The Real Deal New York

Brodsky favors low prices over formal marketing for latest Chelsea condo

March 16, 2012 08:30AM

Betting on the appeal of low-priced Chelsea condos, the Brodsky Organization is taking the unusual step of launching sales in the latest phase of its General Theological Seminary condo conversion with an open house next weekend.

The Wall Street Journal reported that the 38-unit condo, at 422 West 20th Street, will have one- to three-bedroom units ranging from $640,000 to $2.1 million. That affordability has helped spur demand for the project. Despite a lack of formal marketing by the Corcoran Sunshine Marketing Group, the buildings has garnered 650 inquiries from potential buyers. Corcoran will have brokers on site to expedite the contract process.

Just 12 one-bedroom condos are on the market for less than the $750,000 in Chelsea, and the high demand for three-bedroom units in the neighborhood make the price point for those units that much more attractive.

The units are small, the Journal said, and don’t necessarily include high-end finishes, but they do feature views of the seminary grounds and come with access to a block-long enclosed garden.

The first phase of the GTS condo conversion, the Chelsea Enclave, came on the market in September 2008 and sold the last of its 53 units in January 2011, becoming the first post-Lehman project to sell out. But the Journal noted units sold at a 20 percent discount.

Meanwhile, the Brodsky Organization has recently acquired more land on the seminary’s campus for future conversion. [WSJ]