The High Line: Changing the Old into the New

Real_Estate_Manhattan_JUL13

By Linette Semino

Since the High Line opened in 2009, many real estate buyers have focused their hunt on “West Chelsea,” which is bounded by West 14th Street to West 30th and Ninth Avenue to the Hudson River. In a city desperate for more open spaces, nature loving New Yorkers are thankful to have this beautiful urban garden in their community and proud that a structure slated to be torn down is now an exemplary park. The High Line is changing a once decrepit structure and old neighborhood into a brand-spanking new park and vibrant community. Since 1980, the elevated freight tracks of the High Line sat unused and were scheduled to be demolished. Luckily, in 1999, residents Joshua David and Robert Hammond formed Friends of the High Line to save the historic structure. The organization, with its celebrity-studded group of supporters, now raises funds to maintain and operate the park. According to the New York Times, 4.4 million people visited the High Line in 2012, and that number is expected to increase significantly this year. A wave of trendy hotels, restaurants, boutiques, art galleries and nightlife venues have arrived in the wake of the High Line’s rebirth. Today, the High Line’s popularity has driven real estate prices sky high with new condos in West Chelsea commanding prices of $2,500 to $3,500 a square foot.

“I want to have this exquisite garden in my community and see its vegetation from my apartment. I want to feel engaged with its atmosphere,” said a buyer currently looking in West Chelsea. Although the High Line is West Chelsea’s precious gemstone, the neighborhood is also becoming known for its new, posh private school, Avenues: The World School, where Suri Holmes is currently a student. The cost of a worldly education at Avenues is $43K a year. Wealthy New York parents are willing to pay a high price per square foot to be within walking distance from Avenues and of course, the High Line, which is family friendly. No kids, no problem; sport aficionados can take advantage of Chelsea Piers, art cognoscenti can soak up the modern art scene at West Chelsea’s popular art galleries, and joggers, bikers, and romantics can enjoy the waterfront at the Hudson River Park. West Chelsea has an amenity for just about every buyer, and the demand for housing there is greater than ever.

The High Line

West Chelsea surely has many sought-after condominiums, including Jean Nouvel’s sleek 100 Eleventh Avenue. However, amidst all of the high-design residential buildings, there is still a real need for new condominiums, particularly ones with family-sized units. A positive trend is that by the end of 2014, there will be three new developments in West Chelsea.

508 West 24th Street, located between 10th and 11th Avenues, recently broke ground and is a 10-story condominium where 14 of the 15 units will be three-bedrooms. This building, expected to be completed in June 2014, will have two apartments per floor, with each unit featuring views of the High Line located just 15 feet away.

On the same block, 560 West 24th Street is a modern, eight-unit condominium which is to be completed by the spring of 2014.

Additionally, 153 10th Avenue, located near West 19th, is a 35-unit condominium offering a blend of smaller and larger apartments with a completion date set for the end of 2014. If you or your buyers can’t wait to live near the High Line, West Chelsea offers many of the following great condominium residences:

450 West 17th street (The Caledonia)
447 West 18th Street (Chelsea Modern)
459 West 18th Street
444 West 19th Street (Chelsea Club)
445 West 19th Street
456 West 19th Street
520 West 19th Street (520 West Chelsea)
524 West 19th Street (Metal Shutter Houses)
422 West 20th Street
525 West 22nd Street
515-517 West 23rd Street (HL23)
519 West 23rd Street (High Line 519)
555 West 23rd Street
420 West 25th Street (Loft 25)
520 West 27th Street
540 West 28th Street (+Art)
263 Ninth Avenue
100 Eleventh Avenue (Nouvel Chelsea)
120 Eleventh Avenue
200 Eleventh Avenue

Linette Semino
Associate Broker
Warburg Realty
Lsemino@warburgrealty.com

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