Manhattan Condos - New Developments - Conversions - Resales: CHELSEA: Manhatan Neighborhood Real Estate Guide

CHELSEA: Manhatan Neighborhood Real Estate Guide

Chelsea "HOT" real estate market - "COOL" Neighborhood

Chelsea is located between 34th Street and Greenwich Village on the West Side. Chelseais largely a residential area with a varied mix of high-and mid-rise buildings, brownstones and industrial lofts. The architecture in this area is unique. East of Ninth Avenue, the spacious and stylish loft warehouses give way to stunning landmark townhouses, prewar co-ops and new luxury high-rise buildings.

For many years Chelsea was the heart of the Garment and Flower districts until recently. Chelsea today is one of the city's hottest zip codes and coolest neighborhoods. It is now considered a fashionable place to live, it began in the early 1800's as a family farm, it became more commercial later that century with the arrival of an above ground railroad.

Chelsea Landmarks and History: Chelsea's origins date back to 1750 and the neighborhood has seen a lot of change since its days as farmland. Chelsea was the city's first theater district, and was a fashionable shopping district. The famous Barney's specialty store was located at 17th and Seventh Avenue for many years before moving uptown to Madison Avenue. Barney's annual warehouse sale still takes place every winter in Chelsea.

One of the most architecturally distinct pre-war buildings is London Terrace, a 1929 complex that runs the entire block from 23rd to 24th Streets between Ninth Avenue and Tenth Avenue. London Terrace includes a common garden, a pool, and 1,700 units in co-ops (known as the Towers) and rentals (known as the Gardens.) In 1930 London Terrace was the largest apartment complex in NYC and in the world located across the street from the fashionable townhouses and Fitzroy brownstones on "Millionaire's Row"

London Terrace Apartment

West 23rd Chelsea

 

West 23rd Street

 

 

 

 

 

 

Chelsea Hotel

1938 NYT ad for london terrace Chelsea Hotel (may become condos)

 

                                                1938 NYTimes AD for London Terrace ->

 

Chelsea today is a vibrant neighborhood with off Broadway theaters, new cutting edge art galleries, restaurants, bars and pulsating night clubs and discos. The famous landmark  Hotel Chelsea is where many famous artists, writers and musicians have stayed. 

There are many new luxury rental buildings along Sixth Avenue and many new condo developments have been built and are being developed on the far west portion of Chelsea between 10th and 11th Avenues.

Chelsea has also become a hub for media and creative people and high energy businesses. Google recently opened their New York Headquarters in Chelsea, along with numerous ad agencies and media companies and the new Frank Gehry designed glass building on the West Side Highway opposite the Chelsea Piers will be the headquarters for media, e-commerce mogul Barry Diller's Interactive Corp.

The development of Chelsea Piers and the water park has also provided a huge economic boom to the district. Chelsea Piers offers: ice-skating; rock climbing; equestrian endeavors; gymnastics, golf, two restaurants, a marine center, health club, bowling facilities, biking, roller blading and television studios

The High Line Apartments

West Chelsea from 10th Avenue to 11th Avenue, from 16th Street north to 30th Street, is booming with new condo developments that are transforming the once gritty Manhattan neighborhood into a fashionable destination. Most of the new developments will happen around the High Line. New condos with park views.

 The Caledonia

The Caledonia, a 26-story building, at 450 West 17th Street, at 10th Avenue, will have its own entrance to the planned High Line park from the second floor. Prices for the 190 apartments range from $700,000 to more than $4million. The Caledonia will be the first luxury condo with entrances directly to the High Line park.

Caledonia Advertisement

  

 

      2006 AD for

     The Caledonia---->

 

 

 

 

 

The High Line runs through three of Manhattans most dynamic neighborhoods, Hells Kitchen, West Chelsea and the Meat Packing District. Plans are underway to transform a 6.7acre span of former elevated train track running 22 blocks into an open park.

