This Chelsea one-bedroom apartment was our most viewed listing last week

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June 5, 2020
what is the best real estate in chelsea

If you’re looking for the perfect Manhattan neighborhood, Chelsea is the place for you. Check out why this Chelsea listing was so popular last week.

With COVID-19 hitting the United States and NYC particularly hard, the New York CIty real estate market has felt its effects. The pandemic has changed traditional home hunting by forcing it to adapt and move from in-person open houses to virtual tours. Online apartment hunting and researching has become the norm during the stay-at-home mandate as people are given more time to slowly find their perfect space and view spaces through 3D virtual tours and video tours. 

However, since people are forced to stay home, demand and supply for homes dropped significantly and has impacted the normally busy spring season for the housing market. In response, many sellers have either held off on putting their homes on the market and others have pulled listings in fear of prices dropping. 

Another effect the Coronavirus had on the real estate market is that New York City apartments for rent still on the market had many price drop listings, with the most price cuts found in Manhattan. Homes for sale followed a month after with some market listings dropping as much as 17%. Despite these affects, the market has stayed relatively stable and mortgage rates also hit an all-time low. 

New York City is expected to enter phase one of reopening on June 8th. Once things turn to normal and people are able to freely go outside, it is expected the rental sector of the market will quickly bounce back, followed by the buyer sector.

What would make your next home perfect?
Find it now on Localize ✨

A great resource many have used during the pandemic to apartment hunt and research neighborhoods has been Localize. It’s not just a useful tool to have for the stay-at-home mandate, but one that can aid anyone looking to find an apartment in NYC. It provides insights for all listings in New York City so you can know the truth about every apartment.

Localize’s insights include building violations and complaints, price history of the building, building amenities, nearby construction, crime rates, neighborhood life, nearby schools, and much more. By using Localize, you can feel confident with the apartment you choose and have no unexpected surprises after moving in.

how affordable is chelsea nyc
505 West 22 Street, #1W Chelsea, New York

Living in Chelsea, Manhattan

Chelsea is a neighborhood found on the West Side of Manhattan and is bounded by the Hudson River on one side. It was named after the Royal Hospital Chelsea in London, England. This neighborhood is mainly made up of residential buildings, with a mix of townhouses, tenements, apartment blocks, city housing projects, and renovated row houses. 

It’s known as one of the most diverse neighborhoods in New York City and its retail stores and restaurants reflect the ethnic diversity found within the population living there. Chelsea also has a large LGBTQ population and Eighth Avenue is a center for LGBT-oriented shopping and dining spaces. If you love art, then the best neighborhood in NYC would be Chelsea. This is because it’s known as one of the neighborhoods that contain NYC’s art world. There are over 200 galleries in this neighborhood that feature modern art and also have plenty of performance venues, theaters, and museums.

Many celebrities call New York City home and the majority of them have settled in the borough of Manhattan. These celebrities include Justin Timberlake and Jessica Biel, Hugh Jackman, Sarah Jessica Parker, and Jon Bon Jovi living in West Village. Those who call the Chelsea neighborhood home include Cameron Diaz and Ariana Grande. 

The most viewed Chelsea listing

Of all the apartments for rent in Manhattan, why was this Chelsea listing the most viewed last week? Let’s break it down:

505 West 22 Street, #1W

Chelsea, New York

Space: 1 bed, 1 bath

Price: $3,923

Apartment details & building amenities

This Chelsea apartment is a renovated one bedroom and one bathroom space. It also has a private garden space. The apartment is located in a pet-friendly building and features wireless keyfob technology, oak wood floors, in-unit washer/dryer, Bosch appliances and Hansgrohe & Kohler fixtures.

The in-unit laundry is considered a rare amenity as no other similar listing has it. While the building has no violations, there have been three recent complaints with the most recent filed on 11/18/18. According to Localize, there is a good chance that the problem has already been resolved.

Floor plan & leasing terms

This apartment space can be available unfurnished or fully furnished and requires a 31 lease day minimum. Keep in mind that leases less than 180 days are subject to tax of 5.875%. The advertised price is the net effective rent with one month offered free by the landlord on a 13 month lease for the unfurnished apartment. However, if you prefer to rent the home fully furnished, there are three different lease rates available: 2-3 months: $5,900/month, 4-6 months: $5,200/month, and 7+ months: $4,900/month

This space has a long layout where you’re able to continuously walk from one end to the other. When you enter the front door, you’ll find the bedroom on one side and the kitchen and living room on the other. Once you enter the living room area, you’ll find it leads to the private backyard space.

new york apartment prices to buy
505 West 22 Street, #1W Chelsea, New York

Price history

According to Localize’s insights, prices of units similar to this typically ranges from $3.55k to $4.05k. This means the price of this apartment space falls within the normal price range. However, if you rent the apartment as a furnished space, even the cheapest lease option of 7+ months for $4,900 is above the average price range for the unit. The building the listing is located in was last sold in July of 2018 for $5.3 million, which is about $878 per sqft.

Nearby construction

There is one construction site that can be found within half a block of the residential building. It is for a residential building that will replace a mixed residential and commercial building. It started in April 2016 and is estimated to end in 2023.

Safety

According to Localize’s insights, the neighborhood the apartment is located in has slightly below average crime rates compared to the rest of New York. However, the space is located in a hurricane zone and flood zone where there’s a 26% chance of flooding in the next 30 years and 1% chance of flooding every year.

Transportation

The apartment space has good connectivity to all hubs with 9 transit lines nearby, which include trains and buses. It takes 20 min to get to Midtown, 26 min to the Financial District, 23 min to Long Island City, and 24 min to Downtown Brooklyn by train/bus. It is also a bike-friendly area with 14 CitiBike stations within walking distance. The closest CitiBike to the apartment is only a 3 min walk away.

About the neighbors

The area has more 25-44 year olds than the rest of NYC. The population here is relatively wealthy compared to the rest of the city and people are highly educated with many of them working in management occupations.

How much does it cost to buy an apartment in NYC?

Chelsea neighborhood guide

There are plenty of entertainment and outdoor activities found in Chelsea. This includes parks such as The High Line, Chelsea Recreation Center, Hudson River Park, and Chelsea Park. There are also plenty of coffee shops to enjoy and restaurants that include Spanish food, Italian and pizza, Japanese and sushi, diners, and burgers. Chelsea also features many nightlife spots including wine bars, beer gardens, dance clubs, bars, cocktail bars, music venues, and lounges. All of these spots are also within 5 min or less walking distance from the apartment. 

If you’re interested in art, there are art galleries like Chase Contemporary and Praxis, art galleries like Rubin Museum of Art, and performance art such as Graffiti Research Lab, New York Live Arts, and The Kitchen. If you enjoy shopping, you’ll be happy to know there are plenty of big name stores such as Comme Des Garcons, Balenciaga, Alexander McQueen, Stella McCartney, and Christian Louboutin.

Other entertainment options include the Chelsea Market. It’s a festival marketplace that has a variety of shopping and dining options, such as restaurants, fish market, bakeries, and much more. There is also the Chelsea Piers which features a variety of fun activities. They have the Sky Rink that features year-round ice skating, the Golf Club with a multi-story driving range, the Field House with various sports and training facilities, a bowling alley, a fitness health club, and much more.

Chelsea is a neighborhood filled with something for everyone and its diverse populations ensures anyone can feel right at home. If you’ve fallen in love with Chelsea, there are plenty of apartment rentals available on the market so you can make this neighborhood your next home. Happy apartment hunting!

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