Construction is topped out on 550 West 21st Street, a 23-story residential building in West Chelsea, Manhattan. Designed by Thomas Juul Hansen and developed by Legion Investment Group and AVRS Partners LP, the 260-foot-tall structure will span up to 220,000 square feet and yield 83 condominium units. The nearly 0.5-acre property is located at the southeast corner of West 21st Street and the Hudson River Greenway.
The entire reinforced concrete superstructure has been built since our last update in early February, when only the multilevel podium and the first couple of floors of the main tower were formed. Crews are currently framing out the fenestration with metal studs and insulation boards. Façade and window installation have yet to begin.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
The main aerial rendering focuses on the upper levels, previewing a light beige brick façade surrounding floor-to-ceiling windows, loggias, and setbacks topped with terraces. Below are two street-level renderings from West 21st Street showing the landscaped motor courtyard.
550 West 21st Street. Rendering courtesy of Visualisation One.
550 West 21st Street. Rendering courtesy of Visualisation One.
The project was initially led by Casco Development, which acquired the property for $50 million in 2014 and planned to construct a nearly 200,000-square-foot building with 34 condominium units and 43,510 square feet of commercial space. The project fell into bankruptcy last summer with a debt of $527 million.
Legion took over the development last year with the help of a $56 million loan from Deutsche Bank, and a $155 million construction loan from Eldridge Real Estate Credit. Corcoran Sunshine Marketing Group has been contracted to sell and market the units.
The nearest subways from the property are the C and E trains at the 23rd Street station on Eighth Avenue.
550 West 21st Street is slated for completion in mid-2027 and sales are expected to launch sometime later this year.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Are they rentals available? Any viewings coming up soon? I’m very interested in having a housing voucher waiting to be used thank you so much 😊
If it has units avail for vouchers they will be on housing connect. Beyond that, there will be done. Vouchers are generally not usable in rich areas like Chelsea except for Housing Connect units, HPD buildings, etc.
For units with an average size of 6000 square foot or so in a neighborhood like this? One can dream I guess…
Meh
But great photography!
Great addition to the neighborhood, and even more important for that block!
Is this the last West Chelsea Riverfront lot that can be developed?
I believe it is the last major waterfront parcel for that neighborhood.
Great photos by Michael Young and can’t wait until he shoots the actual facade being installed!
I love a motor court. So regal. Replaced an eyesore, and it’s to scale with neighboring buildings so this is good for the hood.
Looks like the facade will complement Norman Foster’s building once it’s done
There could have been more detail. It just looks like another concrete building with large scale windows and some terraces. Also I don’t get how developers continue to develop new buildings with no to little balconies. Even some of the units had French doors with Juliet balconies that would have added more elegance to this concrete box.
I loved this neighborhood in the 80s.
Two of my favorite bars the Eagle and the Spike were there.
Omg, young people today can’t imagine how much fun life was before social media.
Nice to see the area being used for more residential development however, nothing too special about the architecture. Those who get Hudson River views will be very lucky. Of course, for most of the new tenants it will be very expensive.