Rezoned 29th Street In Chelsea Is Now Enjoying Construction Frenzy
Caught in the perfect storm of westerly neighborhoods, Manhattan’s 29th Street is booming all over the place.
Soon more New Yorkers may be throwing up a “W” and yelling “Wessiiide”. But the West Side they’ll be claiming won’t be the one with palm trees, low-riders and daisy dukes. Instead, it’s the far westerly stretches of lower Manhattan they’ll be pledging allegiance to. A zoning reworking is allowing residential development to sprout on 29th St between 10th and 11th Avenues. And sprout it has.
When it comes to investment, it’s as if Wall Street has opened up its bowels and spewed out cash in a projectile fashion. According to recent reports, over $27 billion of capital has been invested in the Hudson Yards neighborhood, including the actual 28 acre, seven full city block development. It also includes major projects like the transformation of Madison Square Garden (estimated $1 billion), the extension of the Number 7 Subway line expansion (estimated $2.4 million) and the High Line (estimated cost $240 million).
Former NYC Mayor, Bloomberg is to thank for the construction frenzy. He foresaw the need Hudson Yards would create for housing and rezoned the area from 16th to West 30th Street, between 10th and 11th Avenues. Turns out that 29th street sits in the perfect storm between the seismic, shimmering Hudson Yards and the bustling High Line and West Chelsea neighborhoods. CityRealty revealed that there are nine different residential projects either recently completed or under construction that will change the face and make up of the neighborhood.
507 West Chelsea, Maestro
One developer (Lalezarian Properties), three buildings and 375 apartments that cut straight through the center of the High Line.
There was a lottery to offer the 75 affordable units in the buildings, which ranged from $596/month studios to $979/month two-bedrooms.
West Chelsea’s rezoning requires almost 30% of all new housing in the district to be affordable.
505 West 29th Street, The Abington House
Completed in 2014, the Abington House is a 33-story rental property built by Related Companies. The Abington House comes with biophilic-inspired interiors (connection with living, as in “organic” systems) by designer Clodagh.
With more curves than Spring Break in Fort Lauderdale, the shimmering 515 Highline adds a touch of glam to the Hudson. 515 High Line is a rehab and an addition to a preexisting industrial building. This is the only building that is framed on two sides by the High Line park.
It features 12 units with approximately 32,000 square feet of residential space and 4,600 square feet of commercial. Individual outdoor spaces are included in each apartment—and with their own fire pit. Private elevators open directly into the residence (Giving your friends an elevator pass while you parade around upstairs in your skivvies is not a good idea – Ed.). In addition, the building has a separate chef’s kitchen “which provides caterers a full facility in which to prepare culinary delights for gatherings such as dinner parties or philanthropic events.” If you have no philanthropic events scheduled, it’s a great spare kitchen for the mother-in-law.
517-523 West 29th Street
Six is, apparently, the magic number. Developer Six Sigma purchased the six-story Tuck-It-Away Self-Storage warehouse at 517-523 West 29th Street and plans to replace it with a luxury residential building. The 55,000-square-foot warehouse is zoned for up to 74,000 buildable square feet and will contain 61 residential units.
550 West 29th Street
12-stories, 32 apartments 550 West 29th and 5,000-square-foot commercial space. The mix will also include two duplexes and some floor-through apartments. Cary Tamarkin recently finished another condominium building at 508 West 24th, also on the High Line.
AVA High Line – Avalon Chelsea
Two buildings—mostly on West 28th but wrapping around to West 29th—the AVA High Line is a rental building that was completed in 2014. It has studio to two-bedroom apartments that start at $3,255
The Soori High Line
Japanese elegance and modernity. The Soori High Line will feature 27 ultra-luxury apartments with private interior pools, a Japanese restaurant, a lobby bar and views of the High Line and Hudson River. The penthouse was recently listed for $22.5M. Ouch!
539 West 29th Street
539 West 29th Street is a 100% affordable housing residence being built by Related Companies (developer of Hudson Yards). According to a Wall Street Journal article, the 139 units will be made available to artists, seniors and low-income community members. Alright now!
606 West 30th Street
Oh, to be able to spend $36 million on a hunch. Located between 29th and 30th Streets, and 11th and 12th avenues, Lalezarian Properties paid close to $1,200 per square foot for 606 West 30th in the hopes that the block will be rezoned soon. Currently, the Far West block only allows for an approximately 30,000-square-foot building to be constructed on its site. But if Lalezarian’s crystal ball is correct, the Far West Side will follow suit and prime sites will be harder to come by.
And that’s how they roll.
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