Chelsea Modern - First Thoughts

Chelsea Modern has just opened their sales office to the public. The building is located at 447 West 18th Street and is scheduled for completion in spring of 2008 (plan for late summer 2008 just to be safe!). The building is 12 stories with 47 units - 3 have sold and 3 are in contract, so buyers getting in now are still getting in on the ground floor. The building will have a unique, gorgeous facade of undulating glass windows, combining art and sculpture. The windows are also functional - they open horizontally, allowing airflow on all sides. The building is eligible for a 421a tax abatement.

There are only 5 apts per floor on the lower floors and only 2 apartments per floor on the higher floors. What I loved about the apartments is that they have scrimped on NOTHING. As you may have noticed from my post earlier this week, many developers seem to be cutting out details in order to save on construction costs, but Chelsea Modern has spared no expense.

The kitchens have SubZero, Viking, and Miele appliances rolling wine cabinets and a recycling center integrated into the cabinetry. There are double sinks in the baths - even in the one bedrooms, shower stalls and soaking tubs (next to a huge window... Great for exhibitionists!).

They also have towel bars and toilet paper holders, fog-free mirrors, huge vanities with more than enough storage space for a couple, and there is a built-in alcove in the shower for shampoo bottles. There is a washer/dryer in each residence (not just a hook-up for one!).

These finer details are not as expensive you might think.

872 - 915 sq foot one bedrooms (only 7!) range from $1M to $1.2M (approx. $1,150 a sq ft, which is not bad at all for new construction)

Two bedrooms of approximately 1300 sq feet start at $1.6M ($1,230 / sq ft)

Two bed, 2.5 bath units of approximately 1,400 sq ft start at approx $1.9M ($1,350 / sq ft).
Eight penthouse three bed, three baths with triple exposures for around $3.5M for 1887 - 1,979 sq ft (these come at a premium! Approx $1,850/sq ft! YOWZERS !). But many have balconies, private terraces, and roof decks (not sure you really need all this outdoor space considering the Highline is going to be down the block, but if you love to entertain, this building is for you!)

The ground floor has one bedroom, two bath duplexes (perfect for an art-collector) with 240 sq foot gardens (approx $2.225M)

The developer tried to keep common charges down by keeping what I would consider near useless amenities out of the picture. No dog runs, pet spas, putting greens, co-ed jacuzzis, or the like. There's a doorman, fitness center with steam room, outdoor lounge garden and lawn with reflecting pool, fountain, and rock garden, and a landscaped roof deck lounge, bike room, cold storage (it is just east of 10th avenue, so buyers will probably be in need of Fresh Direct), package room and storage space (for purchase).

Overall, I give this new development two thumbs up for quality, but I just don't love the location. There are sooo many new developments in Chelsea (555 W 23rd, Onyx Chelsea, Chelsea Stratus, Chelsea House, Sky House Condos, 520 West Chelsea, Loft 25, and probably another 5 that I'm forgetting to mention) that I wonder how these units are all going to sell!

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