West 23rd Street’s condo canyon weathers the bust

Chelsea neighborhood waits for expansion of the High Line, more retail

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From the November issue: For those looking for a veritable timeline illustrating the evolution of Manhattan’s boom and bust, 23rd Street west of Ninth Avenue offers a perfect case study. The street has a slew of modest new condo buildings, the first-built ones that effectively tested the residential waters — in this case, 555 West 23rd Street as well as the Tate at 535 West 23rd Street. Then there are the tall and glassy followers, built during the go-go real estate days — HL23, Neil Denari’s under-construction cantilevering glass-and-steel tower, and High Line 519, the Sleepy Hudson-developed silver structure. And finally, there is evidence of the downturn — a gaping hole in the ground on the corner of 10th Avenue, where work on 10 Chelsea, a rental tower planned by developer Shaya Boymelgreen, has stopped, and the recently shuttered Mediterranean restaurant Il Bordello.

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