Developing art-forward residences
With Dasha Zhukova Niarchos
Hello everyone,
I spent my analyst days working for one of New York’s most prolific multifamily real estate developers. Back then, I remember questioning why real estate developers, particularly those that build apartments for young urban professionals, don’t build brands encompassing their buildings. If people spend 30% or more of their take-home pay on rent, and if people are conditioned to make purchasing decisions based on brand perception, then shouldn’t multifamily developers think about how they can leverage consumer psychology to build stronger businesses?
During that time, which was also the consumer brand era of the Glossier-types, there were two developers in NYC that started to experiment with the intersection of “brand” x multifamily. JDS Development, led by Michael Stern, hired fitness influencer Jen Selter to promote apartments at the American Copper Building. On the other side of the river, Two Trees Management hired fashion blogger Tavi Gevinson, to promote 300 Ashland in Fort Greene. It’s worth noting that these Michael Stern and Jed Walentas (scion of Two Trees) are on the younger side.
While giving influencers free apartments in exchange for content isn’t exactly viable (due to security reasons), this initiative makes you think about how an apartment is a consumer product, and therefore can be sold to renters as not only a place to live, but a place that speaks to their identity and personal value.
Perhaps 10 years ago would have been too early for a concept like Ray, but I have strong conviction that multifamily real estate is ripe for big changes as consumer expectations and values are changing.
I hope you enjoy this episode.
N
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Dasha Zhukova Niarchos is the founder of Ray, a residential lifestyle brand and real estate development company that builds art-forward residences. Ray's inaugural building in Philly's Fishtown neighborhood comprises 110 residential units and several amenities geared towards creatives and art & design lovers, such as artist studios, co-working space, a gym, a community kitchen, a green roof deck, a lobby living room and an independent art bookstore. One of the best perks of living at Ray is the cultural programming for residents, which includes art classes, gallery openings, and other social activities. The launch of the Philly building was a success, completing lease up in 8 months and proving the thesis that renters want to live in beautifully designed spaces that enhance their everyday experience. Ray's next building in Harlem is designed by Frida Escobedo and includes a new home for the National Black Theatre. The building comprises 222 mixed-income units, a similar suite of amenities, and stunning views of New York from its rooftop terrace.
Prior to founding Ray, Dasha founded the Garage Museum of Contemporary Art in Moscow in 2008. The Museum was designed by Rem Koolhaas and is Russia's first and only contemporary art archive. In 2011, she founded Garage Magazine, which she sold and bought back from Vice Magazine. Dasha is also a co-founder of Artsy, a digital art marketplace and discovery platform. She also serves on the board of several organizations and companies, such as the LA County Museum of Art, Soho House, The Met, and more.
In this interview, we dove into the business of combining art, design, and real estate development into a cohesive lifestyle brand. I'm excited about Ray because I believe that branded real estate will be a big consumer trend, and I also like the way that Dasha is executing her vision with thoughtfulness and attention to detail.
Interview Highlights:
How can good design foster community and address the loneliness epidemic?
Ray’s approach to structuring partnerships with real estate developers
Placemaking in emerging neighborhoods
Parameters for choosing the right architect
Insights from Dasha’s experience in the art world that she brings to Ray
The impact of art on mental health
Thoughts on the future of the built environment in urban cities
Connect with Dasha here.
Follow Ray here.
Follow The Stanza here.