A major condominium development in New York’s West Chelsea neighborhood has secured $155 million in construction financing, marking a significant milestone for the project. The loan was provided as work visibly progresses at the site, situated at 550 West 21st Street, which is poised to transform a prime waterfront parcel into luxury residences.
Key Takeaways
- The project secured $155 million in construction financing from Eldridge Real Estate Credit.
- 550 W. 21st Street will feature 83 condominium units across 23 stories.
- Located between Hudson River Park and the High Line, the building will offer unobstructed river views and direct access to green spaces.
- The development is the last major waterfront site of its scale and quality in West Chelsea.
Project Overview and Financing Details
Legion Investment Group, in partnership with AVRS Partners LP, reached a $155 million construction loan milestone with Eldridge Real Estate Credit, part of Eldridge Capital Management. This financing comes as construction surges ahead, with superstructure work underway since late September. According to project leaders, this underscores both investor confidence and the unique attributes of the property.
Unique Positioning on Chelsea’s Waterfront
Positioned at the confluence of the Hudson River Park and the High Line, the condo tower will allow future residents unique access to expansive outdoor amenities. The area is known for its combination of scenic riverfront views and vibrant pedestrian infrastructure, making it one of Manhattan’s most sought-after localities.
The building’s design will make the most of its site, offering dramatic, unobstructed views of the Hudson River. This, along with direct access to Manhattan’s major green spaces, stands out as a key draw for potential buyers.
Project Specifications and Future Outlook
The development at 550 W. 21st Street will rise 23 stories and deliver 83 luxury residences. With major construction milestones being met, the developers plan to unveil more details regarding the building’s amenities, design, and sales timeline in the coming months.
As the last development site of this scale on the West Chelsea waterfront, the building is expected to meet robust demand from buyers seeking quality, exclusivity, and views. The combined backing of seasoned investment partners and a strong financing deal further positions the project as a noteworthy addition to New York’s evolving luxury residential landscape.