The Real Deal New York

Shaoul’s West Chelsea townhouse sale a new record: Steinberg

$8.5M sale price works out to $1,283 per square foot
By Rich Bockmann | December 17, 2014 02:09PM

UPDATED, Dec. 17, 4:17 p.m.: Ben Shaoul’s conversion of a four-story multifamily building in West Chelsea into a modern townhouse has set a record north of 23rd Street, broker Leonard Steinberg claims.

Urban Compass’ Steinberg took to Instagram to announce he had sold the 6,500-square-foot townhouse at 450 West 25th Street for $8.5 million, or roughly $1,283 per square foot.

“A new record for West Chelsea north of 23rd Street,” Steinberg wrote. Steniberg’s partner, Herve Senequier, said the per-square-foot figure was a record north of 23rd Street, where the stock of townhouses is smaller than in the neighborhood’s southern section.

“It’s an indication of a changing neighborhood,” said Senequier, who pointed to the nearby Avenues School, Hudson Yards mega-development and, of course, the High Line park as the forces driving up values in the area.

The deal beats both the previous price and per-square-foot records for a townhouse in the northern part of West Chelsea, according to data compiled by StreetEasy.com

The previous sales record of $4 million had been set in February with the sale of 462 West 25th Street. The townhouse at 451 West 24th Street had held the per-square-foot record of $1,173 since 2006.

Shaoul’s Magnum Real Estate bought a four-story multifamily building on the site for $2.7 million back in 2012, property records show. The firm recently gut-renovated the building.

The renovation was handled by Turett Collaborative Architects.

This post has been updated to include data from StreetEasy.com.