Want to add a dizzying $1,000 per square foot to the value of your new development? The lesson is clear: get a hip hotelier's name attached. At Ian Schrager's 50 Gramercy Park North development, 19 of the 23 units have already sold, New York's S. Jhoanna Robledo reports, at prices topping $3,000 per square foot ($6 million for a 2,000sqft apartment). "You're paying a certain amount for the branding," sez Elliman?s Rob Gross, a master of subtle understatement.
Meantime, we figure shan't be long until every designer with their own teacup line at KMart gets their name on a Manhattan condo conversion; hell, we'll buy into Jonathan Adler's Polka-Dotted Krazee Kondos at the Maritime Hotel just on principle.
· Key to Success [NYMag]
· Spying on Schrager's 50 Gramercy Park North [Curbed]