Chelsea's Merc merchandise / 5 open houses : Manhattan Loft Guy

Manhattan Loft Guy

Mar. 30, 2007 - Chelsea's Merc merchandise / 5 open houses

the condo that branded Chelsea above 23^rd St

The Chelsea Mercantile building at 252 Seventh Avenue is the project that - in my opinion - created a market for high-end apartments above West 23^rd Street that had not existed before this huge former Veterans Administration office building was converted to residential lofts seven years ago. Without the Chelsea Merc there would be no Chelsea Atelier across the street at 245 Seventh Av (2001), no Chelsea Royale across the street at 200 W 24 St (2005), and none of the other condo developments nearby as well. (The Cass Gilbert at 130 W 30 St is a less successful attempt to move that high-end market into another fringe residential area.)

The Merc set the local standard high on amenities, space and finishes at what were stratospheric prices (above $700/ft). Many original owners were new to "downtown" and to lofts. It attracted people from uptown who did not consider themselves Soho or Tribeca people.

The units are *very* finished "lofts" - though far from 'classic' lofts. (Yes, there is a an industrial past; yes, the ceilings are high and the windows large; yes, the spaces are "open" but not all that open.) But let's not quibble; most people consider them lofts (to quibble, see the Tao of Lofts - essential features); there are a bunch for sale (15!) and five open houses on Sunday in the building.

Without much further ado:

12Z	861 sq ft studio	$995k	3:30 - 5
4S	955 sq ft 1 BR	$1.175mm	11 - 12:30
4L	995 sq ft studio	$1.185mm	12:30 - 2
3T	1,140 sq ft 1 BR	$1.45mm	11 - 12:30
PH-J	1,628 sq ft 2 BR	$2.495mm	2 - 3:30

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Mar. 30, 2007 - Chelsea's Merc merchandise / 5 open houses

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