s, which poured millions into the institution’s endowment.
Here are some recent examples:
One Museum Mile
When brokerage Core took over 1280 Fifth Ave. two years ago, only 16 of the 90 units were sold. But after the building’s name was changed to One Museum Mile — a hat tip to the Museum of African Art downstairs — sales started booming.
“Now, we’ve only got eight left,” says Core broker Tom Postilio.
The New Museum capped the Bowery’s transformation from skid row to high brow. As a result, 250 Bowery has attracted the likes of apartment shoppers Scarlett Johansson and other celebs.
1001 Fifth Ave.
Since it opened in 1902, the Met has been giving brokers something to crow about — as if park views weren’t enough.
“Savor the quintessential view of what New York City has to offer by waking up to one of the world’s most famous museums, the Metropolitan Museum of Art,” writes Kristen Magnani in her listing for a $2.8 million two-bedroom.
The Museum of Modern Art quite literally has the most obvious museum-driven development in the works: Jean Nouvel’s $1 billion Torre Verre, which will rise 1,050 feet, as high as the Chrysler Building and with views of Central Park.