Chelsea Condo Projects Jump Dramatically
New York City has seen a marked increase in the number of condos that are on the market. Many industry experts agree that because of the lack of new construction during the economic downturn, there is now a great demand for condos, especially for luxury units.
The latest condo craze is fueled in part by the recent success of One57, a 90 story glass tower condo development. After six months on the market, 50 percent of the units were sold for a record $1 billion in sales. In addition, one of the project’s penthouses had sold for somewhere between $90 and $100 million – a new high for New York City.
The median listing price for condos in New York is one the rise, too. It grew by 10 percent in May to $1.49 million, as compared to the same time last year. And because of the high demand due to inventory shortage, that number is expected to rise. Particularly appealing neighborhoods, such as Chelsea, are seeing the greatest number of projects.
Here’s a peak at some of the condo developments that have been happening in Chelsea:
This 29 unit, 16 story doorman building at 124 West 23rd Street will relaunch sales in September, after building was temporarily halted for the summer. Units here range in price from $650,000 up to $4 million. Over 45 percent of the units have already been sold.
Located at 151 West 21st Street, this 14 story condo building contains 51 units. The average price per square foot is $1,396, and 50 percent of the units have already been sold. Construction is scheduled to be completed by 2013, with occupancy scheduled for the fall of that year. The building contains one, two and three bedroom apartments as well as a four bedroom luxury penthouse with a private roof terrace.
This building touts its use of green technology, including the installation of energy efficient dishwashers and water conserving faucets in all the units.
Situated at 422 West 20th Street, this 36 unit building has been selling like hotcakes. Only six units remain in what used to be a dormitory for married General Theological Seminary students. Occupancy is scheduled for the end of summer.
This development contains one, two, and three bedroom units ranging in price from $640,000 to $2.1 million, making it more affordable than many other buildings in the neighborhood.
This former Verizon building at 212 West 18th Street was designed in 1929 by architect Ralph Walker. It now houses 50 condo units with prices between $3,000 and $10,000 per square foot. The condos range in size from 1,350 to 6,500 square feet. Verizon will continue to retain ownership of floors 2 through 7, which will be used primarily as office space.
This luxury condo development is located at 345 West 14th Street on the site of the failed hotel opened by rapper Jay-Z and hotelier Andre Balazs. This building is currently under construction and units are scheduled to come on the market by the first quarter of 2013.
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