The partnership that renovated the pre-war Walker Tower in Chelsea is getting more bang for its buck, as a number of residents are now buying units at another of its projects in Hell’s Kitchen.
Six owners at Walker Tower have scooped up condos at the 51-unit Stella Tower at 425 West 50th Street. Like Walker, that tower was designed by Ralph Walker as a commercial building and refurbished by JDS Developments Group, Property Markets Groups and Starwood Capital Group.
In some cases, tenants have flipped units at Walker Tower in order to buy and quickly resell condos at Stella, Vickey Barron of Douglas Elliman, told Crain’s. The first unit at Walker Tower sold about nine months ago in November.
Residents in two other Walker units are investing in Stella Tower apartments for their children, and another Walker owner will rent out his condo.
About 60 percent of Stella Tower’s condos have sold during during the first six weeks of sales. Prices have averaged more than $2,000 per square foot, according to Crain’s. [Crain's] – Tom DiChristopher