Borrowing art-world cachet from nearby West Chelsea, the latest sales strategy from Shvo Marketing uses gallery space and all-white units to promote its newest project.
The residential condo conversion at 650 Sixth Avenue is set to open in spring 2008 in a completely gutted and rebuilt landmark building, originally constructed in 1892. Located on the southwest corner of 20th Street and Sixth Avenue, it will join nearby residential developments 100 West 18th Street and the O’Neill Building.
Inspiration for the all-white units came from the gallery world, said Michael Shvo, president of Shvo Marketing. “It’s a space where you can display a beautiful thing on a beautiful background. People can display their furniture, art, wife or husband — it’s part of a lifestyle.”
Residents of 650 Sixth Avenue will be able to fill their white-on-white interiors with curated artwork — all condo purchases include an art consultation. Jack Shainman, a well-known Chelsea art dealer, collaborated with Shvo to create a gallery within the building’s sales office. The rotating art exhibit will feature photos, sculptures and paintings by artists from around the world.
“The growing significance of Chelsea’s art scene, specifically its impact on the entire neighborhood culturally and as a destination, provides a real context for the 650 Sixth Avenue sales office,” Shainman said. “This sales office will become part of the fabric of its neighborhood — it’s like the chicest ‘open house’ in the area.”
The seven-story building will have 67 units, ranging from studios to three-bedrooms. Studios starting at 700 square feet are priced at just under $1 million, and three-bedrooms begin at $2.5 million for 1,950 square feet. Three penthouses with private terraces begin at $3.2 million. Sales for units in the Pentarium-developed building will begin in mid-April.
While it’s not exactly in the West Chelsea gallery district, it is a few avenues away — close enough to absorb some of that area’s reputation. “The first thing that we looked at for 650 Sixth Avenue was its location,” said Shvo. “It’s located on the doorstep of the West Chelsea gallery district.”
Shvo is employing a similar tactic with the Philippe Starck-designed project on East 23rd Street, which is named “Gramercy,” although it is not exactly in that neighborhood.
A complete rehab of 650 Sixth Avenue will modernize the building to offer residents large windows, open spaces and high ceilings. Residents of 650 Sixth Avenue will also have access to a gym, roof deck, wine storage and Quintessentially concierge service, used in other buildings marketed by Shvo.
“You can go from the outside noisy world to home, where it feels quiet and beautiful,” he said.
Flexibility farther south
While 650 Sixth is marketed as having all-white interiors, just south on Sixth Avenue is 100 West 18th Street, a ground-up condo development by the Brauser Group featuring an all-black brick exterior.
The target audience is broad, in contrast to 650 Sixth, which is directed at the “true New Yorker.”
“No one demographic is buying units,” said Scott Aaron, director of development for the Brauser Group. “Single people, couples and families are purchasing. We’ve been seeing a lot of family interest and single individuals looking for big apartments.”
When it came to pricing, neither Aaron nor Shvo used surrounding buildings as comparables.
“Most of the buildings are rehabs or mid-block, while our building is a ground-up corner site. Our building is very different than what is available in Chelsea,” Aaron said.
The 100 West 18th Street project will have 41 units, with 23 different layouts for one- to four-bedroom units. Approximately 20 of the units were designed to be easily combinable to create larger units for young families. Also, the majority of units allow buyers to convert a sizeable bedroom into two bedrooms.
“We looked at what the market is in this area, and we tried to create something that wasn’t like any of the other buildings in the neighborhood,” said Aaron, of the flexible spaces.
The development is scheduled to open in January 2008. The building is more than 30 percent sold after opening its sales office at 1 West 19th Street, with an in-house Brauser Group sales team, earlier this year.
The condo development uses a number of exotic stones and hand-cut limestone in the bathrooms. Units also come equipped with wine refrigerators and espresso machines; some have wood-burning fireplaces. Most units come with terraces, filling a desire for outdoor space, Aaron said.
Home in a dome
Sales at the nearby O’Neill Building, located on Sixth Avenue between 21st and 22nd streets, may bode well for the Shvo and Brauser Group projects. The O’Neill has sold 46 of its 48 units since it came on the market two years ago.
“It’s moving very well,” said Tom Elliott, vice president of marketing at Elad Properties, the O’Neill’s developer. “It appeals to a wide segment of the market.”
The two remaining properties are a two-bedroom priced at $3 million and a dome-like penthouse priced at $8 million. The other units at the O’Neill Building are one- to three-bedrooms, ranging in size from 900 to 5,000 square feet.
According to Elliott, residents of the O’Neill — where occupancy began two months ago — include a mix of singles and families. They have access to a fitness center and recreational outdoor space.