 

       Future High Line Park

 

 

    

 

The High Line at 10th Ave

 

Manhattan Neighborhood Real Estate Guides:

A blog series courtesy of: Mitchell Hall, The Corcoran Group

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Mitchell Hall (Licensed as Mitchell J Hall)

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Comment balloon 50 commentsMitchell J Hall • February 27 2007 02:01PM

Comments

Great market report, Mitchell...
Posted by Matt Heaton (Timu Corp - CEO, ActiveRain - Co-founder) about 10 years ago
Thanks Matt
Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Very nice presentation of Manhattan and the Manhattan real estate market.  I'm glad to see a building taking advantage of the High Line view.  I learned of the High Line watching "Jane's New York." Its great nature is allowed to flourish on NYC rail tracks.
Posted by Concetta Pepenella-Timmons, Associate Broker (Remax Metro Staten Island, New York) about 10 years ago
Love seeing these old buildings, Mitchell.  Great consumer content.
Posted by Maureen Francis & Dmitry Koublitsky, SKBK Sothebynulls - Metro Detroit (SKBK Sotheby's International Realty) about 10 years ago

Connie: Thank you. For years I used to walk by it and look down on it and it just looked like a dilapidated train tracks with wild weeds growing. The people in the neighborhood and merchants wanted it torn down. Because it was a former elevated railway Hillary Clinton got funds to make it into a park from the federal transportaion bill. There are going to be many condos built around it.

Maureen: Thanks Maureen, We have a lot of old buildings

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
This post blew me away. I know I am prejudiced, but this is truly the best consumer post I have ever seen. Did you take that photo at 10th Ave and 23rd? It's like a poster - you can ride horses in Chelsea? I can see why the prices are so high, so much happens there. Great job! Can I get a loan and move there? Glad to hear Hillary did something good for the neighborhood.
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago

Another enjoyable read!  Thanks for taking the time..........

Happy holidays :)

Posted by Jessica Hughes (Ambiance Staging) about 10 years ago
Oh Yea Carole.....Hillary has done a lot of good for the City, especially after 9/11.  She is always on Staten Island supporting some school or charity or park or cause.  And Bill Clinton turned Harlem around, his office is there and the neighborhood has been a hot development area since his move there.
Posted by Concetta Pepenella-Timmons, Associate Broker (Remax Metro Staten Island, New York) about 10 years ago
Carole, Thank you. I've been working on this one for a while.  I took the picture of the Townhouses on Millionaire's Row a couple of years ago when I had a listing in the yellow brownstone. A photographer took the 23rd at 10th. You can move to Jade Jagger's pods that is in Chelsea. I've never seen anyone other than policeman on horses in Chelsea. On the Upper West Side they ride horses in Central Park, there is the Claremont stables on west 89th street.
Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Connie everyone says that, that Hillary has really performed well for NY, she did her homework and has initiated funding and support for projects. I just finished a bio of Daniel Patrick Moynihan last month and it was fascinating reading in more detail how he helped turn the City around fiscally during his tenure. Good Legislators in New York, yes?
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago
Hi Mitchell, I saw that line about equestrian endeavors and was trying to figure that one out!  I would live in her pods lol. What is the time frame on the park (High Line)? Barry Diller and Google, not too shabby :-)
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago
Connie, You are right about Harlem. I was there yesterday with a buyer we walked from 140th Street to 125th St. There are so many new condos and Townhouses. Many of them are really nice. I'm thinking of moving up there.
Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago

Carole, you are right at the Chelsea Piers equestrian endeavors, I'll have to look for horseback riders. Moynihan was a great Senator, Hillary is filling his shoes pretty good. She has really helped upstate NY too. The park is supposed to be open in 2008

Jessica: Thanks Happy Holidays to you too.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago

Carole, Maybe they don't have equestrian endeavors. I've had that on my website and company website for a long time. I can't find it listed on their website now. Thank you for noticing that I should change it.

 Chelsea Piers. They have a beautiful ariel photo of Chelsea Piers and Chelsea.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Mitchell that is quite the website. Extreme bowling even looks fun (not that I'm a bowler but I could be talked into it lol)  The Lighthouse restaurant, the Studios and all the important films and shows done there. And yes, that exquisite aerial shot. I bet that is magnificent at night as well.  (If you check out the bowling link, they have animated dragons coming out from the pin holders....seems intriguing lol)
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago
I havn't gone bowling in years. Law and Order has their set at the Chelsea piers studios. It's incredible. It is the interior of a courthouse, much nicer than the real courts.  At least where i had jury duty.
Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
What a wonderful consumer blog...it should serve as a model for the rest of us!  A very enjoyable read.
Posted by Linda Davis (RE/MAX Home Team) about 10 years ago
Linda, Thank you so much. I'm encouraged to keep doing them.
Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago

Agent Mitchell Hall:  What a fantastic market report.  Definitely enjoy working on Purchase deals coming out of Manhattan.  Thanks for constructing a great blog.

