Construction Update: 551 West 21st Street
Foundation work has begun on 551 West 21st Street, which will rise 20 floors. The project’s architect is Norman Foster, and the developer is Scott Resnick – while the tower will be semi-removed from The High Line, it is one of several starchitect buildings underway in the vicinity.
No full renderings have been released yet, but the images shown so far – via The Wall Street Journal – indicate the tower’s design will be in line with Foster’s other work in New York City, which is at the top-end of all new construction. 551 West 21st Street will be an upmarket addition to West Chelsea, which has been removed from the super-luxe craze until now. Sales are rumored to be starting shortly.
Penthouses will be sold for $35 million and up, and those prices are unheard of for the neighborhood – though Related’s project on 28th Street, designed by Zaha Hadid, could offer similar prices per square foot.
The development’s rise is concurrent with that of the Hudson Yards, which will put a significant premium on all of Chelsea, as the new workers will need places to live; while the mega-development will have a significant residential component, the spillover to Chelsea and Hell’s Kitchen will still be notable, and the market for 551 West 21st is definitely there.
Completion of Foster’s latest New York City high-rise is expected in 2015.
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