Overview of 327 West 22nd Street
327 West 22nd Street stands out as a prominent building in Chelsea, combining the charm of its historic construction with the sophistication of contemporary design. Renovated by Calvert Wright Architecture, the building offers a range of high-end features and amenities tailored to modern living.
The building’s history and recent transformation make it a unique addition to Chelsea’s residential landscape. It is a boutique property with only eight units spread across five floors, providing an intimate and exclusive living experience. The building’s sales began in 2021, and closings started in 2022, with prices ranging from $1.5 million to $6.2 million.
Key Details
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Year Built: 1900 (Converted: 2022)
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Floors: 5
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Units: 8
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Asking Price Range: $1.5M - $6.2M
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Architect: Calvert Wright Architecture
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Management Company: NMC Property Management
The property’s five-story structure and eight luxury units provide an exclusive living environment, ensuring privacy and a sense of community. The combination of historic charm and modern amenities sets it apart from other properties in the area.
Analysis of Market Performance
The market performance of 327 West 22nd Street provides valuable insights into Chelsea's demand for luxury properties. With only 25% of the units sold (2 of 8), the building’s absorption rate has been modest. Sales velocity has averaged 0.1 monthly sales, projecting a sellout time of approximately nine years.
The building’s price range reflects its position in the luxury market. Units are priced between $1.5 million and $6.2 million, appealing to buyers seeking high-end living spaces in Manhattan. Recent price fluctuations, such as the -13.89% price drop for Unit 8 nine months ago, indicate a dynamic pricing strategy to attract buyers and renters.
Despite the relatively slow sales velocity, the property’s unique features and prime location ensure its long-term appeal in the market. Chelsea remains a sought-after neighborhood, and 327 West 22nd Street caters to a niche segment of discerning buyers.
Comparative Analysis
Compared to other properties in Chelsea, 327 West 22nd Street’s slower sales pace can be attributed to its boutique nature and exclusive pricing. Many buyers in this price range are looking for unique properties with distinct architectural character, which this building offers. However, the smaller inventory means each sale significantly affects market performance metrics.
Stacking Plans and Units Overview
The stacking plans and unit configurations at 327 West 22nd Street highlight the property’s thoughtful design and versatility. Each unit is designed to maximize space and functionality, catering to the needs of modern residents.
Unit Breakdown
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1-Bedroom Units: 1 unit (0% sold)
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2-Bedroom Units: 7 units (29% sold)
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3-Bedroom Units: None
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4+ Bedroom Units: None
Featured Units
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Unit 8: This penthouse spans two levels, featuring two bedrooms and 2.5 bathrooms. It boasts approximately 1,800 square feet of interior space and three private terraces totaling 1,300 square feet. The unit includes high-end finishes, a chef’s kitchen with Subzero and Viking appliances, and a private keyed elevator. It was recently listed for rent at $18,000 per month.
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Unit 1: A duplex with two bedrooms and 1.5 bathrooms offers 1,088 square feet of interior space and a private garden measuring 621 square feet. It sold for $2.23 million two years ago, reflecting Manhattan's premium value of outdoor space.
Each unit in the building reflects a careful balance between functionality and luxury, ensuring residents have both comfort and elegance in their living spaces.
Listings and Sales History
The property’s listings and sales history provide an overview of its activity in the real estate market. The following highlights key transactions and price changes for 327 West 22nd Street.
Notable Listings
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Unit 8: Listed for rent at $18,000 per month (1 month ago), following a price drop of -13.89% 10 months ago.
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Unit 3: Listed for rent at $8,000 per month (3 months ago).
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Unit 8: Previously listed for rent at $17,000 per month (7 months ago).
Sales Transactions
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Unit 1: Sold for $2.23 million (2 years ago).
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Unit 2: Sold for $2.79 million (2 years ago).
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Unit 3: Signed a rental contract for $8,000 per month (3 months ago).
Market Trends
The rental market for high-end properties in Chelsea remains competitive, with fluctuations reflecting broader economic conditions. For example, the listing activity for Unit 8 demonstrates an adaptive approach to market conditions, with adjustments made to align with demand.
Filings and Legal Information
The legal and administrative aspects of 327 West 22nd Street provide transparency and confidence for buyers. Key filings and certificates include:
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Offering Submitted: April 26, 2021
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Offering Accepted: October 12, 2021
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Offering Effective: December 23, 2021
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Certificate of Occupancy: Issued on August 24, 2017
The building’s management structure is led by Chelsea West 22nd LLC, with NMC Property Management overseeing day-to-day operations. The building’s legal and administrative framework ensures compliance with New York City’s housing regulations.