Posted by Nima Rezvan, First Time Home Buyer Expert - CT FHA Loans - FHA 203k - CT Mortgage (Nima Rezvan Prospect Mortgage NMLS#110681) about 10 years ago
Very thorough report/summary!  Was just in the NYC area for the holidays...
Posted by Kaushik Sirkar (Call Realty, Inc.) about 10 years ago

Thos prices are high but it bears mentioning that Chelsea is a short hop,skip, and jump to McSorley's Ale House.  Mitch, I know  that NYC has literally transformed from the most dangerous city in America to the safest city in America in just 15 years.  

Bloomberg should be paying you for these posts; you're Jimmy Breslin with manners

Posted by Brian Brady, 858-777-9751 (San Diego VA Home Loans/858-777-9751) about 10 years ago
Mitchell, well done report. Makes me want to move to Chelsea!
Posted by Jeff Turner (RealSatisfied) about 10 years ago

Giuliani really turned the city around with his "Quality of Life" rules and putting a dent in the Mafia.

Mitchell, I would buy in Harlem as an investment hold for a few years then sell while its still affordable.  A lot of investors and builders from SI have told me they work and build in Harlem since Clinton moved there.  I would love to see photos of the town houses you mentioned.  

Posted by Concetta Pepenella-Timmons, Associate Broker (Remax Metro Staten Island, New York) about 10 years ago

Mitchell,

Thanks for the post. Chelsea is my favorite section of Manhattan...a true reflection of the city's melting pot status.

Posted by William Collins, Director of Property and Asset Management (ERA Queen City Realty) about 10 years ago

Great post, rather informative and I also liked the fact that you included the pictures of the architectual style you spoke about.  You really know yourmarket.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 10 years ago

Mitchell - Very thorough, informative post.  The $1,100+ per square foot price tag for residential real estate caught my eye!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) about 10 years ago
Fascinating area. I lived in Manhattan in the 80's and am glad a lot has been done since.We do get quite a few investors and part time snow birds from NYC to Fort Myers, Sanibel, Lee County and Collier County . The square footage also caught my eye.Besides Koch and Guiliani, the Clintons have certainly left their mark in NYC. Very informative. 
Posted by LLoyd Nichols, SW Florida Homes (Premier Florida Realty of SWFL) about 10 years ago

Wonderful  ! ! !  I love market reports.  It gives us an inside look at areas we might never visit.  If I were going to live in NY, I'd want to live in Chelsea.

Lenn

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) about 10 years ago

Nima, Thank you...Do you enjoy coops?

Kaushik, Hope you were here for the beautiful weather. It started pouring Christmas Day in the late afternoon

Brian, 15 years ago Chelsea was a rough neighborhood. My first listing there only 5 years ago, the seller had bars on her windows. Thanks for The Jimmy Breslin compliment. His wife used to be my city councilwoman Ronnie Eldrige. McSorley's is in the Village (my next report)

Jeff, Thanks, Let me know when you want to move to Chelsea :)

Connie, I'll send you some links to to websites for the Harlem townhouses. here is one of them Strivers North

Wlliam, It really is a melting pot

Jenifer, Thanks, I believe a picture is worth a thousand words

Tony, Thanks, Chelsea is not cheap. No bargains anymore

Llloyd, I moved to Manhattan in 1981. It has changed so much especially the west side

Lenn, Thank you. I love market reports too, I think I will do my next one about Greenwich Village

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Wonderful post!  I would love to see one on the Flatiron District and the Ladies Historic Mile.  That area is booming too!  My husband and I have a TV post production faciity on 5th Ave/21st street.  I'm sure there's a lot of history there that I don't know about.  
Posted by joanne Douglas (Terrie O'Connor Realtors) about 10 years ago

Thanks Joanne,

Flatiron and the Ladies Historic mile is also a great neighborhood with a great history too. OK I have my blogs cut out for me. What is the name of your TV post production facility? I was in Television before real estate. I worked at Channel 13 and The Hollywood Reporter.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago

 McSorley's is in the Village (my next report)

I await that report with eager anticipation.  My favorite pub in my favorite neighborhood of the Apple. 

