517 West 46th Street

517 West 46th Street

Overview

517 West 46 is quite a large construction for this area of Hell’s Kitchen. Located between 10th and 11th avenues, the building has 45-units and is about half sold, although it is nearing completion.

The building has a simple part-time attended lobby.

Kutnicki Bernstein Architects designed the building, which while not particularly remarkable, fits in quite nicely with its surroundings. The façade is almost fire engine red but coexists well with its neighbors. They have done similar work on the Lower East Side and Brooklyn. The building is being developed by Clinton West Partners with Prudential Douglass Elliman handling the marketing.

Pricing and Units

There are about 8 one-bedrooms that remain; they are priced in the low 600’s and upwards through the 800’s. They all have about 650 square feet. There are 14 2-bedrooms still available starting at around $1.1 million and running 1,200 square feet and upward (in some cases under $1,000 per square foot). They all have two bathrooms and many have balconies. All the units vary greatly; one unit has a private garden, as well as a lower level with a recreation room.

They are now offering to pay for the city and state transfer taxes and sponsor’s attorney fees for buyers.

The common charges are very low for the apartments, way under $1 per square foot and the taxes are extremely low as well.

Interiors

The interior design is nice, but hardly on the extreme luxury end. Kitchens have stainless steel GE appliances, no Miele or Sub-Zero here, but where are you going to get a two-bedroom for $1.2 million? The baths are similarly understated with limestone tile but do have some nicer touches including Grohe fixtures.

Amenities

There is a private garden and fitness center.

There are private storage units for all the apartments.

Area

Hell’s Kitchen is on the up and up, but the 10th to 11th avenue cross streets are still developing at a slower rate than the hot scene on 9th avenue. Still, the area is much safer than it used to be and is fairly accessible to Midtown. It’s also fairly quiet, in an industrial sort of way.

Investment Potential

With all the concessions the building is making at the last minute to sell these units, it is obvious that this is not the hot new buy. Yes, the interiors are not as remarkable as some of the other condos out there and no, the neighborhood is not Tribeca or Chelsea. But for the buyer looking to get space at a reasonable price and not have insane common charges or taxes, this building may be the deal you were looking for.

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