The units under construction are larger at more than 2,000 sf than Chelsea has seen since the 1920s. The purchase price for a unit in the building comes in at $821 per sf, a Chelsea record high. Despite the price tag, the building is 35% occupied and just signed Benettons to take all the ground-floor retail space in a deal just inked late last week.
"The base of the building will be all retail, and we see Benettons as a nice image retailer for the property," Mark Blau of 717 tells GlobeSt.com. The retail entrance will be sited on Seventh Avenue, as opposed to the residential entrance on 17th Street.
The development is on the site of the old Barney's parking lot explains Blau, who bought the land after a New York developer decided to unload the location if he could get his price. Blau envisioned a high-end residential development and got to work on Vest 17.
"Benettons just adds to the overall visibility of the building," believes Shelley O'Keefe of Corcoran Group Marketing, the exclusive marketing and leasing agent for the property. "The building has been very well-received with every market segment looking from, couples and singles to established families. Buyers are actually selling in the suburbs to get into the city, which means more and more people are making a conscious choice to be here."
After only being on the market since November, in addition to the new retail lease, the building is nearing full occupancy. "We are now in the midst of construction," Blau states, "but even with high per sf prices, the building is selling out because Chelsea is really a hot spot."
Vest 17 will feature amenities like a two-story, glass-enclosed entrance with 10-foot high ceilings and 37 units ranging from 995 sf to 3788 sf. The property will also sport 24-hour concierge and bamboo wood flooring, another first for the neighborhood.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
