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

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