Wednesday, November 13, 2013

The High Line Continues to Sprout Luxury Condos

Thanks to Manhattan’s red-hot real estate market, developers and architects continue to announce new condominium projects which have changed the West Chelsea neighborhood as dramatically as the High Line’s own transformation. These buildings are clearly intended for the privileged few, with average asking prices ranging between $3.75 million and $9 million and include such features as private, in-apartment pools.

Let’s take a closer look at two new luxury projects which are which are slated to begin construction along Tenth Avenue next year.

Casa Moderne High Line Condominiums

Casa Moderne is a new condominium project by Black House Development currently in preconstruction at 534 West 29th Street in West Chelsea.

The all-residential property, located between 10th and 11th avenues, will have only six apartments spread across ten floors, a mix of customizable duplexes and triplexes, ranging in size from 1,500 to 3,000 square feet.

Many of the units will have outdoor space including terraces and gardens, while the penthouse unit will have a roof deck with a pool.

The developer is shooting for a High Line double play with the renamed luxury condominium development —formerly known as Casa Bella Artes – overlooking the elevated Chelsea park.

Casa Moderne is the firm’s second development on the street, following Soori High Line, an 11-story condo at 522 West 29th Street slated for completion in early 2016.

Blackhouse plans to break ground on both projects in January 2014.

Developer Plans Luxury Condo at Getty Station 

Shvo Realty & Development plans to build a high-end art-themed luxury condominium project at 239 Tenth Avenue in Chelsea.

The 12 story luxury building, which borders the High Line, will contain 12 to 15 units and 8,000 square-feet of retail space.

Michael Shvo, and partner Victor Homes, plans to break ground on the building early next year, in time for an opening in the fall of 2015. Apartments will range from two-bedrooms to four-bedrooms.

The target buyers are art collectors. And it's a building that's going to be designed specifically for people who are art collectors.

The property will include systems for getting art in the building, custom climate controls and window systems, as well as high-end security features.

The building will include high end boutiques located in 4,000 square feet at the base and 4,000 square feet below grade.

In line with the art theme, the construction site – formerly a Getty gas station – has doubled as an art exhibit made up of late French artist François-Xavier Lalanne’s concrete sculptures of sheep. This will be the first of several art shows set to occur at the site as construction goes along.

The gas-station sale set a record price per square foot for a development site in Chelsea. It was listed for $18.95 million, but sold for far more, $23.5 million. Negotiations are presently under way to purchase additional air rights.

Though the developers paid a record price of $800 per buildable square foot for the parcel, Mr. Shvo dismissed concerns that his target buyers would scoff at the presumably sky-high prices for the future homes.

“It’s not about the dollar per square foot,” he said. “When you go buy a hand bag at Hermès, you’re not calculating how much you’re paying for every inch of your bag.”

Shvo plans to begin building early next year and will soon announce an architect for the project.

The developer is also planning two more projects in Midtown and a 300,000-square-foot Soho development in partnership with Keystone Group.

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