Minae Lee

For Minae Lee, a first-generation Korean American and principal of the 76 Eight Avenue office building development in New York, fashion is not just a personal statement but a professional ethos. As a luxury real estate agent newly aligned with the prestigious Charlie Attias Team in New York City, Lee navigates the intersections of design, development, and urban growth with a unique perspective informed by both her heritage and upbringing.

A LEGACY OF REAL ESTATE

Coming from a lineage steeped in real estate, Lee’s career trajectory seems almost preordained. Her father, an accomplished real estate investor and advisor, laid the groundwork for her professional pursuits. Yet, it’s her own experiences and the influence of her marriage to Sang Lee—a seasoned real estate attorney with over two decades of expertise in affordable housing development—that have truly enriched her journey. The real estate wisdom she inherited from her in-laws, who built homes in New Jersey, further solidified the foundation upon which she has built her career.

Lee’s parents played pivotal roles in shaping her professional path, each contributing uniquely to her development. Her mother, an artist, fostered Lee’s early love for design through shared moments of drawing and painting. “I even considered becoming an interior designer,” Lee recalls, referencing her early interest that led her to take interior design classes. Meanwhile, her father’s journey from Japan to the United States in the 1980s exemplifies determination and adaptability. Balancing work in American hotel chains by day and studying at night, Lee’s father eventually completed a business degree and ventured into real estate after successfully running various businesses, including delis and restaurants. “I worked in the tech industry for a decade before taking a break after becoming a mother, but my passion for art and design was always there from when I was a little girl,” Lee reflects, highlighting the seamless transition from technology to real estate that her father’s influence made possible.

THE IMPACT OF CULTURAL HERITAGE

Adding to this rich tapestry, Lee’s father-in-law’s journey from South Korea to the United States in the 1960s to work for the United Nations underscores the importance of perseverance and hard work. His entrepreneurial spirit, mirrored by Lee’s in-laws who later invested in commercial and residential real estate, reinforces the notion that the intersection of business acumen and cultural heritage can lead to significant contributions in the real estate market. Together, Minae and Sang Lee have become a formidable duo, drawing on the wisdom and expertise of their parents to navigate and shape the future of real estate in New York and beyond.

FASHION MEETS REAL ESTATE IN A POST-PANDEMIC WORLD

In Lee’s world, fashion intertwines with New York real estate and development, influenced by the era, societal needs, and the city’s ongoing revitalization. The 76 Eight Avenue project exemplifies this evolution. It’s a prominent new boutique office building developed by Noviprop, a family-owned real estate company with properties throughout New York City. The office building is the dream project of Lee's husband, who is the principal of Noviprop.

The COVID-19 pandemic significantly transformed the working lifestyle and office spaces in New York City. Before the pandemic, the traditional 9-to-5 office schedule, five days a week, was widely accepted as the standard for effective work. However, as the pandemic forced a shift to remote work, “it was for many office workers, remote work or essentially no work,” as Lee observed. This unplanned but necessary experiment revealed that productivity could be maintained—or even enhanced—without daily commutes or a constant physical presence in the office.

Employers, who “may not have asked for” the remote work experiment and “may wish it had never happened,” found themselves with little choice, Lee noted. It quickly became clear that remote work was effective enough to spark a “continuing debate about the value and necessity of commuting to work on a daily basis.” The rapid adoption of virtual meeting platforms like Zoom and Microsoft Teams further facilitated this shift, proving that many tasks and meetings could be conducted just as effectively from home.

As a result, a significant number of employees, “after they tasted flexibility,” became reluctant to return to the rigid office-based schedules of the past, according to Lee. Consequently, the demand for commercial real estate in New York City has undergone a fundamental shift. The pre-pandemic approach, which linked demand directly to the number of office workers, no longer applies. Companies are now rethinking their office needs, often downsizing and moving towards a more flexible model that doesn’t require a dedicated desk for every employee.

