215-225 W. St.
He’s hidden, discreet and a little rough. But West 28th Street between 7th and 8th Avenues in Chelsea may contain clues about the state of progression of the middle pandemic.
The commercial segment is that of a handful of giant, residential and commercial projects, which turn out to go full throttle while others are slowing down urgently.
“These times seem more complicated than the last recession,” said Jana Angelakis, who is looking to sell her two-bedroom, two-and-a-half bath condo at 261 W. 28th St. Since the unit was registered last winter, Angelakis has reduced its value 4 times, from $1. 8 million to $1. 7 million, while offering it in rent to $6250 according to the month. “But it’s exciting to see what’s going on in this block. “
Of all the new developments, the ultimate immediate threat is the Maverick, an 87-unit, 20-story condominium located at 215 W. 28th St. Sales start at the end of the year, which will control the region’s luxury appetite.
Although officials have yet to approve costs for the project, which comes from a consistent development with HAP Investments, they would be expecting a consistent $ 2,400 per square foot average, or starting at $ 1. 2 million for a room.
By comparison, new one-bedroom apartments in Chelsea now charge an average of $2. 1 million, according to StreetEasy. com, with one bedroom a average of $1. 3 million.
“Timing has worked for me” with the project, which failed to reach the top of the condo market in 2016, said Eran Polack, CEO of HAP.
The Maverick also includes a 112-unit rental share, with a front to No. 225, which was designed as a coverage opposite to a declining condominium market even before the coronavirus arrived; will start renting this winter. The condo and rental will feature a swimming pool, saunas and a rooftop.
Other projects are behind, such as 28
And this month, a revolution is taking place at 241 W. 28th St. , a 479-unit rental planned through MAG Partners.
This fall, MAG turned to a traditional bank for financing, but to a personal equity firm, Madison Realty Capital, which lent $173 million.
“While corporations of giant generations continue to point to giant rents within walking distance,” said MaryAnne Gilmartin, founder of MAG, “we expect a very strong long-term call. “
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