The Real Deal New York

High Line’s tallest rental tower ready to launch

Lalezarian Properties getting ready to lease up 507 West 28th Street

May 16, 2016 10:30AM
By Rich Bockmann

Kevin Lalezarian with 507 West 28th Street in West Chelsea and a rendering of the completed building

Kevin Lalezarian with 507 West 28th Street in West Chelsea and a rendering of the completed building

The tallest residential tower on the High Line is getting ready to make its debut. Lalezarian Properties plans to launch leasing this summer at its 375-unit development in West Chelsea, where one-bedrooms will range from $5,000 to $6,000 a pop.

The Long Island-based development firm headed by Kevin LalezarianTRData LogoTINY is eyeing a launch date in August for the three glassy buildings climbing up on either side of the High Line between West 28th and 29th streets.

The tallest of the three is a 35-story tower stretching 420 feet in the air along 10th Avenue.

“At the top of the tower the views are incredible. You have 360 degree views,” said Andrew Barrocas of MNS, which is in charge of renting up the campus at 507 West 28th Street.

The other two buildings are a pair of 12-story apartment houses on the west side of the elevated park, one facing 28th Street and the other facing 29th.

“The High Line is really the main amenity,” Barrocas added. “It literally goes through our building.”

The buildings, designed by architect Avinash Malhotra, cover about 400,000 square feet and contain 375 apartments, 75 of which will be affordable under the state’s 80/20 program.

The unit mix includes studios, one-bedroom and two-bedroom apartments, and the amenities include an indoor pool and a gym.

Barrocas said rents will be competitive with the nearby Abington House, the 390-unit apartment tower designed by Robert A.M. Stern that the Related Companies and Abington Properties developed in 2014, at roughly $90 per square foot.

The two smaller buildings are set to open in August, with the tower expected to be ready for move-ins in October.

Lalezarian is one of the more active developers on the Far West Side. He has plans for a 38-story, 250-unit apartment building at 515 West 36th Street in the hotbed of development activity north of Related’s Hudson Yards megaproject. And to the west he paid an eye-opening $1,200 per square foot last summer for a development site along the final section of the High Line where he would need a rezoning to build residential at his site at 606 West 30th Street.

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