DOUGLASTON DEVELOPMENT

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555W23

555 West 23rd Street is located in New York's West Chelsea neighborhood, also known as the Gallery District, populated by many young renters. When this development began, there was little new condominium construction here. 555W23 offered a stylish, luxury condominium building and provided real value for first-time, young buyers. The superior finishes and hotel-style amenities were designed by the design team of Stephan B. Jacobs and Andi Pepper.

The two-story lobby with a large central atrium features a water wall, leather panels, sculptural furniture and art from local galleries. Luxury touches in the residences include personal medicine lock boxes, smart wiring, wall safes, fully-equipped open kitchens, wood cabinets and floors and washer/dryers in most residences.

The value part of our development strategy included the design of efficient apartment layouts little wasted space; 421-a certificates allowing purchasers to pay significantly less real estate taxes for the first ten years; and a unit mix with a majority of one bedrooms and junior one bedrooms - affordable sizes for first time buyers. We acquired the land at a relatively low price ensuring an economically viable project. Significant challenges were overcome during development. The project is close to the Hudson River's high water table and next to a building that, at the time, was very unstable. Careful engineering and construction included bracing the adjacent building, and engineering a cellar that could withstand the water pressure created by the high water table.

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