The Real Deal New York

Graffiti has become a luxury amenity

Developers across the city are eager to add edge to their high-end buildings

May 04, 2014 03:00PM

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A pre-whitewash 5Pointz at 45–46 Davis Street, Long Island City

A pre-whitewash 5Pointz at 45–46 Davis Street, Long Island City

WEEKENDEDITION It sounds like an oxymoron, but “luxury graffiti” may be the next big amenity in New York City real estate. Other industries — from fashion to fast food — have all used graffiti to sell cool for more than two decades now, and, according to the New Yorker, developers are catching on.

For instance, at 205 Water Street in Dumbo, Toll Brothers made the decision to highlight rather than erase graffiti at their luxury development, where asking prices ranged from $400,000 to $2 million.

“I thought it looked really cool,” David von Spreckelsen, the president of the New York City division of Toll Brothers City Living, the developer’s urban division, told the New Yorker. “It reflected New York’s history.”

And most recently, the developers of 5Pointz in Long Island City – a graffiti mecca since the 1990s turned high-end rental project – will leave large concrete slabs on the building open for aerosol artists to show off their skills.

“I believe I will attract more than I will lose,” 5Pointz owner Jerry Wolkoff said. [The New Yorker]Christopher Cameron

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