The Real Deal New York

Shaoul’s West Chelsea townhouse sale a new record: Steinberg

$8.5M sale price works out to $1,283 per square foot

December 17, 2014 02:09PM
By Rich Bockmann

From left: Leonard Steinberg, 450 West 25th Street and Ben Shaoul

From left: Leonard Steinberg, 450 West 25th Street and Ben Shaoul

UPDATED, Dec. 17, 4:17 p.m.: Ben Shaoul’s conversion of a four-story multifamily building in West Chelsea into a modern townhouse has set a record north of 23rd Street, broker Leonard Steinberg claims.

Urban Compass’ Steinberg took to Instagram to announce he had sold the 6,500-square-foot townhouse at 450 West 25th Street for $8.5 million, or roughly $1,283 per square foot.

“A new record for West Chelsea north of 23rd Street,” Steinberg wrote. Steniberg’s partner, Herve Senequier, said the per-square-foot figure was a record north of 23rd Street, where the stock of townhouses is smaller than in the neighborhood’s southern section.

“It’s an indication of a changing neighborhood,” said Senequier, who pointed to the nearby Avenues School, Hudson Yards mega-development and, of course, the High Line park as the forces driving up values in the area.

The deal beats both the previous price and per-square-foot records for a townhouse in the northern part of West Chelsea, according to data compiled by StreetEasy.com

The previous sales record of $4 million had been set in February with the sale of 462 West 25th Street. The townhouse at 451 West 24th Street had held the per-square-foot record of $1,173 since 2006.

Shaoul’s Magnum Real Estate bought a four-story multifamily building on the site for $2.7 million back in 2012, property records show. The firm recently gut-renovated the building.

The renovation was handled by Turett Collaborative Architects.

This post has been updated to include data from StreetEasy.com.

  • Ed

    So with 45 Montgomery Place (7660 SF) selling last month for 10.8 million that’s $1,409 psf so Park Slope is more expensive than Chelsea now?

    I mean, it’s certainly a nicer neighborhood but I see many Park Slope brownstones selling for over $1200 psf in the past year. Surprised to see this Chelsea sale is a record of any kind.

    • Justin

      Northwest Chelsea is a less desirable area with less town homes. If you go below 23rd you’ll find much higher recorded sales.

  • Tyrannosaurus Rex

    So glad to see Leonard Steinberg is letting his hair go naturally grey in a town where so many other brokers futilely continue dying their hair until their final day of reckoning. Kudos for keeping it real, dude!

  • somebody

    That sounds very cheap. You can barely find multifamily there in disrepair with RS tenants for $1000/sf

  • Jake

    That is dirt cheap compared to other town houses in the market! I heard an 18 footer on Centre Market Place is fielding offers of over 1,700 psf and havent been accepted yet!!

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