west chelsea Highline Boost

The starchitecture stuff is already fully-priced (i.e. overpriced), but I wouldn't be surprised if some of the townhouses and London Terrace stuff start to creep up towards premium West Village pricing.

Well, I walked Phase II of the Highline yesterday. And, I predict a run on window treatments at Home Depot. People's windows are literally arm's length from the park.

Yeah- I had to leave that Equinox last year because the tourists on the first section of the high line would stop and stare right into our yoga studio and take pictures. Not exactly the greatest environment to meditate in.

London Terrace is already highly priced (over-priced if you were to ask me), with high maintenance. i don't think the market will tolerate much more being tacked on to those units. But the area is unquestionably benefiting enormously from the Highline. When you think of Manhattan in the last 25 years, it is interesting that neighborhoods only seem to improve, not deteriorate in modern times. Back in the 1970's, there were just awful spots all over the place and plenty of 'hoods that went from once vibrant to deadly, barren, or bleak (e.g., lower east side, Union Sq, Hell's Kitchen, 6th Ave in Chelsea, Flat Iron, SoHo, East Village). The very idea that a neighborhood that is vibrant in Manh today could become a desolate crime-ridden wasteland is anathema in the minds of most today.

"But the area is unquestionably benefiting enormously from the Highline."

How?

I think things are bustling with new excitement, the area is reenergized.
I think the prices will be akin to west vllage prices, you wait and see. London Terrace is unique; many people want to live there and only there. Old world in new world with a great pool and roof deck. Very well run. You get what you pay for.
yesterday on the highline I saw people walking around wearing their google work IDs. Many of those well paid people are going to want to live near work.
That building with the funky personal garages on 11th ave has sold to some high profile people for obscene prices. People will pay to live near "the action".

I don't get the interest in the highline. it's nothing more than an elevated walkway.

The interesting thing about London Terrace is that the 10th Avenue side has maintenance that is noticeably cheaper than the 9th Avenue side due to the condition of 10th Avenue when the shares were originally assigned. It seemed to us that the difference for otherwise identical one bedroom units could be about $200 per month. (We looked extensively in the building, but my partner couldn't convince me to give up the idea of private outdoor space and my own washer and dryer, so we ended up in a funky walkup instead.)

To me, the 10th Avenue side was more desirable even before the Highline -- the maintenance is cheaper and the amenities are right there (pool, gym, roofdeck) v. having to go outside and walk a very long avenue block if you live in one of the 9th Avenue buildings. The only downside is that the subway is two avenue blocks away v. one.

With the Highline and the new park next to Chelsea Piers, to me it's a no-brainer that the 10th Avene side is more desirable. I wonder if we'll see greater differential in the sales prices between the 10th Avenue side and the 9th Avenue side.

NYCMatt - I agree, it's not just the highline - the area has gotten increasingly nice over the past 10 years - more galleries, restaurants, but less annoying commerce. But the highline has made it more of a destination - a natural means for WV residents to cross the 14th street barrier and meander around, and it's also brought in some tourism for better or worse. And it doesn't hurt as a marketing tool for selling a place.

Lad, I agree that 10th is more desirable in general. Regarding maintenance: the original sponsor allocated shares that way supposedly because they owned more units in the 470 tower, however, that may be a myth - I remember the offering memo showing them owning in all 4 towers. Maintenance is high in general because the co-op (London Terrace Towers) gets no income from the ground floor retail which is owned by London Terrace Gardens a separate condo structure which rents out all of its units. A couple of years ago, I toyed with the idea of buying a really great place in the towers with amazing outdoor space, but ultimately passed due to too much separation anxiety from the village. Some people I know fairly well bought it, so all is not lost...

The maintenance is high, and brokers claim it includes electricity and heat, but if you do your diligence, there is usually a surcharge on top on maintenance for utilities that is not included on many of the listed maintenances. That being said, I think the 1-bedrooms are fairly priced in the $750-850k range depending on views - they are large, generous closet space, and it has the best location of all of the few decent Chelsea pre-wars.

"the area has gotten increasingly nice over the past 10 years - more galleries, restaurants, but less annoying commerce."

I'd argue the opposite.

I don't think all these overpriced and pretentious stores and restaurants are "nice". Nor are the over-privileged skinny-assed white couples with their snot-nosed kids that they attract.

Please GOD bring back The Lure, The Vault, and the tranny hookers!

The Lure still exists! It's in Soho, and has the most delicious fish.

I guess it's all perspective. I'd venture to say that most buyers would find the area nicer now.

"The very idea that a neighborhood that is vibrant in Manh today could become a desolate crime-ridden wasteland is anathema in the minds of most today."

If most people really believe this, they are crazy. Things change for both the better and the worse. Obviously the last 25 years have been boom times for Manhattan. But anyone who thinks he knows what the next 25 will be like is a fool. I am bullish on NYC, but this is complicated stuff.

You folks notice the 17D+F potential combo. That is one hella dreamy apartment, and on the 10th ave side.

At 470 West 24th.