Jun 11, 2007

West Chelsea: New Residential Developments

Chelsea New Construction update:

175 Ninth Avenue (No condo towers for Seminary)

The General Theological Seminary has reversed course on a plan to build a 15- story condominium tower on its campus after news of the plan met with fierce community opposition as reported in the NY Sun. The seminary wanted to build a 151-foot tower to generate $21 million in revenue for renovation of its existing 19th century buildings. Community activists charged the tower would have been out of place in the neighborhood. Officials are now presenting a plan for a seven-story mixed-use residential building.

IMHO tax exempt landmark churches have no business in real estate development. Look for my Upper West Side construction update coming soon where I will tell you about the 21-story residential building ajoining the West-Park Presbyterian Church on West 86th Street.

The Caledonia 450 West 17th Street (Sold Out)

The 190 condominium units in The Caledonia, the 1st residential tower on the future High Line Park had sold out in April, within eight months of sales. The complex will also have 288 rental units available for rent this fall at rents ranging from $3,495. to more than $10,000 per month.

Newly announced projects

Chelsea Modern

Chelsea Modern
447 West 18th Street

12- story, 47-unit condominium designed by Audrey Matlock. Prices for available units range from $1.63 million for a 1,300- square foot two-bedroom to $3.57 million for a 1,887- square foot three bedroom. Occupancy is scheduled for early 2008

459 West 18th Street

11-story loft condominium designed by Della Valle Bernheimer Architects. Exterior is black and white. Part-time Doorman. Occupancy of the full floor residences and multi-floored penthouses is scheduled for spring 2008

Other new luxury condo developments currently for sale in West Chelsea include:

520 West Chelsea (520 West 19th St.)

200 Eleventh Avenue

245 Tenth Avenue

100 11th Avenue

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