Chelsea "HOT" real estate market - "COOL" Neighborhood
Chelsea is located between 34th Street and Greenwich Village on the West Side. Chelsea is 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"
West. 23rd St.
1938 New York Times 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, 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.
< The Caledonia
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.
<- line high park future the>
The High Line today at West 23rd and 10th Ave ->
Chelsea By The Numbers:
Zip Code: 10011
Population: 47,197
Median Age: 39
Average Household Income: $111,949
3rd Quarter 2006 Sales:
Median Sale price for all Chelsea apartments $736,718
Median price per square foot $1,114
Median price for Chelsea loft $1,647,237
Median price per square foot for loft $1127.
4th Quarter 2006 Sales: (updated 2/27/06 source:Miller Samuel)
Median Sale price for all Chelsea apartments $735,000
Median price per square foot $1,106
Median price for Chelsea loft $1,842,500
Median price per square foot for loft $1,178
Manhattan Neighborhood Real Estate Market Reports:
A blog series by Mitchell Hall
Harlem
Morningside Heights
Upper West Side
Chelsea
Clinton / Hells Kitchen
Greenwich Village
SoHo
Tribeca
Battery Park City
Manhattan real estate in history/ today
A blog series by Mitchell Hall
Landmark Living
Starchitect Skyline 19th - 21st Century Homes
The Castle 455 Central Park West
The Ansonia
The Dakota
50 West 86th
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Great market report, Mitchell...