Echelon Chelsea

I went and saw the building a few weeks ago. The construction is quality, nice finishes, and the apartments are pretty spacious for rentals. The rents are a little high, but I think they are offering 2 months free right now. Many of the units on the South side of the building have great views of the Empire State Building. The building has decent amenities for its size, although they do charge a mandatory gym fee. If you are looking for new construction in this area, this building is probably the best bet, but you should also check out Flatiron 18 at 30 West 18th Street.

They charge a GYM fee? in addition to the rent? Do they have a doorman charge? Or an elevator charge? Or a garbage charge? Wow, this tells everything about the owner.

Way overpriced from what I can see. 30%-40% compared to Chelsea Centro, B&L Properties. Even more expensive than Archstone.

Besides the ridiculousness of a gym fee, the comparison to Chelsea Centrol or Archstone isn't fair - those are not the same quality at all.

People don't pay all that much extra for "finishes," first, and second, the buildings I quote are very nice indeed.

They seem to know that prices are too high if they're offering 2 months' free rent - a 17% discount. Still it's too expensive.

I think all new buildings offer incentives. It is important to get people in and the rent rolls paying. 2 months is merely a marketing expense. And people do pay for finishes. People want to live in nice places. Centro or Archstone are huge hi-rises, a bit of a different atmosphere, and not the same level of finishes.

They should lower prices to $3995, just to catch the searches under $4K

They've just started lower prices in addition to the two months. So 4200 apartment is now 3333 for one year. I wonder after a year, will people be moving or getting the 2 months free again or just cave at the 4000 or 4200 rate. Anyone else see this place?

Intresting, and in some respects should be compared to that 1BR in Chelsea Stratus that is up for listing - both are brand new construction with good finishes. You see that even though these guys are high, they are moderating their effective rent to get things moving, whereas the Chelsea Stratus apartment by the Elliman broker http://www.streeteasy.com/nyc/talk/discussion/7304-chelsea-stratus-rent-or-buy-or-neither is burdened by the full cost (potentially some negotiability), and a broker fee on top of that, and then some of the hassles of renting from a private owner unless you negotiate carefully upfront (negotiate for an option for a second year and negotiate the second year rent).

Saw it, agree on the apartments being very nice, well built, good windows, good kitchens and baths, and the views being kind of cool in flatiron (vs. just a skyscraper) and generally well done, had the good heat/ac units, washer dryer in apartment, all good. But it will have trouble given the pricing, even with 2 months free - renters (like me) are wise to what happens in the 2nd year. They also are just now releasing their most expensive 1 bedroom line because they had construction on it late, but basically they are releasing during a bad economy, during the worst rental time of year, the MOST expensive line - I'm taking $4500++ for a 1br (which comes to 3750 for the first year ... not bad, but then the 2nd year). Also, the BS over the amenity fee, just totally is nickle and diming and totally against what people are feeling these days.

looked there a couple of weeks ago (2 bedrooms). Reduced prices from $6,700 to $6,500/month (gee thanks!) and offered two free months. However, as posted above there is a yearly charge per person for the gym. The gym consists of 4 treadmills, maybe 2 elipticals and a bench. That's it. What a joke. Also, at that rate (2 free months) your net rent becomes approx $5,400 which doesn't sound too bad but they will not sign 2 year leases at that rate and when asked what will happen next year if you want to renew then your rent will increase 3% from the original price ($6,500). Another joke. Now i'm sure that too will be negotiable but why take that risk? Like all other new developments and rental buildings the apts are a bit small in my opinion, certainly for those kinds of prices and (lack of) amenities. The building claims to be 50% occupied but it was a ghost town when I went. No chance they have that many tenants. Also that block is horrible - there are numerous clubs and bars surrounding it. It is very dark. Unless prices drop significantly lower I would not waste your time. You can find better. They are unfortunate on the timing of the building but they are stupid for being behind the curve with adjusting prices. Another case of denial.

I saw this building three months ago and they were offering exactly the same incentives nycREjunkie writes, so they obviously haven't adjusted to the new luxury rental reality on Chelsea (they can't get the same rents they were commanding in the past few years). When we looked there was still construction everywhere. Now that the building is completed or close to it it will be interesting to see how aggressively they are going to have to chop to get tenants. I got the sense they were counting on a lot of corporate apartment tenants... good luck in this economy!

Got an email saying that there's good news that they will offer 2 year leases so you can lock in the 2nd year ... wow, pretty much an acknowledgment that you are getting cheated from the start so they don't feel the need to cheat you anymore later on. What a joke.

Anyone looked at this building recently... Appears to have filled quite rapidly.

Saw the building recently. Very nice finishes i have to agree with most of the postings here. They are offering some great incentive recently that actually reduces the net effective rent to a decent price.
I heard they are also giving $1000 American Express gift card this week in addition to the two month free rent

Amenity fee is a bummer. I am taking a two bedroom apt and will definitely negotiate with them for a better deal. Let's how it goes. I love the location, the small size of the building, and it's new construction.

