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Largest Chelsea Condo Units Since 1920s Setting Price Records at $821 Per SF

NEW YORK CITY-Despite record high prices, the first Chelsea condo development is 35% sold and a deal with chain boutique Benettons is inked late last week for the entire ground-floor retail space.

By Anthony Garritano | Updated on February 04, 2001

NEW YORK CITY-The project’s developer, 717 Partners LLC, is constructing Vesta 17, a new 37-unit condo development at 17th Street and Seventh Avenue in Chelsea, set to finish June 2001. The project is setting neighborhood records.

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.

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