The nearly 300 sales listings that experienced price reductions from November 11-17, 2025 included a number of units in surrounding West Chelsea condos like ABI Chelsea, Park House, 551W21, and 245 Tenth Avenue. However, this should be not be read as cause for concern; the area is expected to see continued growth, not to mention continued demand, as the Hudson Yards and Penn District mixed-use plans are built out.
West Chelsea rose to prominence for its thriving gallery scene, but now commands equal if not greater attention for its architectural masterpieces housing some of New York City's most valuable real estate. Local development shows no sign of slowing down. In May 2025, after after Wynn Resorts withdrew its bid for a casino in the Western Rail Yards section of Hudson Yards, developer Related Companies revealed a new proposal for the site not unlike the one proposed in 2009: primarily residential with 4,000 units (a portion of which will be affordable), new office development, a new school, and 6.6 acres of public green space.
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More recently, this got one step closer to fruition when the city's Industrial Development Agency (an entity managed by the Economic Development Corporation) voted to approve an amendment of the Uniform Tax Exemption policy to include the project's site. Critics object to the payment-in-lieu-of-taxes (PILOT) structure proposed to finance the project, but it is not without precedent. Notably, it was used to build the first half of Hudson Yards.
Other projects in the works include the overhaul of NYCHA's Fulton and Elliott-Chelsea Houses, which has been in the works since before the pandemic. A PACT partnership between NYCHA, Related Companies, and Essence Development calls for demolishing existing campuses, replacing them with new mixed-income buildings boasting energy-efficient infrastructure, state-of-the-art residential amenities, new apartments with new appliances including dishwashers and in-unit laundry, and community improvements.
Demolition permits and plans for the first phase of new buildings were filed earlier this year. The vast majority of residents will be able to stay in their apartments while the new towers are built, but some tenants must relocate temporarily. Some elderly residents have refused to move, and a New York State Supreme Court justice refused to order them to do so in November 2025, saying that NYCHA "fails to explain how, if at all, not immediately making said updates to the subject apartment causes irreparable harm," and suggesting that NYCHA take it up with housing court. It remains to be seen how this will affect the project's timeline.
Rentals account for the bulk of West Chelsea's forthcoming housing, but one major condo project is in the works at 550 West 21st Street. Before the pandemic, developer Casco planned a 34-unit boutique condominium for the site with 10 parking spaces and a design by Renzo Piano Building Workshop, designers of 565 Broome Soho in Hudson Square. But after the project fell through and Casco sought Chapter 11 protection, Legion Group bought the site for $87 million in April 2024, with founder and CEO Victor Sigoura describing it as "the last major waterfront development site in West Chelsea of this scale and quality."
Amenities are not yet available for the 23-story, 83-unit condominium rising on the site, but it is located directly west of the High Line, across the street from Chelsea Piers, and a short distance from Hudson River Park. Legion Group secured a construction loan in October 2025, and the building is about two stories out of the ground as of mid-November 2025. Sales are expected to launch in 2026 with completion estimated for 2027.
-13.4% | -$1,155,000
551W21, #7B
$7,495,000
Chelsea | Condominium | 2 Bedrooms, 2.5 Baths | 2,425 ft2
551W21, #7B (Brown Harris Stevens Residential Sales LLC)
The price reductions also included the triplex penthouse at 78 Irving Place. Entrepreneur/WeWork founder Adam Neumann listed it for $37.5 million in February 2020, less than three years after buying it for $18 million and customizing it to his exacting specifications. It has been on and off the market at gradually lower price points ever since, and the latest price cut brings it down to $19.75 million, or a 47.3% reduction from the initial ask.
A selection of notable listings all over New York City, as well as a full chart of last week's price cuts, may be seen below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.
