Chelsea Still Has Room to Grow

Posted March 26th, 2015 by Matthew Lesser

Sometimes townhouses sell quickly. Sometimes they sit on the market because they're either overpriced or in less desirable areas or locations within a sub market. Sometimes townhouses fly off the shelf in a bidding war.

404 West 20th Street, a 22'-four story red brick landmarked townhouse between Eighth and Ninth Avenues was listed last week for $6,500,000 or $1,300 per square foot. At this price, slightly below market comparables, buyer activity was exceptional. During the first public open house, over twenty-five potential buyers toured (some real and other serial lookers). Within that first day multiple offers were made and within one week a best and final bidding process achieved a price WELL over asking price.

The market is efficient. Buyer demand is still exceptional and the market still sees tremendous value in the Chelsea townhouse market. Where townhouses ten blocks south (Greenwich Village) are selling for well over $2,000 per square foot unrenovated, Chelsea is at $1,600 or less. THERE IS ROOM TO GROW!

A townhouse project at 224 West 22nd Street, a 20' x 99' lot with the ability to build 7,900 square feet as of right has just come to market. The garden is south facing. The sunlight is exceptional. Ceiling heights are gracious with parlor floor heights of 13'. It will be interesting to see where this one trades!