Articles on Chelsea Condos

Back In Action: 15 Renwick's "New"-New Facelift

New Renwick Street Rendering

 

It’s been a long several years for 15 Renwick Street. The former brownstone located on the seemingly quiet street of Renwick was demolished back in 2008. The demolition was set to make way for a new luxury condominium, compliments of Ismael Leyva Architects with Douglas Elliman at the helm. Yet, the 70,000-square foot development site (located in the western portion of the Soho neighborhood) has been sitting undone since 2009, and now has renderings out flaunting a new facade.

Hudson Yards Finally Breaks Ground

What the Hudson Yards is supposedly going to look like once completed.Related Companies and Oxford Property Group broke ground yesterday at Hudson Yards, their Far West Side development. 6 years of planning has led to this, and it may be Mayor Bloomberg’s greatest legacy in the final moments of his third term. The public/private development is set to rise on 26 acres over the next 12 years beginning with the Hudson Yards South Tower. The South Tower will be the 47-story home of the luxury retailer Coach, located at the northeast corner of Tenth avenue and 30th Street. The South Tower will also include 740,000 square feet owned by Coach to be used as a commercial condominium.

Affordable Housing on the Edge of Hudson Yards Development

The massive Hudson Yards project will include a large affordable housing programMere weeks away from breaking ground on the first building of the massive Hudson Yards development, the company in charge, Related Cos., has lined up financing for a new residential project right across the street. New York State’s Public Authority Control Board has authorized up to $54 million in tax exempt bonds for the 139-unit tower at 529 W 29th Street. The project is only eligible for these tax-exempt bonds due to the fact that Related is planning to sell some of the apartments to residents in the low to moderate income bracket at affordable rates.

The $90 Million Condo Age Emerges

A recent penthouse sale has topped $90 million in ManhattanCondo prices have been absolutely shooting through the roof in 2012. Recent notable sales include a $88 million penthouse at 15 Central Park West and a $90 million penthouse at One57 in Midtown. Brokers and experts are now rather confident that these immense sales have signalled a new trend of eagerness and activity in the market. Soon, Manhattan residents can expect to see sales of luxury condos easily soar to new heights in the $90 million range. The luxury property owner can rejoice as the age of the $90 million apartments may soon arrive in full.

Understated Luxury Abounds at Chelsea's Citizen

It seems as though the buyers of Manhattan’s real estate market are leaving flashy, over-designed apartments behind, as many are beginning to seek residences that embody subtle elegance. The Citizen, a 29-unit building located at the nexus of Chelsea and the Flatiron District, is a great example of this shift in taste. The newly constructed building, which sits at 124 West 23rd Street between 6th and 7th avenues and stands 16 stories tall, is a place where environmental sustainability and contemporary design are seamlessly combined. Hitting the market within the last month, the Citizen steers clear of the excesses of other luxury condominiums, providing apartment buyers in Manhattan with a space where less really is more.

Gay Marriage: A Manhattan Real Estate Blessing in Disguise?

Rainbow over Manhattan skylineIn June of this year, the New York State Legislature legalized gay marriage, ending a decades-long fight over marriage equality and making New York the sixth state to have gender-neutral marriage (we’ll avoid dealing with the California situation for now). In terms of real estate, this is actually an interesting and promising development, especially when considering the long history that this small, yet powerful, demographic has had in terms of development, gentrification, and neighborhood revitalization. Further, the fact that same-sex marriage is now legal in America’s largest city means that many couples will move to New York, in most cases Manhattan, bringing with them significant disposable income and a need for luxury housing on this already heavily-populated island.

If You Build It, They Might Come

Manhattan neighborhood and district zoning mapWe talk a lot about New Construction in Manhattan on this blog, mostly because it’s our name, but also because we find it interesting to research certain areas that are growing or have interesting developments under construction or in the works. Yet for all of that, none of New Construction Manhattan’s posts have ever actually compared neighborhood growth, whether it be a comparing specific areas or comparing one neighborhood against Manhattan as a whole. With new and updated mapping and data collection techniques, the 2010 Census was able to accurately depict a number of important statistics, including housing unit growth and vacancy as well as overall population growth.

Unfortunately, the Census didn’t exactly get a warm and welcome response. City officials, including the Mayor, a number of City Councilmembers, and some borough presidents derided what was seen as a vast undercount. Luckily, the areas in which they saw these errors are not in Manhattan, so the following numbers should be pretty accurate, and in any case, they seem to confirm what we’ve been predicting all along.

Street Cred Needed: SoHo Condo Residents Chafe Under Artist Rules

The neighborhood of SoHo, or South of Houston Street, is known as one of the most popular -- and one of the priciest -- neighborhoods in Manhattan, alongside the trendy high-rise condos of Chelsea, the stalwart and pre-war Upper East Side, and raucous Greenwich Village. Back in the day SoHo was a haven of artists looking for low rents in the manufacturing district’s industrial work spaces. But now this NYC neighborhood is known less for its poor artists and more as a growing district of affluent families, lush boutiques and converted condo listings. With the demand for SoHo residences at a peak and many artists fleeing to cheaper pastures, some SoHo dwellers are crying foul about an old law that requires residential lofts to be set aside strictly for certified artists. SoHo residents say the law is -- wait for it -- certifiably nuts.

Slow, Steady, But Real: Wall Street Journal Examines The Ongoing NYC Condo Market Recovery

Slow and steady in the NYC real estate raceWait, we're still talking about this summer's market for Manhattan apartments? NYC condominium sales in August? You're sure? Strangely, but inarguably, the answer is yes -- unlike with rental statistics, the indicators on the market for Manhattan apartments are a bit longer in gestation, and... well, yes, this is going to be a blog post about a recent report on the NYC condominium market for August, but it's also a post about the most recent statistics we have on apartments for sale in Manhattan. Real estate is funny that way. And what is in this report? Good news, less-good news, and more proof that -- slowly, steadily and undeniably -- the Manhattan condo market is returning to health. So, then. Cast your mind back to this summer -- it was warmer, the Mets were still bumming everybody out, and the expiration of the first-time home-buyer tax credit sent apartment sales cratering in July, to the tune of a 34% decline in sales. Which everyone expected -- the first-time home-buyer tax credit had just expired, if you're just joining us -- but which was also the biggest decline since Radar Logic began tracking these stats in 2000. This means that it would have been just about impossible not to see some sort of improvement in August -- and there was some improvement in August. As it turned out, it was the kind that those searching for NYC condos would most want to see -- one in which prices increased marginally, while sales increased at a faster rate.

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.