From the archives: Evaluating starchitects’ impact on prices

Architectural star power raises profile and price of residential projects

8 Spruce Street
8 Spruce Street

At the 20th century’s close, if a city had cutting-edge architecture, it could reliably be found at museums, concert halls or on campuses, with the occasional high-concept courthouse or office tower.

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In the last five years in New York, though, that situation appears to have flip-flopped; here, apartment buildings are increasingly leading the artistic charge, offering à la mode styles from the world’s top design talents.

To be sure, many blocks are still sprouting generic boxes. But developers seem increasingly willing to shell out for a skyline-arresting structure, realizing that in a market where tastes are more sophisticated, artfulness can translate into wider margins. Read the full story from the February 2008 issue here.