On January 11th, 2007 I predicted that West 19th Street in Chelsea would become the most architecturally distinct block in Manhattan. The Real Deal was there to cover a guided tour we gave of the high line and our project. (See video above).

It is extremely rewarding to see the dream and vision of all the architects, developers, builders and marketers become a reality. The project Core represented, 520 West Chelsea, is sold and closed, but for one unit (which has a contract out). I consider it the most successful project to date, in a neighborhood that has evolved into a worldwide destination and desirable residential address.

I tip my hat to John and Keith Jacobson for being visionaries, and delivering 26 elegant, understated new homes. I thank Annabelle Selldorf (who I sat down with and had a conversation with) for designing the most gorgeous building in the neighborhood. I also thank the entire brokerage community for embracing this project and helping us successfully sell this building.

About two and a half years ago we opened the sales office of 520 West Chelsea when 19th Street looked a lot different than it does today. Frank Gehry’s first New York project for Barry Diller’s headquarters of IAC hadn’t even opened; Jean Nouvel Chelsea had not yet broken ground and Shigeru Ban’s Metal Shutter Houses did not exist. But there was one thing that was the talk of the neighborhood and well on its way to happening, and that was the High Line Park. (more…)

The question we would all love to have the answer to is “where is the next hot neighborhood?” And, of course, I always hear my clients complaints that, “if only I had bought that site in Soho…or Tribeca… or the UWS… or Harlem… or Lower 5th… or the East Village…(you get the idea) before it got hot”. Over the past 15 years I have witnessed Manhattan’s luxury market shrink from many segmented luxury neighborhoods into almost one large luxury neighborhood. The Upper West Side has expanded to Midtown (thanks in large part to the Time Warner buildings). The delineation between Midtown and the Village (East and West) has been smudged, and everyone is watching to see how much luxury residential property can be absorbed in The Financial District. (I’ll discuss more of that in a future SO interview.)

What makes a neighborhood change? Something defining: a new Landmark… a slow expansion of a good neighborhood into a lesser neighborhood… a huge investment by a city agency… a new park… a change in zoning!

West Chelsea has a number of these elements.

In June, 2005, the City Council approved the Department of City Planning’s proposals for a zoning amendment affecting the West Chelsea area. This affected West 16th St to 30th St between Tenth and Eleventh Avenues. The Special West Chelsea District was created and provided opportunities for new residential and commercial development. Some of which is well underway. The high line park has started construction, after much deliberation, and will create a magnificent linear open park on the previous elevated rail line.

The bad news for a developer is… most of the developable land is already taken (Add West Chelsea to your list of complaints about where you should have bought.)

The good news for a condo buyer is… the neighborhood is in its infancy and is neighbored by prime Chelsea, the trendy meatpacking District, the Hudson River, and the High Line Park. Some of the most renowned architects in the world have started to help West Chelsea emerge as one of Manhattan’s most promising and desirable residential neighborhoods.

I was fortunate to talk with two of them: Annabelle Selldorf and Sara Lopergolo of Selldorf Architects.

(more…)