CHELSEA: Manhatan Neighborhood Real Estate Guide

By
Real Estate Agent with The Corcoran Group

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

 

 

To join my VIP Manhattan BuyerProfile System and receive new property listings by email click here.

©Mitchell Hall 2006-2011

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
New York New York County Manhattan Chelsea
Groups:
Urban Core - Returning to our Downtowns
I Love NY
Posts to Localism
LGBT Referrals
Local Expert
Tags:
neighborhood report
neighborhood guide
market report
manhattan
chelsea

Spam prevention
Show All Comments
Rainmaker
305,524
Brian Brady
San Diego VA Home Loans/858-777-9751 - San Diego, CA
VA Home Loans/San Diego

 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. 

Dec 29, 2006 12:03 AM #32
Rainer
23,467
joanne Douglas
Terrie O'Connor Realtors - Ridgewood, NJ
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!  
Dec 29, 2006 12:45 PM #33
Ambassador
551,324
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

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!

Dec 30, 2006 08:33 PM #34
Rainer
188,424
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA

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

laurie

Feb 27, 2007 03:00 PM #35
Rainer
111,189
Carole Cohen
Howard Hanna Cleveland City Office - Cleveland, OH
Realtor, ePRO
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
Feb 27, 2007 03:22 PM #36
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

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.

Feb 27, 2007 04:54 PM #37
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

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.

Feb 27, 2007 05:57 PM #38
Rainer
23,467
joanne Douglas
Terrie O'Connor Realtors - Ridgewood, NJ
Mitchell,

Great info.  

I might actually shift my looking from Flatiron to Chelsea.  

jo
Feb 27, 2007 09:06 PM #39
Ambassador
739,197
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
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...
Feb 27, 2007 09:33 PM #40
Rainer
111,189
Carole Cohen
Howard Hanna Cleveland City Office - Cleveland, OH
Realtor, ePRO
Mitchell from your mouth to god's ears lol  
Feb 27, 2007 10:42 PM #41
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

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.

Feb 28, 2007 08:04 AM #42
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

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

 

Feb 28, 2007 03:02 PM #43
Rainer
111,189
Carole Cohen
Howard Hanna Cleveland City Office - Cleveland, OH
Realtor, ePRO
omg that place is gorgeous
Feb 28, 2007 06:03 PM #44
Rainmaker
512,350
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC
That picture doesn't even do it justice. It is quite magnificent in person.
Feb 28, 2007 06:49 PM #45
Rainer
111,189
Carole Cohen
Howard Hanna Cleveland City Office - Cleveland, OH
Realtor, ePRO
Nice video :-)
Jul 04, 2007 11:29 AM #46
Rainer
188,424
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA

kewl :) like the video, nice addition.

 

Happy Independence Day 

Jul 04, 2007 01:39 PM #47
Anonymous
Anonymous
Anonymous
Does anyone know where I can find a great picture of the O'Neill Building?
Sep 24, 2007 03:30 PM #48
Anonymous
Anonymous
Anonymous
GAY
Oct 11, 2007 07:41 AM #49
Rainmaker
242,098
David Ames
Zephyr Real Estate, San Francisco - San Francisco, CA
San Francisco

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

Apr 22, 2011 12:54 PM #51
Anonymous
Anonymous
Marynaiev
web-based technology. For information on how your program can グッチ アウトレット reward for loyal customers. They may go on for two or three days, プラダ pradaアウトレット財布 quality control standards in the ethics of the fabric as much ナイキ エアマックス slightly different, the biggest one being the number of decks inside surface of the pumpkin, too. When it begins to wrinkle http://www.hzyhxx.com/Converse.asp smack on its side, the candle shouldnt move from its position. http://www.hzyhxx.com/Converse.asp gas offshore. Without a doubt, organizations which are producing ロレックス Tony: How long should families keep their homeschooling records? or for private transportation, made travelling more convenient グッチ バッグ So, if you plan on playing black jack you should learn to play シャネル バッグ experience for our end user. AMF Contributor: Is there a エアフォース jack-up analysis and design solutions, and if your organization
May 12, 2013 04:45 AM #52
Show All Comments
Rainmaker
512,350

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
How Can I Help You ?
*
*
*
Spam prevention

Additional Information