Penthouses in Chelsea Verizon building conversion to ask $10,000 per foot

The Real DealMarch 09, 2012
JDS Development’s conversion of the Verizon building in Chelsea will yield 53 condominium units priced between $3,000 and $10,000 per square foot, the New York Times reported.

As The Real Deal previously reported, the project is a joint venture between JDS Development and Property Markets Group and obtained equity from Barry Sternlicht’s Starwood Capital. It is set to hit the market in this spring under Core, which told The Real Deal yesterday that it selected Vickey Barron and Emily Beare to head the marketing effort.

The building, erected in 1929 at 210 West 18th Street, was one of several central offices for the telecommunications giant that housed copper wire for landlines that has been rendered obsolete by the proliferation of cell phones. Its transition to new ownership was complicated by state regulations regarding telecommunication properties and Verizon’s desire to maintain a small presence in the building. The company will maintain ownership of the second through seventh floors, which it will utilize for offices.

The rest of the 23-story, Ralph Walker-designed project, named Walker Tower after the architect, will house luxury condominiums. The renovation includes lengthening windows, adding new windows and shifting the exterior to allow for terraces with better views the final units will retain the building’s 12- to 15-foot-high ceilings, will include heated French-oak herringbone floors and will feature laundry rooms with side-by-side washing and drying machines. The average unit size will be 3,000 square feet, and the eight penthouses will be listed for as much as $10,000 per square foot. [NYT]