Management Team
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Managing Agent: Nancy Candelario
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Onsite Manager: Anthony Figueroa
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Head Officer: Michaelangelo Battista
The team’s expertise and professionalism contribute to the building’s smooth operations and resident satisfaction.
Environmental Features and Amenities
327 West 22nd Street offers a range of amenities designed to enhance residents’ comfort and convenience. These features cater to a luxury lifestyle while maintaining a connection to Chelsea’s vibrant community.
Amenities
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Elevator: Ensures easy access to all floors.
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Outdoor Spaces: Includes a garden, roof deck, patio, and private terraces.
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Pet-Friendly Policies: Accommodates residents with pets.
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Virtual Doorman: Provides secure package handling and visitor management.
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Storage Facilities: Offers additional space for residents.
The building’s outdoor spaces, including private terraces and a roof deck, are particularly appealing in Manhattan’s urban setting. These areas provide a retreat from the city while adding significant value to the property.
Environmental Considerations
While the building does not feature specific eco-friendly certifications, its efficient use of space and modern renovations contribute to reduced energy consumption. Including outdoor spaces further connects residents with nature, enhancing their overall living experience.
Layout and Architectural Details
The architectural and interior design of 327 West 22nd Street reflects a commitment to quality and sophistication. Renovated by Calvert Wright Architecture, the building combines historic elements with modern finishes.
Design Features
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Historic Facade: Retains the charm of its 1900 construction.
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Interior Finishes: High-end materials, including wide plank wood flooring and custom cabinetry.
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Appliances: Equipped with Subzero, Viking, and Bosch appliances in chef’s kitchens.
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Layouts: Open floor plans that maximize natural light and functionality.
The attention to detail in the renovation ensures that each unit meets the expectations of luxury buyers while preserving the building’s historical significance.
Architectural Harmony
The property blends old and new, creating a cohesive aesthetic that appeals to traditional and modernists. The balance between its historic facade and contemporary interiors demonstrates thoughtful design and execution.
News and Market Updates
Recent activity and news related to 327 West 22nd Street highlight its position in the real estate market. The building’s price adjustments and rental trends indicate an adaptive strategy to attract residents.
Market Updates
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Unit 8: Experienced a rent price drop of -13.89% 10 months ago, followed by a listing at $18,000 per month.
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Unit 4: Noted a rent price increase of +9.76% a year ago.
The building’s performance reflects broader trends in Manhattan’s real estate market, where luxury properties face fluctuating demand and pricing.
Summary and Conclusion
327 West 22nd Street is a unique property combining historical charm and modern luxury. Located in Chelsea, one of Manhattan’s most desirable neighborhoods, the building offers an exclusive living experience with high-end amenities and thoughtfully designed units.
Despite a slow sales velocity, the property’s prime location and luxurious features ensure its appeal to discerning buyers. The blend of private outdoor spaces, high-quality finishes, and proximity to Chelsea’s cultural attractions make 327 West 22nd Street a valuable addition to Manhattan’s real estate landscape. Whether for investment or residency, this property represents an opportunity to own a piece of Chelsea’s architectural and cultural heritage.
FAQs
What types of units are available at 327 West 22nd Street?
The building offers a range of units, including 1-bedroom and 2-bedroom configurations. For instance, Unit 8 is a 2-bedroom, 2.5-bathroom penthouse with three private terraces, while Unit 3 is a 2-bedroom, 2-bathroom loft-like residence with a private off-street entrance.
What amenities does the building provide?
Residents can enjoy an elevator, private outdoor spaces (gardens, terraces), central air conditioning, and virtual doorman services. The building combines the charm of a landmark townhouse with modern condo-style conveniences.
Is 327 West 22nd Street pet-friendly?
Yes, the building accommodates residents with pets, making it a suitable choice for pet owners seeking luxury living in Chelsea.
What is the historical significance of the building?
Built in 1851, 327 West 22nd Street is a landmark townhouse that has been renovated to combine historic charm with modern luxury, offering residents a unique living experience in a historical setting.
How is the building managed?
The property is professionally managed, offering residents convenience and reliability, including maintenance and package handling services. Specific details about the management company are not provided in the available sources.
