NYC Real Estate - A Different World

I’ve been watching an apartment building go up at 19th Street and the West Side Highway for the past year. It’s along my regular bike ride path and also across the street from my gym at Chelsea Piers.

According to Curbed, it’s called 100 Eleventh Avenue and was designed by star architect Jean Nouvel. On the right is a picture I ganked from Curbed that shows you what 100 Eleventh Avenue will look like when it’s done.

As you can see, this is one seriously high end building. Here’s a link to the web site for 100 Eleventh Avenue. I couldn’t find any prices but based on what I know about that neighborhood, these apartments will sell for $3mm to $5mm each.

If you look at this picture just below which I took on my way out of the gym this morning, you’ll see that the building (which is still under construction) is right next to an institutional looking building on the southern corner of 20th and the west side highway.


That institutional building is the Bayview Correctional Facility, ie a medium security women’s prison.

NYC apartment living is full of stories about problems with neighbors. You always have to worry about the neighbor above or below you or next door making too much noise or being a grump. But when your neighbor is a prisoner in jail, it takes it to a whole new level.

I’m just fascinated by this project and am really curious to see how the sales process goes, particularly for the apartments adjacent to the prison. Hudson River views are harder and harder to come by these days and Chelsea is certainly a hot neighborhood and I am sure that these apartments will go quickly. That’s why NYC real estate is a different world.

Reblog this post [with Zemanta]

Comments (Archived):

  1. ceonyc

    How on earth did they put a women’s prison right on the west side highway? Isn’t that unnecessarily expensive real estate? Can’t they build next to the Great Kill’s Landfill or by Floyd Bennet Field for much cheaper?

    1. fredwilson

      it was the seaman’s home until the mid 1970s. the wikipedia entry i linked to has some basic history but it could use some work.

  2. lazerow

    The only difference between this apartment building and every other one in NYC is that the felons who live next door have been caught and locked up. I’d argue you’re safer living next to a prison. You’ll have plenty of guards around.

    1. Gavin Schulz

      Lol, good point!

    2. fredwilson

      mike – you crack me up and speak the truth

  3. howardlindzon

    I am surprised the french architecht and developers have not sold building sponsorships to pfizer, Bristol and LilyThe zoloft Lofts, the halcion homes, etc….maybe they will

  4. sdelmont

    Take a look at StreetEasy:…Your estimate was in the right ballpark: “7 for sale at $2,740,000 – $4,085,000”

    1. fredwilson

      I love streeteasyGreat commentthanks

  5. fatbear

    Not to forget “the curse of the covered artist” – that’s a Knox Martin mural in your photo, a very good one, perhaps his best, of long standing (38 years) as a work of public art – more will be heard….And as to why a prison on the West Side Highway – when shipping moved to Port Newark/Port Elizabeth, and the far West Side (esp lower down) turned into a cesspool, the tenant of last resort stepped in – not to forget that the whole area was under a sentence of destruction (any of you old enough to remember the below grade West Side Highway project?) which was not lifted for a decade or so – in fact, this was before Tribeca even existed, and the WTC was even up yet – ancient history

    1. fredwilson

      Fortunately that mural is not going to be completely lostAbout half of it will be still be viewable when the bldg is complete

  6. dean collins

    How many prison’s around the world have park views like this :)… (and it’s a long term prison not a holding facility).Of course you could alway go condo like they did at Marcus Garvey Park… (BTW my apartment looks onto this building across the park – the top floor must have spectacular views and light).Cheers,Dean Collins

  7. jonsteinberg

    My father is a real estate broker in Manhattan. Says the building has car elevators and is almost sold out.

    1. fredwilson

      That’s a different building I think.The one with car elevators is on 11th ave and 24th street I think

  8. JL_Healogica

    Hi Fred – WSJ recently wrote a piece on this building –…. The article notes that they are overbudget, behind schedule, and may be forced to refinance the project. Seems like the units overlooking the prison are a tough sell. Cool looking building anyway and I’m sure the IAC views on the other side of the building are pretty nice.

  9. Carrie

    I love how the artist rendering applys a lovely shimmer to the prison. Quite a difference from reality.

  10. Carrie

    I love how the artist rendering applys a lovely shimmer to the prison. Quite a difference from reality.

  11. Fred

    I’m going to miss the Knox Martin mural!

    1. fredwilson

      Yes, but at least it won’t be covered completely