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Six-Unit Modern 19 Now Complete, But Will It Lease Or Sell?

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Developer Erez Itzhaki, of the black brick and glass Modern 23 completed in 2010 on West 23rd Street in Chelsea, has announced the completion of what you could call that project's little sister. Named Modern 19, the new building not only takes after the former in name, but it's designed in a similar fashion, with a dark metal and glass facade. It's smaller, at just six-stories with three 1,200-square-foot floor-through units, one lower level duplex, and a penthouse on the top two floors. The marketing team only sent along a rendering of the building, but we'll update as soon as we have a real photo.

The interior finishes will be complete soon, and the units should hit the market not long after, but Itzhaki told the Observer that he's still not sure if he wants to lease or sell the apartments. He bought the site, at 138 West 19th Street between Sixth and Seventh Avenues, for $2.9 million in 2011, and he originally planned for it to be a rental, but he's having second thoughts. "The thing is, I really paid very little money for this deal," Itzhaki told the Observer. "We think the market might even go higher for condos. I'm building very, very high end, with condo finishes. But we think we can get $100 a foot for rent in this building. We have some interest from celebrities to lease the penthouse. We are still not sure. We're going to have an offering plan just in case." Decisions, decisions!
· Construction at Modern 19 Building Reaches Completion, Even as Minor Identity Crisis Persists [NYO]
· Modern 23 coverage [Curbed]