The mistake most developers make … They think they’re in the real estate business and not the branding business. They assume it’s a real estate play, competing on location, design and amenities, when Nobu isn’t playing that game at all. They’ve effectively reverse engineered the investment by starting with demand. For decades they’ve built a global audience, a very specific type of customer and cultural signal, so when they launch residences they’re not trying to convince anyone of anything, they’re simply giving an existing audience somewhere to go. That’s the difference. Most developers still launch into silence and then try to buy attention through campaigns, agencies and content, when the real goal should be to launch into ownership of demand. Because the real asset isn’t the building, it’s the audience around it. If you don’t have that, you’re not competing on product, you’re competing on who can spend more to be seen, which isn’t a strategy, it’s a tax. The advantage ...