The Real Deal New York

Tamarkin prepares soft launch for West Chelsea project

Developer/architect’s 550 West 29th Street will aim for sellout of up to $150M

December 15, 2015 06:15PM
By Rich Bockmann

Cary Tamarkin and a rendering/floor plan for 550 West 29th Street

Cary Tamarkin and a rendering/floor plan for 550 West 29th Street

Developer and architect Cary Tamarkin is planning a soft launch for his newest West Chelsea condo building, which could aim for a sellout around $150 million.

Tamarkin is looking to test the market for his 550 West 29th Street development ahead of submitting the project’s condo offering plan, according to an application filed with the state Attorney General’s office.

According to a schedule filed with the application, which lists price ranges for each unit, the developer is eyeing a sellout between $118.9 million and $148.9 million, including a commercial unit.

The 19 residential units include a dozen duplexes and three penthouses.

Speaking about the West Chelsea market late last year inside his High Line-adjacent development at 508 West 24th Street, Tamarkin said the 29th Street project would feature smaller apartments around 1,500 to 2,000 square feet aimed at buyers weary of larger units and their expansive price tags.

Other developers like HFZ Capital Group’s Ziel Feldman have expressed similar sentiments, saying he would build smaller apartments on a huge High Line development site he bought last year for more $800 million.

Units in Tamarkin’s new building, however, are largely similar to the ones in his previous High Line project with the lower apartments covering around 2,000 square feet and the penthouses ranging from about 3,000 square feet to just shy of 4,000 square feet.

A spokesperson for Tamarkin declined to comment. Residential brokerage CORE will be handling sales and marketing.

Meanwhile, the developer’s Brutalist concrete box hugging the High Line sold out this summer, with New York Knicks star Carmelo Anthony reportedly picking up an $11 million apartment earlier in the year.