555 West 23rd Street

Won't work as an investment. Building consistently underperforms other new-ish construction in Chelsea. I think people consider the location 2nd rate. I don't, but will lower the rents u receive and the eventual re-sale price. Building is well-run. Also apart from the apartments on the top 2 floors, units seem to have a rental quality to them (no laundry, cheap appliances).

All of the units we saw in the building (not top two floors) did have laundry -- albeit a cheap old-fashioned one-piece stand-up washer/dryer. The finishes in the units are questionable, though. Hotel-style popcorn ceilings??? Really? Plus the basic "luna pearl" granite and off-the-shelf hotel-style bathroom fixtures.

The building itself seems nice, the layouts are good, and some of the units have nice views even on lower floors. Monthlies will be on the high side, post tax abatement, but you do seem to get a lot of amenities for them.

The hike to the subway will be an issue for some. Moving from 10th Ave. to 9th Ave. has made a world of difference for us in how much we use the subway versus giving in and taking a cab.

You might want to talk to my colleague Michael Walsh, as he owns and lives on that block.

I think in general the transformation of that strip over the past ten years has been amazing, and it should only get better as the second phase of the High Line opens.

I also like the amenities in 555 West 23rd; one thing to consider, though, is that you've got a lot of competiton for renters from the Tate, a stone's throw away and also a high-amenity building.

ali r.
DG Neary Realty