Investing in Chelsea
Posted by Wei Min Tan on November 17, 2020
Chelsea is among the Manhattan, New York neighborhoods with the most entertainment, art galleries, dining and nightlife. This beloved neighborhood is situated on the west side of Manhattan, between 14th and 23rd Streets from south to north, and between 6th and 12th Avenues from east to west.
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Art Galleries and High Line
West Chelsea, between 10th and 12th Avenues, is one of New York’s best locations to discover art. David Zwirner, Gagosian and Marianne Boesky are among the more popular galleries in Chelsea.
The High Line is an old unused elevated railroad track that was converted into a public park. Currently, it’s one of the most visited spots in Manhattan with 8 million visitors annually. The park extends from Gansevoort Street by the Standard Hotel to 34th Street in Hudson Yards.
Chelsea Piers
Chelsea Piers is a 28-acre waterfront sports complex located along the scenic Hudson River. There is a golfing range (turf, not grass), gymnastics facility, fitness center, skateboarding rink, pool, restaurant and a lot more. It is situated between Piers 59 and 61, and is the largest multi-sport complex in Manhattan.
Real Estate – condos between 6th and 10th Aves
In the prior 2007 to 2012 new development wave, new condos and conversions were built between 6th Avenue and 10th Avenue. Some of the most desirable condos in this earlier development wave include Walker Tower which was a conversion of a prewar Ralph Walker-designed building. The building was originally built in 1929 before height limits were imposed in Chelsea. Walker Tower currently asks $5,000 per sqft and is one of Manhattan’s prestigious addresses.
Merely one block east of Walker Tower is Yves, an all-glass sleek building also on 18th Street. 133 W 22 St is another highly desirable and centrally located Chelsea condo.
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Condos west of 10th Avenue along the High Line
The newest developments are west of 10th Avenue and along the High Line. 505 West 19th Street has two buildings built on either side of the High Line and designed by Thomas Juul-Hansen. I remember visiting the sales office when it first opened and subsequently recommending my Indonesian client invest in the property. 505 W 19 St has proven to be a major success along the art gallery-filled West Chelsea area.
500 West 21st Street, designed by Kohn Pedersen Fox, is another highly successful development along the High Line with almost no inventory. Current for sale listings are asking $2,500 per sqft and rentals are asking almost $100 per sqft.
There are some super expensive condos on 28th and 29th Streets, like 520 W 28 St by Zaha Hadid and Soori High Line at 522 W 29 St. These are sometimes positioned as West Chelsea and sometimes as Hudson Yards depending on which brand happens to be stronger. Personally I feel they are overpriced and on narrow streets.
The Upsides and Downsides
Like almost all Manhattan neighborhoods, it’s a matter of personal preference. Old Chelsea (between 6th and 10th) is more centrally located. The condos are low rises with living room facing the street and bedrooms facing the back. Not much view in the bedrooms.
In West Chelsea, art galleries are in abundance. If art is your thing, living in West Chelsea is like Disneyland for an art lover. West Chelsea is also next to the Hudson River Park, so going for a run or going to Chelsea Piers is very convenient. It is further from the subway station though.
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We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
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3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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