Hey, I s tarted this discussion!

Amenity fee was bullshit and another reason why I thought these guys would nickle and dime. Even the Truffles Tribeca new construction is giving away their "club" for free for a year, and 89 Murray gives the gym use for free. And most of the other buildings are so desperate to retain tenants now that they are giving away the gym, probably the easiest thing to give away.

But I guess those amenities aren't as cool as a kitchen where you can bring in your own chef to cook for your guests. WHAT?

The place was well built but overpriced. And they sold out the lesser expensive lines first, so actually what they had when I saw it were the more expensive lines. Interesting strategy.

Th place is a joke ,$3200 for a large studio. Wait till all of the original tenants term out and they are desperate for anyone

This building is a nightmare! Living here is like living with your parents! they send out emails every week to all of the tenants "reminding us of the rules"...no alcoholic beverages on the 2nd floor outdoor space, no leaving umbrellas in the hallway, no throwing boxes down the trash chute, etc., etc., etc. The management staff is young and inexperienced (I must say on a positive note, the doormen are excellent! Especially Jose and Willie!!!)In addition to all of the building rules, the block (21st btwn 5th and 6th) literally shuts down Friday and Saturday nights...and I mean SHUTS DOWN. A paddy wagon stays parked on the street and cops have to stand outside of the 6 clubs that are on the block to try and keep (unsuccessfully may I add!) the fighting, screaming, cursing, etc at bay. It is miserable!!! The first set of leases will expire in October and the place will empty out! DO NOT MOVE INTO THIS BUILDING!

Several sources have said that the building is seeing quite a few tenants vacate. There are reportedly 8 or so units available today, but given most of the tenants roll in November through January, the figure could balloon. The rumor is that they were not offering any concessions or rent reductions initially to its tenants, but now are offering similar concessions to when they moved in late 2008 (which is still not close to market). I believe Craigslist has a listing or two offering one month free and no broker fee (should equate to ~2 months free for existing tenants). Additionally, as nycgirl10 points out, the street can be a bloody nightmare at night unless one is in their early 20's and enjoys the fine givings of C-rated clubs. Having walked the units, the condo finishes plus full kitchens are great and having a washer/dryer in the apt is handy. But not worth it at the current asking rents given the misgivings of the W 21st address. There are many other buildings in the area are more reasonble plus areas such as Tribeca and West Village have also seen significant decline in rents and are more affordable now.

The building it isn't in a family neighborhood and therefore it would attract 20 to early 30 somethings. Given the rent rates, it attracts entitied, rich, or over-worked hard play-hard 20 to early 30 somethings WHO are most inclined to leave crap in the hallways.

Do all doorman buildings have doormen named Jose and Willie?

Beautiful building and well constructed however EXTREMELY OVER PRICED and the Management company are a nightmare to deal with. I rented a studio in this building and paid $2,525.00 per month for a so so laid out apartment. When I signed my lease I was told by Joe Abadir the manager of the building that I would be able to renew my lease at the same price, but with two months left in my lease I was told by Joe that the building has decided to go "rent stabalized" and my rent was raised from $2,525 to $3,250!!!! Which is absolutely ridiculous for a studio!!! The management company are like Nazi's in this building, they constantly send emails with new rules above moving furniture in or out and god for bid your rent is late they assess all kinds of fees. Joe lives in the building and if you don't like him you have to worry about seeing him in the gym or the elevator. Another annoying thing about the building is that they charge you $95.00 a month to use the gym in the building and the residences lounge which is not worth it. You might as well join Equinox for that much! After I moved out the management company took the liberty of taking $400 out of my security deposit to cover "cleaning and painting costs", which they have to do anyways to turn the apartment around. Overall the building is in a terrific location but is extremely overpriced, and the management company is very difficult to deal with. There are nicer buildings in the area like the Chelsea Landmark that I would recommend over the Echelon. I didn't regret living there just wish it was priced better and ran more efficiently.

Yes, this building is expensive. However, I have lived here for almost 6 months and it is always immaculate. The maintenance staff does an incredible job. YOu can post any issues you have online, and they come immediately to help - always with a smile. After looking at many buildings in the area, the fixtures here were the nicest we saw and the kitchens are quite large. Every day I come home I am thrilled to be living here. The building is strict about noise and bottles in the common areas because they don't want people to take advantage of the space and turn it into a frat party. This is why they are always clean. The windows are practically sound proof. Central air, washer/dryer, and a garbage disposal make this building feel like a condo building and not just a rental. I have been so happy living here. Trader Joe's and Flywheel right on the block. Great location.

Shill much?

"Besides the ridiculousness of a gym fee, the comparison to Chelsea Centrol or Archstone isn't fair - those are not the same quality at all."

Check Chelsea Landmark... thats comparable, and still cheaper.