building at 422 West 20th Street

They're just regular condos, with no land lease.

They'll be paying for part-time doormen with only 38 units; maybe that's one factor.

They should have a copy of the offering plan at this weekend's open house, so you can take a look at the projected budget and see where it's going.

These prices seem ungodly high for the space. Why such teeny-tiny (even for new construction) rooms?

I know co-ops are a pain in the ass, but do you really want to pay a $250k-$300k+ premium over co-ops in the area?

It's the original three tenement-y buildings from 1895, each ~33' wide. There's a tangled history with Landmarks, the community, and so on, but apparently their having to keep the existing footprint and height made the cost of any real change of layout prohibitive.

http://therealdeal.com/blog/2012/03/16/brodsky-favors-low-prices-over-formal-marketing-for-latest-chelsea-condo/

The pricing sounds right for Chelsea, though I have not seen the apartments.

These look kind of expensive for essentially railroad style apartments. Even if you like that narrow feel, save some money and buy something larger, more rambling, and elegant at the Portsmouth on West 9th.

The plus side is that Far West Chelsea has hit the tipping point and is officially more posh than transitional, and that seminary block is pretty ideal, especially since Courtney Love moved away. From the website, it looks like Brodsky has chosen very neutral, tasteful finishes.

They're benchmarking against condos, based on the article, but the comparable inventory is almost all co-op.

I live VERY nearby and know this market extremely well. I've seen renovated comparable co-op apartments to their $1.2-$1.3mm two bedrooms sell for in the $700s or even $600s with half of the maintenance. Granted, without central air, views, or access to the seminary gardens (which can be revoked at any time, per the web site), but still.... Two 8 x 10 bedrooms are two 8 x 10 bedrooms.

I agree - the layouts are not ideal and are somewhat odd. And $4112 on taxes and maintenance out the door every month for unit 5A is a bit steep. That doesn't include other monthly expenses or the mortgage payment if one is required. However, if you can afford it and don't mind the interesting floorplans, you get to live on a beautiful block in a great location that is relatively close to the High Line.

Wow - looks like it was quite a success...

http://ny.curbed.com/archives/2012/03/27/seminary_dorm_conversion_brings_a_little_lic_07_to_chelsea.php

Location, location, location!