GDS Development has acquired an additional 7,410 square feet of air rights for their planned condominium development at 500 West 25th Street, in West Chelsea. The air rights were purchased from Brookfield and Related. Valued at $685 per square foot, GDS’ additional investment totals about $5.1 million.
While YIMBY normally covers aggregate new building applications on an annual basis, this year, we have released our first mid-year pipeline report, and the results are surprisingly positive. After two years of declining applications following the frenzies of 2014 and 2015, the preliminary numbers for 2018 appear to be signaling a major uptick in activity. Year-over-year filings of new residential units have grown substantially, rising from 9,134 in the first six months of 2017, to 15,305 in 2018 — an increase of 67.5%.
Situated one block north of “The XI,” designed by Bjarke Ingels, and sitting adjacent to Frank Gehry’s IAC Building and Jean Nouvel’s residential tower at 100 Eleventh Avenue, Thomas Heatherwick is bringing his first set of residential buildings to the High Line, just after his “Vessel” recently topped off at Hudson Yards. The project, located at 511-525 West 18th Street, is being developed by Related Companies and will be one of the largest buildings in Chelsea when completed.
Pace Gallery’s new building at 540 West 25th Street, located between 10th and 11th Avenue, has structurally topped out, and installation of the curtain wall is now well underway. The existing gallery is located next to the High Line at 508 & 510 West 25th Street, standing one story tall, and uses four large skylights that flood the interior with natural daylight. The new 60,000 square foot building will stand eight stories and be designed by Bonetti/Kozerski Studio, and developed by Weinberg Properties.
Standing next to Zaha Hadid’s first residential project in New York City at 520 West 28th Street, the Isay Weinfeld designed complex, dubbed “The Jardim,” has gotten both its brick and glass facade up as seen from the High Line. Developed by Centaur Properties and built by Pizzarotti, the project spans the width of the block from West 27th to West 28th Street, with two towers separated by a private landscaped garden and outdoor courtyard for residents.
