Trouble at a significant big Chelsea condo building at 22 West 15th Street

22 West 15th Street, Grosvenor House, is one of the significant Chelsea condos, mid-block, 24 stories with great southern views, built at the end of the 1980s. And so today, on this block of 15th Street between 6th avenue and 5th avenue, the area was so hot that they are building a big hotel across the street. Owners at #22 are complaining, obstructed views, more traffic, greater transience, a bar... [more]

22 West 15th Street, Grosvenor House, is one of the significant Chelsea condos, mid-block, 24 stories with great southern views, built at the end of the 1980s. And so today, on this block of 15th Street between 6th avenue and 5th avenue, the area was so hot that they are building a big hotel across the street. Owners at #22 are complaining, obstructed views, more traffic, greater transience, a bar where previously that was banned because of the church. Already the block suffers from significant homeless population by the church, and the construction of a smaller development than contemplated by the hotel. So the real estate market does well, raises values, and someone takes the opportunity and in return, pre-existing others get lower values and lower quality of life. This is a tangible example of how the growth of NYC real estate is actually hurting current owners. Also check out the listing in the building currently in contract for $1.9MM where they first listed it for $2.2MM. This apartment is also now listed for rental at $9K, down from $10K. The rent to buy ratio is 17.5x (before adjusting for monthlies) [less]