Newest Chelsea Luxury Condo 90 Percent Sold; First Units Close

By Erika Schnitzer, Associate EditorNew York—Closings recently began at 133 West 22nd, a 99-unit luxury condominium project in New York’s Chelsea neighborhood that is being developed by The Ascend Group LLC, a New York-based developer of boutique residential properties.iStar Financial served as the primary lender for the project and mezzanine capital was provided by Wafra Investment Advisory Group Inc. Both firms are headquartered in New York.Designed by Cetra/Ruddy, 133 West 22nd Street offers one-, two- and three-bedroom residences and penthouses, ranging in size from 750 to 3,000 sq. ft. In addition, the building offers one interior courtyard townhouse, located on the ground level of the development. Home prices range from $800,000 to over $4 million. The 13-story development is currently 90 percent sold, which Rob Kaliner, principal, The Ascend Group, attributes to the pricing of the units. “It’s very fairly priced compared to other projects. With the amenities and pool, it’s considerably under market value.”Each residence features floor-to-ceiling glass, nine-ft. ceilings and solid oak hardwood flooring throughout, in addition to European kitchens by ItalKitchen with black lava stone countertops, Sub-Zero refrigerators, Bosch appliances, and Marvel wine coolers. Master baths include Tau Corten tile, Crestola honed stone countertops, Bianco Dolomiti honed floors and stainless steel fixtures.The target market consisted of “people who live in the neighborhood who want to upgrade to all the amenities one would expect in a luxury building,” Kaliner tells MHN.The development features a 24-hour lobby with concrete floor panels and stainless steel columns with a curved art glass wall. “Cetra/Ruddy does a lot of work in Chelsea, and they wanted to do something that fit in with the neighborhood (which is very art-oriented) and the context,” says Kaliner.In addition, the building’s amenities include an outdoor pool with a lounge and dining areas, a landscaped rooftop deck with a full wet bar and cabanas, a fitness center overlooking and surrounding the pool, and onsite parking.Located in close proximity to Madison Square Park, 133 West 22nd is within walking distance to shopping, restaurants and nightlife venues.