January 1st 2013
Luxury Listings NYC
While the newest stop on the No. 7 Subway line won’t be extended into the Hudson Yards footprint until 2014, the area is al- ready seeing a transformation into a de- sirable (and increasingly pricey) residen- tial neighborhood.
The 199-unit rental building Crystal Green, at 330 West 39th Street between Eighth and Ninth avenues, for example, has begun leasing with rents starting
at $3,000 for a studio, according to the New York Times. More changes are afoot. The popular railroad-turned-
park, the High Line, will run through part of the area when its third phase is completed.
And last month, the Related Companies broke ground at
the Hudson Yards’ first building, the 47-story South Tower. When completed, the massive 13 million-square-foot, mixed-use development will add 5,000 new units of housing
to the area as well as office space.
Chelsea residents are making the trek a couple of blocks
north to the neighborhood, seeking lower rents for new apartments, broker Clifford Finn told the Times.
“A lot of people like to think of it as North Chelsea, or NoChe,” Finn said.
In addition to moving into the number of new rental buildings rising, many newcomers are taking a fancy to the mixed-use loft buildings in the area. It’s also becom- ing more popular for hotel development as an alternative to pricier Midtown.
Rebecca Edwardson, Warburg Realty
Q: What is going on with residential prices in Chelsea?
A: Traditionally Chelsea commanded lower prices than in any part of the West or Central Village, but Walker Tower (a new condo development at 212 West 18th Street) has broken new ground with record prices at more than $3,000 per square foot, and the upper penthouses are getting more than $7,000 per square foot.