The latest sign that the New York City real estate market is once again on the good side of the guys who write big checks: 245 Tenth Avenue, long West Chelsea's damsel in distress, is coming back with a vengeance. According to the Wall Street Journal, the 11-story steel building right up against the High Line has new investors, a new marketing team and new hope. Better redemption story than Michael Vick?
The gallery-inspired condos, designed by upstart firm Della Valle Bernheimer, will return to the market in the spring?not coincidentally, when the High Line's second portion is slated to open?and prices might approach the $1,500/sqft mark that 245 Tenth Avenue was asking the first time around, before delays led to buyer refunds back in 2008. What big, wonderful news! That makes today perfect for taking a nostalgia-drenched look back at this project's long history.
January 2007: The sweet reveal, back when perforated steel buildings tossed up next to gas stations on formerly gritty bricks were a weekly occurrence. Those were the days!
May 2007: Look out below! The stresses of nearby partial building collapses cause construction crews to take solace in the bottle.
August 2008: The eye-catching facade starts to arrive. All is well!
February 2009: OK, maybe it's a little too eye-catching.
October 2009: As questions start to mount about the building's vitality, signs of a fascist takeover start to emerge.
August 2010: Finally, a bit of news, though it's not very good: foreclosure cometh!
December 2010: Architects Della Valle Bernheimer tweet the above High Line status shot from inside the building, leading us to believe that maybe 245 Tenth Avenue is back, pun intended, on track! That appears to be the case, but will there be any lingering ghost tower stigma? Or is the High Line so hot, buyers overlook all drama?
· High-Line Condos Get a New Life [WSJ]