Thursday, 21 July 2016

Developer Scraps Plans For Chelsea Conversion In Favor of New Building

The motive? It will take less time to build than convert

The Amirian Group has redrawn their plans for their "opulent and expensive" Chelsea condos coming to West 21st Street. The developer, who formerly planned on adding a an addition to the site’s four-story old Hershey factory, has decided instead to level the existing structure and build from the ground up, TRD reports. The reason? It’ll take less time.

The new condo building will go by the name The Twenty1 after its address at 117 West 21st Street. The building will rise 12 stories and have nine condos, with duplexes on the first and second, ninth and tenth, and eleventh and twelfth floors. The development company is still teaming with luxury interiors firm Grade on the project. Demolition permits have yet to be filed for the existing structure.

Sales for the building will launch on Thursday, with floor-through condos asking from $5.5 million to $7.8 million, and duplexes from $14.7 million to $17.8 million. Although the price tags seem high, Amirian told TRD that he "tried to price below neighborhood averages for similar products due to the softening luxury residential market."


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