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78 Irving Place, #PH (Douglas Elliman Real Estate) |  TechCrunch - Max Morse - TechCrunch Disrupt NY 2015, CC BY 2.5, https://commons.wikimedia.org/w/index.php?curid=79958843 78 Irving Place, #PH (Douglas Elliman Real Estate) | TechCrunch - Max Morse - TechCrunch Disrupt NY 2015, CC BY 2.5, https://commons.wikimedia.org/w/index.php?curid=79958843
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.

In this article:

435 East 65th Street
435 East 65th Street Lenox Hill
Trump Tower, 721 Fifth Avenue
Trump Tower, 721 Fifth Avenue Midtown East
Olympic Tower, 641 Fifth Avenue
Olympic Tower, 641 Fifth Avenue Midtown East
1158 Fifth Avenue
1158 Fifth Avenue Carnegie Hill
993 Park Avenue
993 Park Avenue Carnegie Hill
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.
Hudson Yards West Hudson Yards Western Rail Yards rendering (Related Companies)
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.
NYCHA West Chelsea Fulton and Elliott-Chelsea Houses
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.
 
 
 
 
550 West 21st Street, West Chelsea, NYC luxury condo
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550 West 21st Street, West Chelsea, NYC luxury condo
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550 West 21st Street, West Chelsea, NYC luxury condo
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550 West 21st Street, West Chelsea, NYC luxury condo
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550 West 21st Street, West Chelsea, NYC luxury condo
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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


78 Irving Place, #PH (Douglas Elliman Real Estate)
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Abi Chelsea, #PH2 (Compass)

1158 Fifth Avenue, #PHC (Sothebys International Realty)

11 Beach, #THC (Douglas Elliman Real Estate)

Bergen Brooklyn, #PH603W (AVDOO & PARTNERS DEVELOPMENT MARKETING INC)

35XV, #13C (Douglas Elliman Real Estate)

72 Horatio Street, #1S (Compass)

400 Park Avenue South, #26C (Douglas Elliman Real Estate)

Olympic Tower, #30F (Douglas Elliman Real Estate)

Trump Tower, #48K (Next Stop NY)

The Solaire, #3M (Corcoran Group)

The Glass Farmhouse, #8C (Compass)

993 Park Avenue, #11A (Bank Neary Inc)

The Oliver Cromwell, #12D (Corcoran Group)

64 East 80th Street, #G (Compass)

51 Fifth Avenue, #7E (Douglas Elliman Real Estate)

355 West, #3A (Corcoran Group)

330 Grand Street, #3A (Serhant)

257 Throop Avenue, #4 (Compass)

41 Putnam Avenue, #D (Douglas Elliman Real Estate)

435 East 65th Street, #PHA (Brown Harris Stevens Residential Sales LLC)

Stirling Towers, #4L (Corcoran Group)

261 West 22nd Street, #5 (Compass)

Would you like to tour any of these properties?
Just complete the info below.
  1. Select which properties are of interest to you:

Or call us at (212) 755-5544
Would you like to tour any of these properties?