We thought the planned rental building at 305 West 16th Street was going to haunt us forever, empty, from the corner of 16th Street and Eighth Avenue. But in a somewhat surprising move, the building hit the market as condos in May. It's officially more than 50 in contract, the Real Deal reports, and had its first closing yesterday. Mazel tov, friend!
Sales prices have been at or above asking, according to the sales team, so the next step is, of course, a PriceUpper. The larger, 1,004-square-foot apartments will stay priced around $1,400/square foot. But the studios and 1BRs, currently listed for around $1,100/square foot, will go up to nearly $1,300/square foot after Labor Day. Dark Lord Chelsea has ways of making you pay.
· Official site: 305 West 16th Street [305w16.com]
· Chelsea cond-op more than 50% in contract, as higher prices loom [Real Deal]
· 305 West 16th Street coverage [Curbed]