After three years of dilly-dallying?during which the CEO of developer Sherwood Equities says he waited for the market to go from "abysmal" to "juggernaut"?the Times reports that another new condo building along the High Line broke ground last month. Designed by Kohn Pedersen Fox, a rendering of the exterior has been unveiled (taaa daaa, above), which is decidedly low-rise at only 80 feet tall and architecturally tame compared with some of its edgy, metallic West Chelsea neighbors. Details have also emerged about 500 West 21st Street's 32 luxury units, which will be spacious, and marketed at families, with many around 4,000 square feet. The apartments are expected to sell for about $2,500 per square foot, which would trump current records in the $1,500/square foot range (with the exception of Jean Nouvel's pricey pads, which are in Sherwood's ballpark).
No word on when the building might be complete. UPDATE: Sales will start in the fall of this year, with occupancy in the fall of 2014, according to the newly launched teaser site.
According to the Times, there will be three 1BRs, 12 2BRs, 13 3BRs, and four 4BRs; two of the latter will be penthouses while the other two will be duplexes. Some units will have terraces, many will have multiple exposures. The idea, of course, is to take advantage of the views of the High Line right next to the building, which takes up a whole square block, while not sacrificing any privacy. That's why landscape architect David Kelly is designing a garden of "mature trees" that serve as a shield to the upper floors, preventing incidental peep shows and the like.
It appears everything is full steam ahead on 21st Street, along with other High Line-area projects like this glassy 10-story box on 19th Street from HFZ Capital Group and a sleek black development on 29th Street that will boast condos with ridiculous private pools. But everything wasn't always so booming?in 2010 the Sherwood stepped in and bought the site for a bargain $23.5 million after The Hotelier Who Is Everywhere Andres Balazs and developer Charles Blaichman, initially in it to win it with a new hotel, defaulted on their mortgage. But now everything's coming up roses, or at least mature trees, for Sherwood, who had the patience to wait out the storm.
· Teaser site: 500 W 21 [official]
· The High Line's Next Neighbor [NYT]
· First Look: New Condos That Will Rise Around the High Line [Curbed]
· Condos With Ridiculous Private Pools Headed For High Line [Curbed]
· All 500 West 21st Street coverage [Curbed]