Rendering of 500 West 25th Street (GDSNY)
This past spring, Forbes reported that The Getty at 239 Tenth Avenue sold its triplex penthouse for $59 million - a downtown record if the deal closes. Now rising two doors down from the Peter Marino-designed ensemble is another boutique condominium spearheaded by Michael Kirchmann and Alan Rudikoff's GDS Development.
Addressed at 500 West 25th Street, the corner project will rise directly next to the High Line and replaces a four-floor tenement building and a single-floor car stereo shop. Up until early 2016, the wall of the tenement hosted a colorful mural by Eduardo Kobra which reinterpreted the Alfred Eisenstaedt photograph "V-J Day in Times Square."
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The development site was cleared last year and a recent visit shows that formwork and rebar for the new building are now above street level. Building applications filed last July call for ground-floor retail and nine full-floor residences including a duplex penthouse.
The building's design, which GDS is handling with GF55 Partners, calls for a brick, metal and glass-skinned building whose top three floors would cantilever over a second-floor terrace below. The 25th Street facade will feature large recessed windows with chamfered sills painted a champagne color. The Tenth Avenue facade calls for more privacy and will have rows of champagne-colored fins of varying spacing screening the full-height windows behind.
Aproved zoning diagram via NYC DOB
Sales are likely to launch in the coming months and an accepted offering plan shows the project's nine residences, ten parking spaces and the commercial retail unit are expected to garner a $57.725 million sellout. Our custom index of 35 cherry-picked condos located near the High Line shows that apartments in these buildings close at a median price per square foot of $1,874 in the past 12 months. Our listings show there are 42 apartments for sale in West Chelsea, coming in at a median ask of $2,062 / ft² or $2,722,500 a pop.
Capture of CityRealty's High Line Index
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