DOUGLASTON DEVELOPMENT

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555W23

555 West 23rd Street is located in New York's West Chelsea neighborhood, also known as New York’s Gallery District and populated by many young renters. At the time this development began, there was very little new condominium construction here.

The development offers a stylish, hip, luxury condominium building in Chelsea and provided real value for buyers, many of whom were first time, young buyers. The superior finishes and hotel-like amenities were designed by the exceptional team of Andi Pepper and Stephan B. Jacobs.

The elegantly designed two-story lobby with a large central atrium features a water wall, leather panels, sculptural furniture and art from local galleries.

Luxury touches in the residences include personal medicine lock boxes, wiring for internet, satellite and cable TV, wall safes, fully-equipped open kitchens, wood cabinets and floors and washer/dryers in most residences.

The value part of our development strategy included the design of very efficient apartment layouts with very little wasted space; the acquisition of 421-a certificates allowing purchasers to pay significantly less in real estate taxes for the first ten years following their purchase; and developing a unit mix containing a majority of one bedrooms and junior one bedrooms which are within the budget of first time and young condominium buyers. Finally, due to the fact that we were able to acquire the land at a relatively low price, we knew that we could make value a priority while still having an economically successful project.

Significant challenges were overcome during development. The site is very close to the Hudson River's high water table and next to a building that was, at the time, very unstable. Careful engineering and construction included bracing the adjacent building, and a design for the cellar of the project that could withstand the water pressure created from the high water table.

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