Dealbook covered the announcement of Asher Edelman’s new project, Artemus which will “lease works by well-known artists like Andy Warhol and Frank Stella under leases of five years or longer for annual fees he estimated might be 6 percent to 12 percent of the artworks’ market value. Some of the leases may also include an option to purchase.”
“A lot of tenants are interested in fine art but may not have the time or money to get involved to acquire the art or to finance the art,” said David Neil, chief administrative officer of the leasing and marketing division of the Durst Organization. “We believe this venture will be a tremendous amenity and benefit for tenants not only in our buildings but elsewhere.”
A Wall Street raider in the 1980s, Mr. Edelman, 74, said the leasing business would be called Artemus, which he described as a male variation on Artemis, the Greek goddess of the hunt. Another partner in the venture is David Storper, a distressed-investing expert who worked for 16 years with Wilbur Ross, leaving W.L. Ross & Company in 2012.
Mr. Neil said Mr. Edelman proposed the art-leasing venture after Durst’s chairman, Douglas Durst, visited his East Side gallery, Edelman Arts, about a year ago. Mr. Edelman has since advised Mr. Durst on art for one of his office buildings. His main business, ArtAssure Ltd., offers art-related loans, sale guarantees and the purchase of large collections.
Among Durst-owned Manhattan properties are One Bryant Park, the Manhattan flagship office of Bank of America; 4 Times Square, headquarters of Conde Nast; four buildings on Third Avenue; and three more on the Avenue of the Americas. Durst is also an effective co-developer of One World Trade Center with the Port Authority of New York and New Jersey.