New York Real Estate is Embracing Mental Health & Wellness

HOW NEW YORK REAL ESTATE IS EMBRACING WELLNESS And what the Irish industry can learn from this

While the COVID-19 lockdowns of 2020 and 2021 had some people relishing the opportunity to spend more time at home, many found that  – far from being a place of solace – their dwellings were not conducive to wellness and mental health. With the “indoor generation” now entering the property market, the importance of spaces that promote wellness is being recognised by the industry.

Forbes has explored this growing trend across New York real estate, where buildings that promote wellness are seeing increased demand. You can read the article in full here: https://www.forbes.com/sites/forbes-global-properties/2021/08/08/how-new-york-real-estate-is-embracing-wellness-in-2021/

Self-Care Amenities

The environmental sustainability of buildings is now firmly in the public consciousness, with energy efficiency metrics a familiar sight. However, it may not be long before we start seeing measures of a building’s wellness index displayed in a similar way.

 While the ‘social’ in ESG often considers the larger context of a building within its local community, in New York, the industry has been considering how self-care can be achieved in the home. From meditation to massages and strength training to steam rooms, the need for at-home well-being is being prioritised.

Perhaps due to the hectic nature of New York life, new homeowners and those developing building complexes are now looking increasingly to these self-care amenities with all aspects of wellbeing considered through the use of tenant engagement.

The types of amenities on offer include:

  • Gyms and fitness centers

  • Luxury bathroom suites

  • Spas

  • Steam rooms

  • Landscaped gardens

  • Swimming pools

The Forbes authors suggest that New York is seeing the birth of this wellness real estate movement thanks to the city’s hustle and bustle. While exciting, it’s this busyness that puts a strain on the bodies and minds of residents.

It is hoped that this emerging trend of building homes and living spaces that provide respite from hectic lifestyles continues globally where needed.

Wellness a Selling Point

In New York, some of the city’s most famous residential buildings are seeing widespread renovation to incorporate some of these wellness facilities, with gyms and swimming pools the most popular.

Residential towers like Essex House and Stella Tower are also seeing the installation of always-open spas and fitness suites. These communal facilities are now in high demand, with residents able to enjoy modern gym equipment like pilates machines and smart spin bikes. In addition to the traditional weights and punching bags, these suites also offer body treatments such as deep-tissue massages and body scrubs.

By responding to consumer desire for access to wellness facilities, buildings such as Essex House are not only helping to stave off a mental health crisis but also seeing their properties retain and increase in value. Cecilia Serrano, a broker for Warburg Realty in New York, describes Essex house as a “pleasure to show to potential buyers” with “very attractive and super-clean…sauna, steam room, and showers“.

As well as renovating existing buildings, many newer buildings are looking to implement wellbeing-based amenities into their building designs. The Moma Tower, for example, is set to include a full-size lap pool and a communal golf simulator to complement its more traditional fitness suite.

With a market increasingly aware of the importance of wellbeing, the inclusion of such amenities is something that may become commonplace.

Encouraging Mental Health Through Aesthetics

While implementing swimming pools and fitness suites is not always possible, there are many other ways to enhance the wellbeing factor of a building.  Inside the New York homes featured by Forbes, wellness is being promoted through simple design features that encourage relaxation and taking care of oneself. This includes incorporating large windows that keep living areas well lit, preventing seasonal affective disorder, and allowing adequate airflow.

Bathrooms are seeing particular attention with a focus on luxury. Turning the utilitarian home of the porcelain throne into a room focussed on recuperation and relaxation involves the use of some clever design touches. Aside from the energy-efficient underfloor heating, deep baths, and steamy showers, aesthetic considerations also help improve a feeling of calm. Quality material choices such as tiles and brass finish fittings against clean walling can go a long way to revitalize a tired mind. The article also notes the importance of large backlit mirrors, encouraging residents to groom and care for their skin.

With many of us currently working remotely, the home is no longer a respite from work. To counteract the fatigue of working where we live, Irish designers could take a cue from this New York trend and consider occupant wellness throughout the design and finish of new homes.

With offices in Dublin and Cork, Castlehaven Finance has provided development finance for both private and social housing to developers, builders and project owners across Ireland in excess of €1.7 billion (200+ loans) since 2014. Speak to the Castlehaven Finance team about your next commercial or residential development project https://www.castlehavenfinance.com/contact

New York Real Estate is Embracing Mental Health & Wellness

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