Hudson Yards may be rocketing skyward on the West Side of Manhattan, but Hell’s Kitchen is also seeing a slower, more deliberate boom.
Roughly a dozen residential projects at various stages of completion are in the pipeline in Hell’s Kitchen. Some of the biggest are the recently opened Gotham West, a rental complex featuring about 1,200 apartments on West 45th Street; 540West, a 114-unit condo building under construction on West 49th Street; and, further up still, Stella Tower, a 51-unit condo building on West 50th Street.
“Yes, it’s edgy; yes, it’s gritty, but it’s on the cutting edge of the city,” Elliott Joseph, a principal of the Property Markets Group, which is developing Stella Tower with JDS Development, told the New York Times. “But as gentrification takes over the entire city, you have to look for neighborhoods on the cutting edge.”
However, some would-be luxury buyers in the area resent the grit, finding the neighborhood’s party vibe distasteful. In the two ZIP codes that comprise Hell’s Kitchen, there are 923 bars, compared to 733 bars in the East Village, which may continue to keep noise-sensitive buyers away. [NYT] – Christopher Cameron