Go West: New York Times On Luxury Condo Boomlet In High Line-Adjacent West Chelsea

West Chelsea experiencing a rise in high line adjacent luxury apartmentsIf you have ever visited The High Line park in Chelsea, you have probably seen a few things. The tasteful plantings and unique aesthetic contours of The High Line itself, for one. The crowds of pretty young NYC things and happy tourists taking the Hudson River views and generally making the park that much more scenic, for another. And over and around it all is something every bit as dramatic, but much easier to miss -- there's West Chelsea itself, growing up and growing into itself and generally making New Yorkers forget that there was ever a time when the words "luxury condominium" and "Tenth Avenue" just plain didn't go together.It wasn't so very long ago that West Chelsea, which is now home to some of the most desirable luxury condo listings in Manhattan, was nothing like the lively scene that it is today. As Sarah Kershaw writes in the New York Times, a host of new construction luxury condo listings around the High Line -- and, in some cases, virtually on top of the High Line -- have remade West Chelsea into one of Manhattan's hottest 'hoods, even while the market sputters and stalls seemingly everywhere else. "All around, construction is buzzing and the landscape is filling up with new buildings and warehouse conversions, funky and sleek condominiums, hotels, galleries and public spaces designed by big-name architects like Frank Gehry, Jean Nouvel, Richard Meier and Annabelle Selldorf," Kershaw writes. "And other projects once trapped in limbo by the mortgage and construction financing crises are moving ahead. In the last four years, 27 residential projects have come on the market in West Chelsea, a submarket of Chelsea that runs from 14th to 30th Street, west of Ninth Avenue. A building boomlet that began a decade ago intensified after the rezoning for residential use of a 15-block area and the beginning phases of the High Line park." The High Line park itself is pretty great, and inarguably has a lot to do with the boom market in new Chelsea condominiums for sale. But as Kershaw notes, not all Chelsea condos near the High Line received a huge bump from their location -- she singles out the ultra-luxe 456 West 19th Street as a success story, which puts her in good company, but she notes that the (similarly very cool) High Line-adjacent condo +Art felt the effects of the downturn more severely before turning things around recently through a bunch of (discounted) apartment sales. That's pretty impressive in its own right, honestly. The High Line isn't magic -- it's a lovely park, but it doesn't somehow turn every High Line-adjacent new construction condominium into a success story. It does, however, give them a much better chance of success than other new construction NYC condos currently enjoy -- and of course The High Line also gives the Chelsea condos in question a much better view than they had just a few years ago. Which, in the end, is pretty magical in its own right.

NYC Daily Real Estate Blog

Comments