555 West 23rd Street

bump

building seems sort of expensive no? It is a bit out of the way. What type of apt are you looking at?

Thanks for the response...looking at a 1BR, and at around $1200/sq ft, the prices are more or less in line with other buildings I've seen. Monthlies are low considering all of the amenities (concierge, gym, lounge, etc.). I am curious whether people think this is a good neighborhood in which to buy...yes, 2 avenues from the A/C/E and 3 from the 1, but good crosstown bus service, and lots of galleries around, near Chelsea Piers, etc. Does all of the new development in the area help property values or hurt because there will be much more supply in Chelsea? Thanks for your help!

I looked at a number of 2Brs in this building, but decided against it. I like the location near the river park, Highline and Chelsea Piers, but dislike the relatively long walk to subways. Most complaints about it are that it feels like a rental building (it was built as one), and the bedrooms and bathrooms are fairly small. For the same price/sf I preferred other more boutique developments.

The finishes are not very high end in the kitchen and bathroom (esp. the kitchen). Ahh poster above pins it down - it has the rental builder quality to the finishes. Ok that makes sense now.

To #5 -- do you mind me asking what other boutique developments you looked at with a similar price/sq ft?

I live in 555 and I love the area and the builinding It is very very nice! I didn't have the money yet to buy in a small buliding and pay over 1 million for one bedroom. Taxes are low! and maint. too!!! ANd amazing services!!!

My friend rents in this building. I like it very much as a rental but not to own. It's way too much of a mega complex with very generic layouts and low-end appliances.

Yes but you can't find an apt for less than 1 million with all this perks in this area!!!

#10 - yes you can get a 1 bedroom in a new development in chelsea for less than one million.

We looked at a 2 bed w/ terr on a higher floor where the appliances and finishes are a notch better. We felf that for the $ the LR was way too small to justify and ended up spending a bit more in a small condo development.

what is the range for studios? to buy and rent?

#11 not in a boutique building!

Studios are 575K and to rent over $2800

1 BRs in the building seem to be going around $800K (a little over $1200/sq ft). Considering the good location and current prices in other new developments, that doesn't seem bad. Will all of the expensive new developments in the area cause property value in 555 to increase or will values decrease because there will be much more supply?

i would think it would only make the values increase, as other similar apts in the area will be more expensive

I'd looked at the apartments a couple of months ago, and was sorely tempted. Prices are spot on where the market is right now (there are quite a few new developments in Chelsea pricing themselves too high, IMHO, but not this one) Especially with the Highline park coming up next year, half a block away, I'm pretty sure prices will increase for this neighborhood. In general, new construction on this block is likely to take the prices up further, especially considering that it won't be competing directly. On 23rd street, there's a super-expensive building coming up on 11th avenue (upwards of $2000 per sq foot), and a rental building on the 10th avenue side.

#17, if you don't mind me asking, where did you purchase instead?

On a somewhat unrelated note, I am looking at two units in this building. They are approx. the same size, however one has a W/D in the apartment and the other does not. The one without W/D has southern exposure and the one with has northern exposure. How much of a premium does a W/D command? (there is a laundry room in the basement of the building).

#18, I'm still looking, but that driven more by my hopes of a market slowdown than anything else (though NY seems to be consistently bucking the national trend). I can't speak for the price premium for a W/D, unfortunately

I'm not sure why you guys like this building. It is so huge that it takes like 10 minutes just to get to the front door from your apartment. The units are cheap and generic in their layouts and amenities. And the staff all wear these tacky 555 coats. It's a nice place to rent, a lame place to buy.

Disclaimer: I've never been to the building, but I've been researching it (along with several others) for more than a month now, and there are a ton of resources online.

It all comes down to how much things like what the previous poster has outlined make a difference to the purchaser.
- though the 10 minutes is obviously an exaggeration, it is a large development (over 300 units, covering the entire distance between 23rd and 24th streets. But then again, large developments keep common charges low, and they are about 10-15% lower here than comparables
- the photos and floor plans on the building website (555w23.com) seem pretty decent to me, but everytone should take a look and judge for themselves. And coming from a pre-war building, I've no idea when this level of amenities (lounge, courtyard, concierge service, gym) ever began to be called 'generic'. Only in New York, I guess.
- I haven't seen the 'tacky coats', but seriously, where would something like that figure in your $1MM purchase decision? The distance from the subway, for example, should matter far more. And keep in mind that it's a condo - your board representatives can always change these (relatively trivial) things very easily.
All in, it comes down to whether the price makes it a fair deal. Does it compensate for all the shortcomings that matter to you?
I would partially agree with #17 on the price points. The open listings are 15-25% less expensive than other Chelsea new developments such as the Caledonia (distinctly better amenities) and the Stratus (distinctly better location). I just picked these two because they are large, luxury constructions, similar to 555 W, but there are several others in Chelsea. And keep in mind that these are sponsor sales, where the transaction costs are 2-3% higher, as opposed to 555W where the listings are resales.
The (literally) million dollar question you have to make, of course, is whether a 15-25% lower price is worth it.

