In order to sell its 32 verdant condos along the High Line, Sherwood Equities has taken the fancy-sales-office game to a whole other level: it built one from scratch. Six months after the developer purchased the site for the project at 500 West 21st Street, it tacked on another lot across the street for $7.3 million. Sherwood then sold air rights for more than it paidoh, West Chelseabut retained the rights to build this ground-up one-story-ish structure, which cost $1.7M to kit out and now houses a model kitchen, living room, bathroom, evidence of the finishing and fixtures, and a giant wall covering of the 40-foot-tall garden that will separate the Kohn Pedersen Fox-designed building from High Line visitors' peering eyes. Clocking in at 40,000 square feet with 30-foot ceilings, Sherwood plans to lease the building to an art gallery or other commercial enterprise after sales are complete (for some $800K/year).
The first units hit the market at the end of February, and right now according to StreetEasy there are four units available and six in contract. A garden-level 1BR/1BA is asking $2,300,000, while a three-bed, 3.5-bath on the seventh floor wants $6.45M.
· 500 W 21 [official]
Listings: · 500 West 21st Street [StreetEasy]
· Sherwood's 32 Verdant High Line Condos Unveil Their Interiors [Curbed]
· High Line Condo With 40-Foot Hedge Unleashes First Units [Curbed]
· In West Chelsea, a Temporary Emporium [NYT]
· All 500 West 21st Street coverage [Curbed]