“I think we are still in the midst of that shakeout,” Lee commented. One clear outcome of this ongoing transition is a decreased overall demand for office space, leading to a “flight to quality” where businesses seek modern, well-located buildings. Older buildings in less desirable areas are the primary losers in this dynamic. In contrast, projects like 76 Eight Avenue, a new and modern development in a prime neighborhood, have benefited from this trend, being “leased up prior to completion.” The ongoing changes in work culture and space requirements are reshaping the commercial landscape, with implications that are likely to be felt for years to come.

DESIGNING FOR THE FUTURE

The design of 76 Eight Avenue was directly influenced by the evolving needs of both employers and employees, particularly in the context of a post-pandemic work environment. Boutique office spaces have become similar to high-end residential places where tenants now seek turnkey spaces that are move-in ready with great appliances and amenity spaces such as gyms, bike storage, and more. This shift in expectations was central to the design consideration for 76 Eight Avenue, where top-of-the-line appliances were included in bathrooms and kitchens, along with bike storage and a rooftop space with a bar and grill for people to gather and enjoy the environment.

In addition, the design approach further incorporated principles akin to Pungsu, Korea’s version of Chinese Feng Shui. Pungsu—literally meaning “wind-water-earth-principles-theory”—is an ancient art of geomancy involving the auspicious placement and arrangement of buildings based on topography. Reflecting this cultural influence, attention was paid to creating harmony between the building and its surroundings, considering factors such as energy flow, the orientation of doors, and the strategic placement of elements like mirrors.

Located in the West Village, an area known for its historic, landmarked buildings, the opportunity to construct an ultramodern building presented a striking contrast to the traditional surroundings. As Lee described, “We had the opportunity to build an ultramodern building in this setting, offering a nice contrast to the existing surroundings.” This contrast is most evident from inside the building, where large floor-to-ceiling windows allow office workers to enjoy views of the “beautiful gargoyled facade of a landmarked building across the street.” This juxtaposition between the new and the old reflects the changing expectations of modern office workers. They seek environments that are not only functional, but also visually stimulating and connected to their surroundings.

NAVIGATING THE CHALLENGES OF MANHATTAN DEVELOPMENT

Developing property in Manhattan presents unique challenges and opportunities that differ significantly from those in other major cities. Manhattan’s density and the presence of many historic areas require developers to approach projects with a heightened sense of responsibility and sensitivity to the surrounding environment. As noted by Lee, “With 76 Eight Avenue, we were presented with an opportunity to create something on a very prominent corner of one such area for generations to come.” This sentiment underscores the dual challenge of contributing to the city’s architectural legacy while ensuring that new developments enhance rather than detract from the character of their neighborhoods. Lee acknowledges the subjective nature of beauty, stating, “Beauty is in the eye of the beholder, but I like to think we succeeded with this one.”

THE EVOLVING DEFINITION OF FASHION IN REAL ESTATE

In the context of New York City real estate, what defines “fashionable” is multifaceted and ever-evolving. Lee emphasizes that the essence of a fashionable development lies in its ability to enhance its neighborhood, whether through an ultramodern design, a classic red-brick townhouse, or even a well-placed piece of graffiti art. As she puts it, “The beauty of New York City is that you can have these right next to each other.” This eclectic mix of styles and the visual experiences they create are part of what makes New York City unique. The goal, according to Lee, is to avoid the wrong answers in design and hopefully land on one of the best, thereby contributing positively to the city’s vibrant and diverse landscape.

The convergence of fashion and real estate illustrates the evolving nature of urban development and societal trends. The 76 Eight Avenue project exemplifies this trend in New York City, showcasing how contemporary design and functionality address the city's changing needs. It reflects a broader movement where modern developments balance innovation with respect for historic surroundings. As cities like New York adapt and revitalize, such projects highlight how the intersection of fashion and real estate can drive urban transformation and enrich the city’s character.