Carriage House Chelsea – 159 West 24th Street

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Overview

Chelsea is livening up with the development of 24 new condominium residences at the Carriage House.  This project consists of many creative, modernized loft residences that are designed to bring a comfortable townhouse atmosphere to a mid-rise condo.  The interior of the project is being designed by Gustavo Martinez while the architectural design is handled by Michael Schmitt. The interior design blends a luxurious contemporary style with customized features which allow residents to tailor their homes to their specific lifestyle.  This pre-war style building will have a light brown façade with many oversized windows. Sales and marketing are being handled by Citi Habitats.

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History

The name of the project is inspired by the building’s history.  In 1901, the structure was built as a horse stable.  As time passed, the building eventually became a storage space for some of New York’s first automobiles.  A century later Carriage House is now undergoing this conversion into a mid-rise residential condo in the busy Chelsea neighborhood.

Units and Pricing

Carriage House includes 24 loft residences.  Each unit comes standard with white oak flooring and high ceilings (ranging anywhere from 9.6 feet to 11.3 feet).  The kitchens come with customized Italian cabinetry, Sub-Zero full-integrated refrigerator, a Wolf cooktop and oven, Bosch dishwasher, and GE Monogram microwave.  There is also a Bosch washer and dryer in each unit.  The bathrooms feature Caesar stone countertops, marble flooring, a Dornbracht faucet, a Zuma soaking tub and a wall-mounted flat screen television.

Although specifics on pricing have yet to be released, one can get a good idea of the price range by looking at comparable units in the area.  New construction is Chelsea is averaging about $1,200 per square foot with a median sales price of roughly $1.35M.

Amenities

The building will have a part-time doorman as well as full-time ‘virtual doorman.’ There is on-premise private parking—very rare in boutique projects—and a landscaped rooftop terrace with a gas barbecue grill  and a kitchenette for residents to relax and enjoy the rooftop views.  While Carriage House doesn’t have the most exceptional amenities package we’ve seen,, they have a nice offering in consideration of the building size and anticipated maintenance costs.

Location

The Chelsea neighborhood is one of the most exciting and lively neighborhoods in  Manhattan.  Home to the area’s best nightlife as well as various retail stores and restaurants, the neighborhood is constantly frequented by tourists, shoppers, and outgoing locals.  For this reason Chelsea real estate has remained in high demand for several years now.  This project is located in a central section of Chelsea, not far from Madison Square Park and very convenient to various midtown locations and the 23rd Street thoroughfare.  Transportation is nearby as well.

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Investment Potential

It’s a bit early to tell how this project will sell.  The location is fabulous but the market is a little soft right now.  The European ‘rush’ to NYC condos has already started to slow.  The initial pricing of the project will certainly tell us more about the investment potential.  We do know that the interior design and building features will be very impressive.  The lofty nature of each residence should increase their appeal as well.  I’ve walked into way too many projects with 8’6” ceilings in Chelsea and felt like the walls were closing in on me.  We’ll give the project a B+ for now and update shortly with pricing.

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