Chelsea Enclave

The neighborhood is fabulous.

Believe it or not, many buyers -- particularly in Chelsea -- are not breeders, so the whole school district thing is a non-issue.

...and it's a land lease project

Thank you so much for your advice!!! I am a mom of a 3 year old boy and I would like him to attend public school if possible. yes, it has many perks, the seminary garden, I know the hood because I work in the arts but given the price per sq foot, would you buy there? what do you think?

Some more reading for ya

chelsea enclave thread
http://www.streeteasy.com/nyc/talk/discussion/15893-chelsea-enclave-thoughts

and a land lease thread
http://www.streeteasy.com/nyc/talk/discussion/14976-land-lease-buildings

The land lease here is not much of an issue-the developer has paid all rent up front. Developer is one of best in NYC, so is contractor. Some of lay-outs are great-very gracious. Site is unique, amenities are great. Prices have already been reduced but it's not cheap. No reason it should be.

the apartments are gorgeous, some of the best ive ever seen, however it is a land lease, and the apartments are ridiculously pricy.

These are beautiful apartments with some of the best layouts and finishes I've seen! The prices are still too high given the location, the land lease issue, and the exposure of many of the units to the Avenue. At the right price though . . .

i have always thought the prices here were insane. i think the 2 beds would move a little faster if they got them closer to 1,5

jason, what do you think of the L line?

Why are the cc's so high?

Since this is a CondOp (Condo and Coop) The CC are equivalent to Maintenance in a co-op. There is no separate Tax Bill as it is included in the maintenance.

But isn't this a tax abated (421) development? So do they abate the taxes for the entire building and divide it per share?

flatironj we kind of liked the B line the most of what we saw. we glanced at the G but it was right on 9th ave. the L line would be nice for someone who could fit in it.

damn
177 Ninth Avenue #4L
03/12/2009 - Listed in StreetEasy, already in contract, by Corcoran at $2,275,000.
01/26/2010 - Sale recorded for $641,749.

now that's a steal or the asking price was just insane. take your pick.

probably a supers unit

i don't think the super is getting the west view of the close. But maybe they were involved in some other way...
2B closed between 24 percent off original ask and 19 off last ask. Good for them.
10/02/2008
Listed by Corcoran at $2,650,000.
04/30/2009
Price decreased by 6% to $2,490,000.
12/24/2009
Listing entered contract.
01/20/2010
Listing sold.
01/20/2010
Sale recorded for $2,025,000.

the ceiling height in the Penthouses are a joke!

Has anyone looked at the lease terms? Does the co-op have an option to renew the lease? I understand the building reverts to the seminary 97 years from now, which would make an apartment at Chelsea Enclave a depreciating asset.

From the NY Times: "Stuart M. Saft, a Manhattan co-op and condominium lawyer, says a few co-op buildings are built on land that the co-op leases rather than owns... The purchaser might be at great risk in buying the apartment unless the co-op corporation has an option to extend the ground lease or to purchase the land. If the corporation has no such option, the shareholders will revert to being rental tenants and will no longer have any equity in their apartments."

http://www.perryroth.com/blog/2009/02/avoid-land-lease-co-ops.htm

Does anyone know where Chelsea Enclaves residents' access to the park is?