Stephen G. Kliegerman
President of Development Marketing
Halstead Property Development Marketing announced the topping-off of The 505, a new luxury half-acre condominium and gardens development complex in Hell's Kitchen located at 505 West 47th Street.
The seven-story ground-up condominium will have 109 residences in two buildings surrounding a garden courtyard that make up a half acre.
Currently 95% sold, the remaining six units range in price from $730,000 to $1.395 million, including four one- bedrooms, one garden courtyard two bedroom and one two-bedroom penthouse which has an open design plan and an internal staircase connecting to a 427 s/f private roof terrace offer skyline views.
"The high level of quality and beauty we committed to the construction and design of this development has made it stand out from the competition in Hell's Kitchen — and it has made us one of the fastest-selling developments in New York this year," said development partner Ian Reisner of Parkview Developers.
Real estate development in Hell's Kitchen west of Eighth Avenue has been vibrant since the start of 2000. The VU, a new $125 million four-star David Rockwell-designed hotel is set to open there this fall, and a new Ogilvy & Mather headquarters opens in July 2009.
"Hell's Kitchen has already be gun a tremendous transformation, and The 505 — and the level of interest it has seen by buyers — is a good indication of the neighborhood's rise," said Halstead's Stephen G. Kliegerman.
"The 505 will bridge luxury residential buildings already established in Far West Chelsea with the west side anchored by Time Warner Center, and solidify this neighborhood as an area with increasing property values for years to come."
The 505 was designed by H. Thomas O'Hara and developed by Lev Parkview Developers, LLC, a venture of Parkview Developers.
Halstead Property and Nest Seekers International serve as co-exclusive agents.
Wednesday, September 17, 2008