With all of the new developments going up in Chelsea, it was bound to happen. Two buildings ended up with almost identical names, creating a real estate coincidence that seems ripe for confusion.
In an age when building names and vanity addresses are designed to help set buildings apart, Chelsea is slated to get two residential buildings — one condo and one rental — with “modern” monikers.
At 447 West 18th Street between Ninth and Tenth avenues, a soon-to-be-completed building is being called the “Chelsea Modern,” while at 343 West 16th Street between Eighth and Ninth avenues, another building is going up with the name “The Modern.” The Chelsea Modern is set to open in May; The Modern opened over the summer. Some brokers say duplicate names, especially those in such close proximity, are an unfortunate mishap that can cause confusion and dilute the cachet developers seek. However, representatives for both “modern” developments insist that they are not concerned about possible mix-ups and note that they are totally different projects.
“The similarity begins and ends with the name,” said John Chubet of JC DeNiro & Associates, the brokerage firm handling The Modern.
That building is a six-story rental property with eight units. One- and two-bedroom rental apartments start at $3,900 and go up to $12,000 for the two-bedroom penthouse, complete with a private rooftop terrace and fireplace.
Two blocks north, the Chelsea Modern stands 12 stories tall and has 47 condominium units. Prices at the boutique building range from $1.63 million for a two-bedroom to more than $3.5 million for a three bedroom. The Corcoran Sunshine Marketing Group, the exclusive agent on the project, has been playing up its architectural features. The six-story building was designed by architect Audrey Matlock. The sleek, mostly glass building will contrast with the traditional buildings it is sandwiched between. Its floor-to-ceiling windows are curved inward and its white balconies staggered.
The president and CEO of the Developers Group in Brooklyn, Elan Padeh, who is not affiliated with either building, said names are crucial to a building’s brand.
He said that while he doubted a duplicate name would be a deal-breaker for most buyers, it could minimize the name’s effectiveness.
“The whole concept of naming a building is that people know where that building is without giving the address,” he said. “It’s like the Dakota. That is branding done well.”
And while the owners of the two “moderns” may have no problem making a distinction between the two projects or even filling units, mail carriers might have a more difficult time getting letters and packages to the right Chelsea building — that is if they don’t deliver to the Museum of Modern Art on West 53rd Street first.