The Real Deal New York

Sales office for Sherwood’s condos has left the building

Developer of 500W21 constructs stand-alone structure to market West Chelsea units

March 10, 2014 01:16PM

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From left: exterior and interior renderings of 500 West 21st Street

From left: exterior and interior renderings of 500 West 21st Street

In an unusual move, development firm Sherwood Equities has built a stand-alone sales office on the block of the construction site of the firm’s West Chelsea condominium project.

The 3,900-square-foot, one-story office at 508 West 20th Street was put up on the site of a failed condo project next to the High Line park. The office cost $1.7 million to build, the New York Times reported. Typically, sales offices are located within other buildings, such as office towers or storefronts.

At the Mark Zeff-designed office, Sherwood’s chief executive Jeffrey Katz is marketing the 32 luxury units in his 500 West 21st Street, dubbed 500w21. The strategy may be working — the company has 10 contracts in the works already, for apartments asking upwards of $2.2 million, or about $2,500 per square foot, as The Real Deal previously reported.

Katz acquired the site for  $7.3 million in 2011. He plans to lease the office to a restaurant or gallery once the condos have sold out. [NYT] -- Angela Hunt

  • Realestate

    Moinian did the same thing at Atelier

  • Charlotte Friedman

    Often done outside of Manhattan, because they do an entire area presentation too…..In the city there is rarely a lot available to do this, and it is more convenient to show from within the building.

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