Amirian plans new 12-story condo in Chelsea

Developer initially planned to redevelop existing building

TRD New York /
Jul.July 20, 2016 04:38 PM

The Amirian Group scrapped plans to convert a commercial building in Chelsea into luxury residential condominium units and is instead constructing a new, ground-up 12-story building.

The developer filed plans Wednesday for a new condominium project at 117 West 21st Street, dubbed “The Twenty1.” The building will have nine units spanning a total of 33,771 square feet, according to a permit application filed with the city’s Department of Buildings.

Amirian demolished a four-story commercial building that was previously on the site to make way for the project. The Amirian Group, led by David Amirian, bought the property last year for $28.5 million and initially intended to convert the building into condos and construct an additional eight floors.

Amirian told The Real Deal Wednesday that he decided instead to start from scratch to speed up construction.

The condominium will feature a series of full-floor and duplex apartments. The first two floors, the ninth through 10th floors and the 11th through 12th floors will be duplex units.

Sales launch on Thursday, Amirian said, with full-floor units ranging $5.5 million to $7.8 million and the duplexes $14.7 million to $17.8 million. When asked about the pricing, Amirian said that he tried to price below neighborhood averages for similar products due to the softening luxury residential market.

“Like every other smart developer, you have to throw everything out the window,” he said. “I think the market has changed, and we want to sell the units.”

Correction: A previous version of this story incorrectly described the state of the four-story building previously on the site. It’s been demolished.


Related Articles

arrow_forward_ios
Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Jason Lee and a rendering of 517-523 West 29th Street

Developer Jason Lee accused of defrauding investors at High Line condo project

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Dream Hotel Group's Sant Singh Chatwal (left) and Charles Holzer (right) and 355 West 16th Street (Credit: Getty Images and Google Maps)

Land under Dream Downtown hotel sells
for $175M

From left: Jamestown’s Michael Phillips with the Milk Building at 450 West 15th Street and Google’s Sundar Pichai with the Chelsea Market building at 75 Ninth Avenue (Credit: Google Maps; Phillips via CoStar; and Pichai via Getty)

Google scoops up another Jamestown property in Chelsea for $600M

GDS is bringing another office building
to Chelsea

arrow_forward_ios