Chelsea Luxury Condo With Hudson River Views Is Manhattan’s Most Expensive Sale This Week

A sprawling West Side condominium in an architectural landmark designed by the firm of Sir Norman Foster is the week's highest-priced sale in Manhattan. It is listed for $17 million.

The 17th-floor corner unit at 551 West 21st St. in Chelsea is a rare four-bedroom condo boasting impressive 11-foot ceilings and dual Hudson River and cityscape views, overlooking some of the Big Apple's most famous landmarks.

Foster, the Pritzker Prize-winning architect, is known for designing many of New York City's high profile buildings. His work includes the luminous, transparent cube of Fifth Avenue's Apple Store, the soaring and sustainable 50 Hudson Yards, the superskyscaper JPMorgan Chase Tower headquarters on Park Avenue, and the new $10 billion Port Authority Bus Terminal.

The 19-story West Chelsea luxury complex was Foster's first residential project in the U.S., built in 2015.

"There is a premium for a name, for sure," says Compass luxury broker Michael Reisor, who did not have this listing but is familiar with the building. "People like the pedigree of having such a recognized architect."

But it was more than the superstar architect that pushed this Foster + Partners condo to the forefront of last week's luxury sales. Location, interiors, and even price all helped, too.

"This unit is especially unique because it is the highest four-bedroom in the building," Compass co-listing agent Scott Hustis tells Realtor.com®. "It is literally one of the best, highest, riverfront-facing four-bedrooms on the West Side."

"It's really difficult to find an apartment with a sprawling size like this," adds Reisor, who sold a residence five blocks away in the luxury Jardim Building.

"It's hard to find a four-bedroom over 4,000 square feet," he says of the 4,271-square-foot corner unit. "And it's especially difficult to find one in an amenitized, beautiful building with views of the Hudson."

Inside the ultraluxe unit

Unit 17A is the last one before the three penthouses, which means it has 360-degree views of both the water and the iconic cityscape—including the Empire State Building, One World Trade Center, and even the Statue of Liberty.

It's those astonishing views and the building's pedigree that moved the unit in lightning-quick time, in less than a month. The unit is also riding a wave of strong luxury sales (above $4 million) for October.

"We timed it to the peak of the fall market," says Hustis. "It was all timing, presentation, and market. We worked closely to get it in front of a lot of buyers."

Indeed, after a brief and small dip last week, the fall market continued its robust luxury sales streak.

For the week ending Oct. 18, there were 28 contracts signed, three more than the week before. Most sales are moving near the ask, with a mere 2% discount, according to Olshan Realty's luxury report.

As is typical, condos led the way, with almost 70% of sales: 17 condos versus 7 co-ops. There were also four townhouses thrown in the mix.

Another interesting note about this particular unit is that only five years ago, in July 2021, the sellers paid $13 million for it. Initially listed in February 2020 for $17 million—the condo saw a sharp price drop, likely due to it coming on the market just as the COVID-19 pandemic took hold of the city.

It was a time when net out-migration increased by an estimated 130,837 from March 2020 through June 2021, more than triple pre-pandemic trends, according to the city comptroller. If you were an intrepid buyer going against the tide, you could snap up a deal.

The broker agrees the current owner "bought at an opportune time. They struck while the iron was hot, and purchased it well. It was good timing for them."

Still, at $3,980 per square foot, the unit's ask is well above the median of $1,933 per square foot for the tony area.

While the $4 million appreciation had much to do with market timing, the broker reveals there were cosmetic renovations as well.

"They didn't gut it or anything—you didn't need to," he says. "The home is in magnificent shape."

Then there is a rare amenity for the city: valet parking, with a private porte cochere.

"That is really nice for people," says the agent. "You have a private area to pull in off the street, and the staff helps you. It's a really small, boutique building where the staff is amazing.

"It's almost like loading at your home in the suburbs," he adds. "Five of your neighbors can pull in at the same time and you can all pull in, unload and say hi, and get into your building."

This kind of suburban-style living in the midst of the Big Apple doesn't come cheap—with a monthly common charge of $10,311 (not including taxes).

Although, for an apartment of this size with a full-time door attendant, concierge service, porter, live-in resident manager, as well as a state-of-the-art fitness center, a residents' lounge, and a children's playroom, the monthly charge isn't out of order.

In the heart of West Chelsea's Gallery District, the building is a short stroll to premier destinations such as the High Line, Chelsea Piers, Hudson Yards, Hudson River Park, Little Island, Chelsea Market, and the Heliport.

Donald P. Brennan Jr., CEO of the The Brennan Real Estate Group with Engel & Volkers, who represents luxury real estate in the neighborhood, speculates that the sprawling unit may have gone to a family, given its proximity to many top notch schools, as well as the enormous sports and entertainment complex, Chelsea Piers.

"Chelsea Piers was a pioneer in bringing all kinds of people to that part of Manhattan, including many families that took advantage of child-aged programs at the piers," he says. "I imagine a four-bedroom condo might be a fit for a family, so proximity to the world-class recreational facility that is Chelsea Piers would certainly drive a premium in this case."

The condo is also a short walk from the Avenues New York, a renowned private school for students aged 1 to 18.

Listing agent Hustis wouldn't reveal anything about the buyers, saying only that they are "quiet people."

Second-highest sale: Waldorf Towers condo

Nipping at the heels of the Chelsea sale is a 3,855-square-foot condo in the Waldorf Astoria Residences at 301 Park Ave. in Midtown.

A three-bedroom, 3.5-bathroom unit boasting a rare 660-square-foot terrace with Chrysler Building views had an asking price of $16.5 million.

The branded residences include 50,000 square feet of private amenities, including a 25-meter Starlight pool and a fitness center.

Residents are also able to take advantage of certain hotel benefits, including preferred access to hotel venues worldwide and the hotel's 24/7 in-room dining.

Michelle Griffith of Douglas Elliman brought in the buyer.