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"
<-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.
<--Artist rendering
The High Line today at W. 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
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.
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
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.
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.
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.
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?
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 :-)
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.
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
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.
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)
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.
Agent Mitchell Hall: What a fantastic market report. Definitely enjoy working on Purchase deals coming out of Manhattan. Thanks for constructing a great blog.
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
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.
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.
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.
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.
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
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.
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.
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!
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
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.
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.
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...
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.
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