Trouble at a significant big Chelsea condo building at 22 West 15th Street
Started by justeatit
over 17 years ago
Posts: 3
Member since: Aug 2008
Discussion about Grosvenor House at 22 West 15th Street in Flatiron
22 West 15th Street, Grosvenor House, is one of the significant Chelsea condos, mid-block, 24 stories with great southern views, built at the end of the 1980s. And so today, on this block of 15th Street between 6th avenue and 5th avenue, the area was so hot that they are building a big hotel across the street. Owners at #22 are complaining, obstructed views, more traffic, greater transience, a bar... [more]
22 West 15th Street, Grosvenor House, is one of the significant Chelsea condos, mid-block, 24 stories with great southern views, built at the end of the 1980s. And so today, on this block of 15th Street between 6th avenue and 5th avenue, the area was so hot that they are building a big hotel across the street. Owners at #22 are complaining, obstructed views, more traffic, greater transience, a bar where previously that was banned because of the church. Already the block suffers from significant homeless population by the church, and the construction of a smaller development than contemplated by the hotel. So the real estate market does well, raises values, and someone takes the opportunity and in return, pre-existing others get lower values and lower quality of life. This is a tangible example of how the growth of NYC real estate is actually hurting current owners. Also check out the listing in the building currently in contract for $1.9MM where they first listed it for $2.2MM. This apartment is also now listed for rental at $9K, down from $10K. The rent to buy ratio is 17.5x (before adjusting for monthlies) [less]
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If I'm correct, that is the only mid-block high rise out there, they don't make them mid-block anymore. But they went and bought the air rights of the buildings next door, and it made an interesting location because it was just above 14th street so not protected in the village. So this was actually one of the first when buildings started moving toward condo and away from coop. Even had popcorn ceilings, but they actually made them 9ft, unlike the one on 17th Street and 8th Avenue built about the same time but with suffocating 8ft ceilings like the old coops.
The building seems well managed and well-kept, but it is true that it isn't a great block, besides the homeless there is construction and now new construction coming. There are a number of the old style brick very ugly co-ops, plus on the corner at 6th avenue that building, plus several parking garages already adds to the stop and go and adds to the honking. And the church does charitable work, which is great, but that means long lines sometimes for the food pantry and soup kitchen.
face it, chelsea is sketchy in many areas
this building is at least well constructed with thick poured concrete, they didn't mess around like today.
Much better there than here: http://www.streeteasy.com/nyc/talk/discussion/2797-133-west-22nd
curious what made you choose 133W22 as your example of what was worse than 22W15?
As for new construction...the Oculus, 100W18, Slate, Indigo, Prima, Yves, and 650 6th all lay in between 15th and 22nd street...
??
I think calling Chelsea "sketchy" is exaggerating--particularly 15th St. Crime stats show it is really a safe area. Some blocks are grittier and less attractive than others, soup kitchens and shelters don't help, but that doesn't = sketchy to most people since sketchy implies dangerous.
> face it, chelsea is sketchy in many areas
15th between 5th and 6th... "sketchy".
Now *that* is rationalizing...
Not sure it is a sketchy block as the poster said, but it is a dirty block and there are a disproportionate amount of homeless and Chelsea does have its share of junk spread around except in the seminary area. Funny though about the old co-ops on the block which are an eyesore, but that even applies to 12th Street off both sides of 6th avenue even though mid-blocks are nice.
The real losers here will be as someone suggests the Oculus buyers. Sure, Alchemy developers is actually reasonable compared to others but of course their buildings have no ammenities. But they bought high on this block, many no doubt to flip and as soon as they are ready for occupancy ... hotel construction across the street. Expect to see many quick flip listings here.
Agree with Sizzlack on 133 West 22nd, why that one? I've seen that and it really isn't one of the better construction projects but truly the same can be said for Yves. 650 6th isn't a new build. And Prima off hand doesn't ring a bell.
22 West 15th used to be the site of a gay men's bath house.
On the north side of the street in a building still there was a methodone clinic.
It was sketchy. It still is sketchy. Doesn't mean you'll be mugged. But dirty, homeless, all that stuff.
Thanks for the tip on the hotel being built there.
Prima is on 20th St. There is also the Clement Clark across from 133W22 and the Verde Chelsea.
Greenthal manages it pretty good although super Frank's a pain in the ass.
do you live there?
How tall with the hotel be?
I just walked down this street today. There is no major homeless situation on the street. No more than any other street in chelsea. This building is close to the Union Square subways and amenities and not far from the 7th Avenue 1/2/3 lines. It's a great location.
Hi, I posted this originally.
Good location from a central perspective, pretty unbeatable with locations to east and west. 1/2/3 lines and the 4/5/6 at union square and more.
I do know that the homeless sleep out by the church at night, probably aren't loitering during the day.
That situation might actually diminish when the hotel is built because there is so much traffic that it would be prohibitive.
30 stories tall. Definitely a shadow caster, but it will actually be taller than Grosvenor House.
Moving to NYC, my realtor has a listing on the list to show to me, will this effect the higher floors of the building?
if the view is North facing it very well could.
I've heard that owners consider this an absolute disaster, but at the same time they are really pissed at their condo board for taking such a lax approach. Most people heard about it not from their board but from others.
Is this a Hilton Garden Inn or something fancy like a Gansevoort?
who c ares, every building has this risk unless you live in an area like Greenwich Village Historic. The people here have no right to complain
Does anyone have a contact in this building I could talk to?
I live here as a renter, but let's have a bit of perspective. Our building is 24 stories tall, so if there's another one 20 stories across why should we be suprised, it is obviously zoned for it. Maybe I'm too easy on this because I'm facing the other direction, but still.
Go USA
Is this still going on? What about the guy who wants a bunch of 25 story condos throughout NYC?
If this building was built in the 1990s as a condo in a good area, can anyone say how well it is performing today in the market? How about some real info on real estate from all you who post about the dow all the time.
this building is a stable condo building, good case study for the market right now.
Problem with this building is the Oculus down the street with the big rat.
http://curbed.com/archives/2007/12/12/curbedwire_something_big_at_98th_lex_rat_at_the_oculus.php
Unsurprisingly, the hotel deal fell apart. There will be NO hotel on this block. My guess is that in a few years someone will build another condo or rental building. Very unlikely a hotel ever gets built there.
35 West 15th Street is going to be a huge luxury condominium, it will make 22 west 15th look like the step child.
The lux condo apartments with floor to ceiling windows start at 1.5M and up to 24 million penthouses.
Selling quickly too!
http://streeteasy.com/nyc/talk/discussion/34626-35xv-new-cognac-or-expensive-development