Exceptional talents call for exceptional living.
Some of New York's most unique and luxurious real estate has been scooped up by celebrities, and with the spotlight always on, their real estate investments have become examples of market conditions. While Michelle Williams's recent purchase of a 114 year old Colonial Revival in Brooklyn's Ditmas Park opened the nation's eyes to the suburban-like possibilities right outside Manhattan, Katie Holmes' $25K per month rental in Chelsea served as a reminder of the limitless prices, amenities, and possibilities New York has to offer.
However celebrities often have larger intentions than just to own with their real estate purchases. Sarah Jessica Parker and Matthew Broderick attempted to flip a 6,800 square foot Greenwich Village townhouse which they bought in 2011 and renovated, but didn't turn a profit or break even with its sale this past March.
NBA stars have joined celebrities, REITs, and international banks in making real estate investments in the city. The National Basketball Players Association organized a two-day real estate symposium at which NBA players were taught the financial and legal basics of investing with the goal of easing players into life after basketball. Luol Deng, a player for the Miami Heat and attendee of the symposium "...looked at real estate as something you could really get into if you understand it and if you have capital," which these players now have.
Those with a keen eye for future growth potential have been investing in real estate, and specifically the future success of New York, for decades. Brooklyn's DUMBO was developed as a result of Two Trees's Founder David Walentas's vision of the Brooklyn waterfront neighborhood from a plot of warehouses.
Of course there are still those projects unique to a specific investor, such as Leonardo DiCaprio's eco-conscious resort on his private island in Belize. DiCaprio is not a rookie in green building, as he previously bought in a health-centric condominium in Manhattan developed by the same team as his resort. While many celebrities have been entering the real estate market, DiCaprio may just be one step ahead of the game.