Carmel Partners,the developer of 325 Lex has commissioned the British artist Patrick Morgan to do watercolors that will used in the promotion and marketing of this new condo which is already about 40% sold according to Luxury Daily. Mr. Morgan has previously worked with Justin Timberlake, Cameron Diaz and several luxury brands including Prada and Yves Saint Laurent.
In 2015, approximately 6500 condos are coming to the market and about half of them in the “affordable luxury” market, and as a result, developers are looking for ways to make their projects stand out. The developer for 325 Lex feels that using Mr. Morgan’s artwork has helped them to do exactly that.
This is not the first time that art and real estate are united in comarketing. In December’s Art Basel, Miami’s new luxury condo developments were marketed to the ultra affluent in attendance at the art fair’s annual Miami event.
325 Lex is a ground up new construction building with 123 units ranging from studios to 2 bedroom apartments. Prices range from $750k to over $8mm for one of two full floor penthouses.