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West Chelsea’s New Identity

Agent Insight // Jul 15, 2014

High Line

West Chelsea is being transformed block-by-block along The High Line, experiencing an unprecedented amount of luxury new development activity, starting with the new Whitney Museum on Gansevoort Street, to its apex at Hudson Yards. New co-ops and rental projects such as London Terrace and the Fitzroy Townhouses also add to the sophisticated flare of this rapidly expanding nabe. While press stories continue to tout the latest in this frenzy, West Chelsea has also managed to retain the charm of its 19th-century charm, while providing some of the city’s best views, as far as the Empire State Building and beyond.

Its historic district of beautiful Federal and Italianate houses create a boundary between the more loft-like Central Chelsea and trendy West Chelsea. The neighborhood’s luxury developments, permitted into existence with the changing of zoning from commercial to residential use, came on the heels of the support for the High Line. Today, developments designed by luminaries such as Lord Norman Foster, Zaha Hadid and Thomas Juul-Hansen are raising the bar for residential activity in the area, further anchoring The High Line District’s platinum reputation.

Based on current market conditions, prices for new development 2-bedrooms priced below $2.5 million equate to an approximate median price of 2,100 per square-foot, with 3-bedrooms boasting figures of approximately $2,400 per square foot. For properties priced above $10 million, the median price is a staggering $3,700 per square-foot, an impressive testament to the growing demand for homes in the area. Lord Foster’s 551 West 21st Street stands out to me as the most bespoke development currently under construction, with its $50 million penthouse boasting incredible views and a private sky swimming pool.

If you believe you know The High Line District and West Chelsea, I invite you to visit it anew. The development of the Highline District and West Chelsea is both adding to and changing the neighborhood in ways never imagined just 10 years ago.