#19, I think the reason NYC is bucking the trend is due to its international attraction, not just local. Weak Dollar against the Euro says alot here. Just walking around the city this weekend i felt like there were more European Tourists then locals. Just by noticing the level of foreign tourists here alone vs. other years I think tells you alot about the affordability everything is here vs. in the past.

I really believe that the sinking dollar against world currencies is really helping to keep the NYC market afloat, coupled with the fact that this is such an international/global city vs the rest of the u.s. Maybe a handfull of other cities fit this but NYC takes the cake.

Disclaimer: I've never been to the building, but I've been researching it (along with several others) for more than a month now, and there are a ton of resources online.

It all comes down to how much things like what the previous poster has outlined make a difference to the purchaser.
- though the 10 minutes is obviously an exaggeration, it is a large development (over 300 units, covering the entire distance between 23rd and 24th streets. But then again, large developments keep common charges low, and they are about 10-15% lower here than comparables
- the photos and floor plans on the building website (555w23.com) seem pretty decent to me, but everytone should take a look and judge for themselves. And coming from a pre-war building, I've no idea when this level of amenities (lounge, courtyard, concierge service, gym) ever began to be called 'generic'. Only in New York, I guess.
- I haven't seen the 'tacky coats', but seriously, where would something like that figure in your $1MM purchase decision? The distance from the subway, for example, should matter far more. And keep in mind that it's a condo - your board representatives can always change these (relatively trivial) things very easily.
All in, it comes down to whether the price makes it a fair deal. Does it compensate for all the shortcomings that matter to you?
I would partially agree with #17 on the price points. The open listings are 15-25% less expensive than other Chelsea new developments such as the Caledonia (distinctly better amenities) and the Stratus (distinctly better location). I just picked these two because they are large, luxury constructions, similar to 555 W, but there are several others in Chelsea. And keep in mind that these are sponsor sales, where the transaction costs are 2-3% higher, as opposed to 555W where the listings are resales.
The (literally) million dollar question you have to make, of course, is whether a 15-25% lower price is worth it.

Yeah, I was obviously being cheeky with the coats comment. I guess my take is that these are too run-of-the-mill for the price. In some ways it reminds me of Irvine Place on Union Square. At that development, you are paying about $900k for hte most basic of condos... BUT, you are right on Union Square. At 555, you are paying a lot for standard-issue condos AND you are blocks away from the subway. If I'm going to be on the fringe of town, I would expect better living spaces. Compare the space w/other chelsea developments and you'll understand why they're cheaper.

#24 - glad you didn't take my post the wrong way. I just realized that it might have come across as too critical of your opinion. That obviously wasn't my intention.[I wasn't responsible for the duplicate post, though, and I'm not sure why that happened]

Any buildings you can recommend in Union Square? I haven't been looking that far south, but now I'm curious. I'm assuming Union Square won't have the tax abatement of Midtown or Chelsea west, though.

#24, I've heard this criticism before of some buildings, but I just don't get it: why is it so bad for apartment units to be "cookie cutter." Sure, it's cool if every apartment in the building is different, but you never even see other peoples' apartments, and if you like the layout of your unit (even if it's the same as the layout of everyone else's), isn't that what's important?

Crosstown bus stops right outside the building too, so that makes up a little bit for distance from the subway...

It is funny to revisit some of these older discussions.
What is the updated POV on this rental quality condo from 3 years ago?

24Adventure - you are spot on ! I think you can now get some really good buys in this building, as with many others. But, who knows, maybe it will be even more attractive six months from now ? Impossible to say.

What makes this condo worth the buy is that it will resell. This was built in 05 which buildings built before 06 and 07 are easier to resell. They are not over priced when they were sold back in 05. Now the the buildings built in 06 and up are having the hardest time to resell. Since there is no pool the CC is lower because of insurance and a staff to pay. When you live so close to the Chelsea piers you really don't need a fitness room in the building. Also the night clubs are still doing well in this area and restaurants are still doing ok along 10th ave and 9th ave. Celebs are still buying in this area too thats one of the things to make it so hot here.

Ipitsky, 555 has a gym. Also its a block away from the Highline. Also a block away from that new pier on the Hudson River Park. I don't think that building's location is as bad as people on this post make it out to be. I'd much rather be near the river park than some 6th Av subway any day.

A building right between two brand new city parks, in the middle of museum quality art galleries, surrounded by really good restaurants ... this is a great location. The building is also impeccably maintained by a great staff. We moved here in '06 and it was one of the best RE decisions we ever made. I'd say the comment about "rental quality" really is about some of the lower floor interior studios and doesn't take into account the diversity of the building's appts. Certainly the top floors have larger layouts (some floor-through) and views not available in a rental. The neighborhood is filled with artists and designers, and there is a nicely growing writers community. I have to second the comment on Chelsea Piers, it's hard to say that there is better temple to the pagan god of the body on this island, and this is the closest building to it. You only have to pass through the city's newest park to get there.(Don't stop at the Frying Pan for a cheeseburger!) And besides the 23rd street bus, don't forget that the 14th street bus stops on 18th street, just a short walk away. One thing I do miss is the street scape. Since our streets are wall-to-wall art galleries, there is no room for the mini-rental sized business spaces on say, Lexington Avenue. But we do have more coffee shops one block away than I had when I lived in The Village. Oh yea and 192 Books, a great book store, right next to our other Clement Clark Moore park, is a whole block away. The neighborhood is not for everyone. It is glamorous and glittering at night, aesthetic and contemplative during the day. It's popular over her so there is construction going on, still. If you don't like seeing buildings going up, look elsewhere. Families like it because of the things for kids, and lots of artsie folks work in the area, or make an easy commute to the core Greenwich Village academic institutions. Those guys back in '05 were pretty smart....

