Walker Tower residents now scooping up Stella Tower units

The buildings were renovated by the same development partnership

New York /
Jun.June 23, 2014 06:10 PM

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


Related Articles

arrow_forward_ios
Morgan Stanley's Ron Vinder and 212 West 18th Street (CORE Real Estate, Morgan Stanley, iStock)
Condo board fails to evict buyer of discounted 1MDB penthouse
Condo board fails to evict buyer of discounted 1MDB penthouse
JDS Development Group’s Michael Stern and 111 West 57th Street; Fortis Property Group’s Jonathan Landau and Olympia Dumbo (Olympia Dumbo, 111 West 57, Fortis Property Group, iStock)
Rising rates slow new development sales in Brooklyn, Queens
Rising rates slow new development sales in Brooklyn, Queens
(iStock)
New development activity spikes in February — even in Queens
New development activity spikes in February — even in Queens
From left: Michael Stern and Joseph Chetrit in front of 9 DeKalb Avenue in Brooklyn (Getty Images, JDS Development, LoopNet/Photo Illustration by Steven Dilakian for The Real Deal)
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Chetrit and Stern go toe-to-toe on Downtown Brooklyn supertall
Barry Sternlicht, co-founder, chairman, and CEO of Starwood Capital Group (Starwood Capital Group, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Extended-stay hotels a hot commodity for investors
Extended-stay hotels a hot commodity for investors
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Tavros, Charney pick up Gowanus dev site for $102M
Tavros, Charney pick up Gowanus dev site for $102M
Tavros, Charney pick up Gowanus dev site for $102M
American Copper Buildings at 626 First Avenue (SHoP Architect)
Black Spruce snaps up American Copper Buildings for $850M
Black Spruce snaps up American Copper Buildings for $850M
arrow_forward_ios

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

Loading...