Randy Kennedy takes a tour of Manhattan’s new public sculptures being used to enhance the stature of new residential developments in New York. One we haven’t seen is this Anish Kapoor that will be a part of 56 Leonard St.

Simon Elias, a developer of the Herzog & de Meuron tower, said that the business calculus behind adding a marquee work of art had become more complex in recent years. While developers do not feel an absolute competitive imperative to have A-list art, he said, many like him and his partners believe that great art can help make an already distinctive building an enduring one (and, one assumes, a profitable one).

“To be honest, during the recession, there was a discussion about perhaps eliminating the sculpture,” said Mr. Elias, who is Mr. Kapoor’s cousin and had spoken with him for years about his desire to create a public work in the city. “We didn’t think it would change the sales. But this started not with us trying to come up with a gimmick to improve sales. It was to create something special.”

Real Estate for the 1 Percent, With Art for the Masses  (The New York Times)