what about u-haul across the road. makes for great viewing. the building is too far west. they were lucky to build when they did because now it is a second thought to the others in the area.

I live in this building and not only I, but friends and colleagues who come to visit adore the building!
In NYC silence is a luxury. As there are two towers that face a very large courtyard, there is no street noise in 50% of the building. And I mean zilch. 24th st is also a quiet street. So if you like to sleep with the windows open-you're in luck.
The building has a hotel feeling to it that is impressive. It is planned well. Spacious and modern. Glass walled gardens upon entering, an oversized residents lounge for parties etc, with plasma tvs and a working fireplace. The courtyard outside is huge and great for entertaining.
The actual apartments are small but relative to Manhattan. The layout is good with open plan kitchens and oversized marble counter top/breakfast bar (if you like to cook- its great)....the closets doors look cheap but I replaced mine with custom.
I think for the price you would be buying something that looks pretty nice comparative to what's out there.
The subway is a whopping 3 blocks....c'mon New Yorkers...the walk is good for you
Good Luck!

Jut looked at this building - units seemed competitively priced considering the area. Was wondering about the tax abatement - how long does it last? How will it be phased out? What % are the expected taxes expected to go up? Is there anything else around that compares in value?

cheapest building in West Chelsea. I'd guess the tax abatement runs out in 2016 given closings started in 2006, but don't quote me.

dtsnob, when you say "cheapest", do you mean cheesiest, or do you mean least expensive?

Building is a decent location - not in the heart of things but walking distance to a lot of good things. My issue when I looked at it a few years ago is that the finishes and layouts made the building feel like a mid-tier rental property not a condo. In fact, I think I read a few years back this building was designed as a rental building but when the market was hot, the developer changed his mind and decided to sell them as condos.

Isle of Lucy, I meant least expensive. 555 quality is no worse than other garden-variety, generic new construction apartments.

I agree with downtown1234. The building itself is much nicer than the units inside it. Great location, great building, sterile apartments with rental-grade finishes. Feels like you're living at a corporate Marriott, in my opinion.

We looked at both sales and rentals throughout Chelsea, and the finishes in this building are definitely toward the bottom end of the spectrum for a new development in Chelsea (even rentals). Hotel-style popcorn ceilings (why?!?), the cheapest gray granite, lower-grade stainless appliances, very standard bathroom tiles. Even as a rental, the finishes would be a B-. For a condo, it's a C or C-.

There's value for the right buyer, though. So many of the newer construction buildings are charging what I'd consider insane premiums for their fancy kitchens and bathrooms.

Generic, indeed, is the word. Is it just me, or do all those new condos look exactly alike, with the same finishes and same layout? Maybe I've been spoiled by looking at mostly pre-war co-ops all these years. Then when I inspect a "new Manhattan condo", I get a tepid waft of boring ho-hum been-there-done-that vanilla.

Should "cheap" finishes be a huge turnoff in a newer building? These apartments seeem to be holding up fairly well (floors, doors, windows, etc.) except for the cabinetry. As a percentage of purchase price, cabinets / countertop for a small kitchen and a small vanity for the bath do not add up to much.

Not sure why more buyers there don't hire a designer and upgrade the kitchen & baths? Surely buyers have lots of $ left over due to the low selling prices these.

yes, brilliant snot.

ooops, meant slob.

lol, sorry again

snob

Taxes are currently low, assume this is an abatement. Anyone know the phase out date of any abatements? How will they be pahased out - amounts over what time period. Thanks.

I lived in one of the 2br penthouses... this building was amazing.... and not sure why people think SUBZERO fridges and Viking Stoves are "rental quality"... maybe the lower floors because they have GE appliances....

I didn't LOVE my bathrooms, although they were ok nice... but I gutted mine and put fancy shmancy everything including TV in the bathtubs...

Bottom line... if you can't afford the luxury you want, then stop complaining! It's NYC and prices are high. Live somewhere else if you don't like what you have to pay in order to live here.

THe location you can't beat... why would you want to live close to a smelly subway with all that congestion.... walk a few blocks, it'll do you some good! Walking never hurt anyone...

Funny... if you told ANYONE outside of new york that you're complaining about walking 3 blocks to a subway they would laugh in your face.... they have to DRIVE everywhere!

Hi, does anyone have information on the two 2 bedrooms which will be on the market soon? My broker told me that one of the developers will sell two 2 bedroom apartments he is currently renting, but he could not bring me any info on floor and price. I appreciate any insights.