Construction is now above street level on 550 West 21st Street, a 23-story residential building in West Chelsea, Manhattan. Developed by Legion Investment Group and AVRS Partners LP, which took over from Casco Development, the 250-foot-tall structure will span up to 172,000 square feet and yield 83 condominium units. The nearly 0.5-acre project site is located at the corner of West 21st Street and the Hudson River Greenway.
Vertical progress has begun since our last update in April, when construction equipment was returning following Legion’s acquisition of the project out of bankruptcy with the ground-floor slab already formed. An assembly of metal shoring has been erected to form the first story on the western end of the lot, and new trailers and materials have arrived on site. Work is further behind on the eastern side of the property, but YIMBY expects the superstructure to begin rising in earnest in the coming weeks.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
550 West 21st Street. Photo by Michael Young.
No finalized renderings have been revealed for the building apart from the below diagram from the construction board. The design features an L-shaped massing with numerous stepped cutouts above a multi-story podium.
Photo by Michael Young
The previous developer Casco acquired the property for $50 million in 2014 and planned to construct a nearly 200,000-square-foot building with 34 condominium units and 43,510 square feet of commercial space. The project fell into bankruptcy last summer with a debt of $527 million.
Deutsche Bank provided Legion with $56 million in financing for last year’s acquisition. The developer is aiming to add another 11,000 square feet to the scope in exchange for a $7.8 million donation to the West Chelsea Affordable Housing Fund. Corcoran Sunshine Marketing Group has been contracted to sell and market the units.
In recent news, the developers received a $155 million construction loan from Eldridge Real Estate Credit.
“This financing milestone underscores the unique value of 550 West 21st Street, the last major waterfront development site in West Chelsea of this scale and quality,” said Victor Sigoura, Founder and CEO of Legion Investment Group. “With unobstructed Hudson River views and direct waterfront access, the project represents a truly rare opportunity, and we look forward to sharing more details in the upcoming months.”
The nearest subways from the property are the C and E trains at the 23rd Street station on Eighth Avenue.
550 West 21st Street is slated for completion in mid-2027 and sales are expected to launch in 2026.
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Inasmuch as a residential building being by the Hudson River should/will offer up wondrous views of sunsets and calming expanses of water this locale will offer up especially on the lower floors the distracting hideousness of the blocks-long metal shed called Chelsea Piers. I think it is about time the HRPC consider a redesign of the various piers sheds they are responsible for, assuming they have the money.
As is often the case here in NYC, some of those ‘million dollar sunset views’ from those buildings behind this new structure will now be worth about a buck ninety nine.
The windows you are seeing are facing north; I only see a few west-facing lot-line windows. Mostly its blank walls. About time this thing goes up.