Penthouses in Chelsea Verizon building conversion to ask $10,000 per foot

TRD New York /
Mar.March 09, 2012 08:30 AM

JDS Development’s conversion of the Verizon building in Chelsea will yield 53 condominium units priced between $3,000 and $10,000 per square foot, the New York Times reported.

As The Real Deal previously reported, the project is a joint venture between JDS Development and Property Markets Group and obtained equity from Barry Sternlicht’s Starwood Capital. It is set to hit the market in this spring under Core, which told The Real Deal yesterday that it selected Vickey Barron and Emily Beare to head the marketing effort.

The building, erected in 1929 at 210 West 18th Street, was one of several central offices for the telecommunications giant that housed copper wire for landlines that has been rendered obsolete by the proliferation of cell phones. Its transition to new ownership was complicated by state regulations regarding telecommunication properties and Verizon’s desire to maintain a small presence in the building. The company will maintain ownership of the second through seventh floors, which it will utilize for offices.

The rest of the 23-story, Ralph Walker-designed project, named Walker Tower after the architect, will house luxury condominiums. The renovation includes lengthening windows, adding new windows and shifting the exterior to allow for terraces with better views The final units will retain the building’s 12- to 15-foo-high ceilings, will include heated French-oak herringbone floors and will feature laundry rooms with side-by-side washing and drying machines. The average unit size will be 3,000 square feet, and the eight penthouses will be listed for as much as $10,000 per square foot. [NYT]


Related Articles

arrow_forward_ios
Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)

Extell, Starwood alums seek $500M for “contrarian” investing

Extell, Starwood alums seek $500M for “contrarian” investing
Nooklyn CEO Moiz Malik and CORE CEO Shaun Osher (Nooklyn, Getty)

Incidents at Nooklyn and Core outrage Black agents, staff

Incidents at Nooklyn and Core outrage Black agents, staff
Barry Sternlicht (Getty)

Barry Sternlicht predicts “tipping point” for NYC

Barry Sternlicht predicts “tipping point” for NYC
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline

WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline

WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
TPG Real Estate Finance Trust CEO Greta Guggenheim and Starwood Capital CEO Barry Sternlicht (Getty)

TPG RE Finance gets $325M infusion from Starwood

TPG RE Finance gets $325M infusion from Starwood
Ashford Inc. CEO Monty Bennett (Credit: Ashford)

Monty Bennett-tied companies to return $68M in PPP funds

Monty Bennett-tied companies to return $68M in PPP funds
Shaun Osher (Photo by Craig Barritt/Getty Images, iStock)

Core lays off staffers, slashes pay

Core lays off staffers, slashes pay
JDS Development Group's Michael Stern

5 things to know about supertall condo developer Michael Stern

5 things to know about supertall condo developer Michael Stern
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...