Recently reduced listings
-13.2% | -$3,000,000
78 Irving Place, #PH
$19,750,000
Gramercy Park | Condominium | 5 Bedrooms, 5.5 Baths | 6,630 ft2
78 Irving Place, #PH (Douglas Elliman Real Estate)
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-9.4% | -$1,595,000
Abi Chelsea, #PH2
$15,400,000
Chelsea | Condominium | 4 Bedrooms, 3.5 Baths | 3,474 ft2
Abi Chelsea, #PH2 (Compass)
-17.4% | -$2,000,000
1158 Fifth Avenue, #PHC
$9,500,000
Carnegie Hill | Cooperative | 5 Bedrooms, 5 Baths | 4,200 ft2
1158 Fifth Avenue, #PHC (Sothebys International Realty)
-18% | -$1,700,000
11 Beach, #THC
$7,750,000
Tribeca | Condominium | 4 Bedrooms, 6+ Baths | 4,827 ft2
11 Beach, #THC (Douglas Elliman Real Estate)
-13.3% | -$900,000
Bergen Brooklyn, #PH603W
$5,850,000
Boerum Hill | Condominium | 5 Bedrooms, Unknown Baths | 2,941 ft2
Bergen Brooklyn, #PH603W (AVDOO & PARTNERS DEVELOPMENT MARKETING INC)
35XV, #13C (Douglas Elliman Real Estate)
-4.4% | -$255,000
72 Horatio Street, #1S
$5,495,000
West Village | Cooperative | 3 Bedrooms, 2.5 Baths
72 Horatio Street, #1S (Compass)
-12.8% | -$705,000
400 Park Avenue South, #26C
$4,795,000
Flatiron/Union Square | Condominium | 3 Bedrooms, 3 Baths | 2,814 ft2
400 Park Avenue South, #26C (Douglas Elliman Real Estate)
-17.9% | -$700,000
Olympic Tower, #30F
$3,200,000
Midtown East | Condominium | 2 Bedrooms, 2.5 Baths | 1,688 ft2
Olympic Tower, #30F (Douglas Elliman Real Estate)
-14.4% | -$505,000
Trump Tower, #48K
$2,995,000
Midtown East | Condominium | 2 Bedrooms, 2.5 Baths | 1,800 ft2
Trump Tower, #48K (Next Stop NY)
-10.7% | -$300,000
The Solaire, #3M
$2,495,000
Battery Park City | Condop | 3 Bedrooms, 3 Baths | 1,621 ft2
The Solaire, #3M (Corcoran Group)
-16.4% | -$450,000
The Glass Farmhouse, #8C
$2,300,000
Midtown West | Condominium | 2 Bedrooms, 2 Baths | 1,900 ft2
The Glass Farmhouse, #8C (Compass)
-13.8% | -$345,000
993 Park Avenue, #11A
$2,150,000
Carnegie Hill | Cooperative | 2 Bedrooms, 2.5 Baths | 1,859 ft2
993 Park Avenue, #11A (Bank Neary Inc)
-17.8% | -$400,000
The Oliver Cromwell, #12D
$1,850,000
Central Park West | Cooperative | 3 Bedrooms, 2.5 Baths | 1,377 ft2
The Oliver Cromwell, #12D (Corcoran Group)
-18.2% | -$400,000
64 East 80th Street, #G
$1,800,000
Carnegie Hill | Cooperative | 2 Bedrooms, 2 Baths
64 East 80th Street, #G (Compass)
-11.1% | -$200,000
51 Fifth Avenue, #7E
$1,600,000
Greenwich Village | Cooperative | 1 Bedroom, 1 Bath
51 Fifth Avenue, #7E (Douglas Elliman Real Estate)
-17.8% | -$280,000
355 West, #3A
$1,295,000
Midtown West | Condominium | 2 Bedrooms, 2 Baths | 991 ft2
355 West, #3A (Corcoran Group)
-17.6% | -$245,000
330 Grand Street, #3A
$1,150,000
Lower East Side | Condominium | 1 Bedroom, 1 Bath | 702 ft2
330 Grand Street, #3A (Serhant)
-12.5% | -$150,000
257 Throop Avenue, #4
$1,050,000
Bedford-Stuyvesant | Condominium | 3 Bedrooms, 2 Baths | 1,154 ft2
257 Throop Avenue, #4 (Compass)
-10.4% | -$104,000
41 Putnam Avenue, #D
$895,000
Clinton Hill | Condominium | 1 Bedroom, 1 Bath | 745 ft2
41 Putnam Avenue, #D (Douglas Elliman Real Estate)
435 East 65th Street, #PHA (Brown Harris Stevens Residential Sales LLC)
Stirling Towers, #4L (Corcoran Group)
-15.5% | -$85,000
261 West 22nd Street, #5
$465,000
Chelsea | Cooperative | 1 Bedroom, 1 Bath
261 West 22nd Street, #5 (Compass)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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