Development is booming on West 29th Street in West Chelsea between Tenth and Eleventh Avenues, with four new residential buildings due for completion on the block within the next few years. Smack in the middle of it all will stand 519 West 29th Street, Six Sigma’s latest condo development.
The building will top out at 10 stories and feature a glass façade with many rectangular balcony alcoves. Inside, residences will feature hardwood flooring and balconies flanked by lush walls of green. The boutique design and build firm purchased the site for $54.75 million in late 2015, and is currently the home of a 6-story self-storage warehouse. Once demolition plans are approved, the site’s zoning regulations will allow for the construction of up to a 74,000-square-foot building. Jason Lee and Johnny Wan of Six Sigma are spearheading the project, now with the help of a trio of Shanghai-based private equity investors. Just last week, Mingtiandi reported that GEMA Capital Partners, Shanghai Prosperity Fund, and Infinity Global Advisors have taken a majority stake in the project.
In this article:
Next door at 522 West 29th Street, Soori High Line is nearing completion as an 11-story, 27-unit condominium building. Designed by SCDA Architects, the building will have a distinctive slatted wood, metal, and glass façade, and home to sixteen residences that will have their own private pool. A few doors down, Cary Tamarkin is designing and developing a 12-story, 32-unit condo building at 550 West 29th Street, also due for completion next year. Finally, on the corner of West 29th and Tenth Avenue, Lalezarian Properties’ trio of rental buildings Maestro West Chelsea will bring 375 studio, one-, and two-bedroom apartments to the area. The tallest building of the trio will stand as West Chelsea's tallest tower, with 220 units and a height of 425 feet.
In Chelsea, there are currently 269 condos for sale with a median price of $3.4 million, or $2,019 per square foot. The average closing price for a condo in the area in CityRealty's October market report was $2,108 per square foot, up from last October’s average price per square foot of $1,995.
Contributing Writer
Katy Cornell
Katy Cornell is a Long Island native with a passion for writing about real estate in the big city. She recently graduated from the University of Virginia with a BA in English and is a frequent contributor to CityRealty's Market Insight and NYC real estate blog 6sqft.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