Posted by Brian Brady, 858-777-9751 (San Diego VA Home Loans/858-777-9751) about 10 years ago
Mitchell,

Magnetic Post Production  we're at 149 Fifth.  (same building as Sound Lounge)  been around since 1990 which is pretty much unheard of in our business.  

We do a lot of work for JWT, PR agencies in the pharma industry, 800 Mattress since they were Dial-A-Mattress... lots of local car commercials, work for The HIstory Channel, Discovery, Warner Bros. MSNBC --- if you watch TV, you've seen our work!  
Posted by joanne Douglas (Terrie O'Connor Realtors) about 10 years ago

Pssst...It's us. Happy New To You...Sorry we think it sounds better without the Year. SVW.

Last year's words belong to last year's language and next year's words await another voice. And to make an end is to make a beginning. "T.S. Eliot"

From Broker Bryant and The Lovely Wife...Wishing You a Good New. ROAR!

Posted by "The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW. (President-Tutas Towne Realty, Inc.) about 10 years ago

Mitchell, Your local posts are a tribute to local marketing at it's finest.  This article is still "stellar" the second time around. 

laurie

Posted by Laurie Manny (Long Beach CA Real Estate) about 10 years ago
Yes Laurie this one was quite the wonderful post; it was fun to revisit it and pretend I was there - again! The Stock Market plunged today; this is why I say, buy a place in Chelsea, much more stable investment lol
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago

Hey Laurie & Carole,

Thank you. I just noticed this post featured. I was suprised considering I wrote a new one about Hells Kitchen last night. I should change the numbers from 3Q 06 to 4Q 06

Stock market plunging today should make real estate hot in the rest of the country by Spring. It is already Hot here.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago

I updated the market numbers to add 4th quarter 2006 sales. It is interesting to note that Chelsea median sales prices for co-ops and condos actually went down 26.4% from 4th Quarter 2005 to 4th Quarter 2006.

In 4Q-05 the median sale prices for co-ops and condos was $999,000 vs. 4Q-06 $735,000.

4Q-05 average sales price: $1,061,966 vs 4Q-06 prices: $992,465 ( -6.5%)

Now is such a great time to buy. The market has been heating up, but there is good inventory out there. The Caledonia is almost sold out, it is not scheduled until fall 2008. People are buying however
Real Estate is a long term investment it should be held minimum 3 to five years.

It's difficult to time the stock market or the real estate market. I also think these market median numbers have to be taken with a grain of salt.

A chelsea condo I sold in 2005 has gone up 15% the numbers reported are median so one multi million $ sale can distort the median sales prices. Median is just that, not all apartment sale prices go up or down in sync there are too many variables.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Mitchell,

Great info.  

I might actually shift my looking from Flatiron to Chelsea.  

jo
Posted by joanne Douglas (Terrie O'Connor Realtors) about 10 years ago
Mitchell.....  excellent post with some great information. You really do a great job marketing your local areas.  And it's actually interesting to read also...
Posted by Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) about 10 years ago
Mitchell from your mouth to god's ears lol  
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago

Joanne, Both neighborhoods are great and within blocks of each other. Have you seen the O'Neill Building on 6th Ave? The Ladies Mile Landmark department store is now spectacular condos.

Jeff, Thanks for stopping by I appreciate the comment.

Carole, I'm quoting Jim Cramer on "Mad Money" about the real estate market.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago

The O'Neill Building 655 Sixth Avenue - Flat Iron/Chelsea

 

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
omg that place is gorgeous
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) about 10 years ago
That picture doesn't even do it justice. It is quite magnificent in person.
Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) about 10 years ago
Nice video :-)
Posted by Carole Cohen, Realtor, ePRO (Howard Hanna Cleveland City Office) over 9 years ago

kewl :) like the video, nice addition.

 

Happy Independence Day 

Posted by Laurie Manny (Long Beach CA Real Estate) over 9 years ago
Does anyone know where I can find a great picture of the O'Neill Building?
Posted by Anonymous over 9 years ago
GAY
Posted by Anonymous over 9 years ago

You're right Mitchell...very well done!  Would you believe i haven't been to NY since 2000!!

Posted by David Ames, San Francisco (Zephyr Real Estate, San Francisco) almost 6 years ago

Participate