Are you hoping to purchase one of the multimillion-dollar apartments in the Jean Nouvel-designed 1,050-foot tapered tower adjoining the Museum of Modern Art…
…but wondering how you’ll be able afford MoMA’s pricey admission fee after emptying your bank account to acquire and furnish your posh new digs?
Fear no more, affluent art-lings!
As the recently launched sales website for the project tells us (click “view text” in upper-right corner): “Each resident will…receive title to a unique Benefactor W53 membership at MoMA, affording many substantial museum benefits and privileges.”
But what exactly are those “benefits and privileges”?
In response to my query, Hines spokesperson George Lancaster filled in the details:
- Unlimited free admission to the museum (members and guest) with no waiting in lines, including private morning viewing hours
- Exhibition preview events and other evening receptions
- Small, private curatorial talks
- Exclusive advance film screenings
- Invited to the Museum’s elegant annual Benefactor Luncheon
- Three full-color exhibition catalogues annually
- 20% discount in MoMA Stores
- Dedicated patron assistance representative at MoMA
- The memberships are connected to the unit, so they transfer to the new owner in case of a sale.
- The condominium owners’ association will have the opportunity to host a limited number of annual events in MoMA’s sculpture garden.
While getting a free ride at MoMA, the new residents will be pay dearly for their housing:
- One Bedrooms: Starting from $3MM
- Two Bedrooms: Starting from $7MM
- Three Bedrooms: Starting from $8MM
- Full and Half Floor Park View Residences: Price upon request
Why shouldn’t MoMA’s sky’s-the-limit neighbors be expected to pay for their admission and catalogues, as do New York City’s less fortunate? Perhaps the residents’ perks were negotiated when Hines promised MoMA gallery space in the lower floors of the new building, as part of its planned expansion designed by Diller Scofidio + Renfro. I was told a couple of months ago by MoMA senior deputy director Peter Reed that the initial renderings’ much criticized “Art Bay” for performances and exhibitions, opening onto 53rd Street, was not included in revised plans.
Construction of the tower is currently in the “excavation/foundation work” stage, as described by Lancaster. Partnering with Hines in realizing the project is Goldman Sachs, through its Real Estate Principal Investment Area (REPIA)—the primary real estate investing group within the firm’s Merchant Banking Division, which “invests directly and indirectly in real estate assets” (in the words of the project’s website). Hines and Goldman Sachs have “entered into a joint venture agreement and equity partnership with Pontiac Land Group, a Singapore-based real estate developer and investor,” as described in a Hines press release.
For more details and images of the interiors, see Jessica Dailey’s report in Curbed NY.