350 West 23rd Street

Fifty feet of frontage on the south side of West 23rd Street, eight stories, no historic-district overlay, and a floor plan that follows from a 4,938-square-foot lot: two residences per floor, an A line and a B line, from the first floor through the sixth, with two penthouses above. The A and B lines are genuine paired comparables on each floor, which is more internal precedent than most fourteen-unit buildings offer.

The offering plan sets out the limited common elements that separate the residences from one another, and they are what drive value inside the building. The two first-floor residences have private gardens at the rear. Certain upper residences carry balconies, and certain others carry assigned roof areas. Storage bins of roughly 17 to 19 square feet are assigned to units, with a substantially larger bin — roughly 49 square feet — assigned to a top-floor residence. There is a common bicycle storage room. The plan's own schedule shows first-floor plates in the 1,800-to-2,300-square-foot range, which places this in the large-two-bedroom and three-bedroom band rather than the studio-and-one-bedroom band that dominates the Eighth Avenue corridor a block east.

The building is entirely residential. PLUTO records no commercial area at all, which is unusual on this stretch of West 23rd Street and means there is no retail tenancy contributing to — or complicating — the common charge base.

Fourteen owners carry an eight-story building that is fifteen years old.

There is no staff, no doorman and no amenity program beyond the elevator, the bicycle room and the assigned storage. A small board and a managing agent administer the building; compare actual common charges and services before claiming a cost advantage over full-service Chelsea condominiums. The building is not landmarked, so façade and window work carries no LPC permitting layer; project costs and timing still depend on the work, DOB requirements and the condominium's approvals.

The 2011 completion date is a starting point for reviewing capital needs, not evidence that particular components need replacement. Obtain current condition reports and repair histories for the roof, elevator, boiler and façade sealants and pointing. The offering plan noted that the elevator would be serviced by the installer for the first six months and by contract thereafter; fifteen years on, that contract and the elevator's condition are worth reading. Request the current operating budget, the reserve balance, the most recent audited financial statements, the Local Law 11 filing status, and any assessment history. Fourteen owners is a small denominator for an eight-story building, and reserves should be read alongside projected work, operating cash flow and assessment obligations.

Ownership form: Condominium. Purchases close through a right of first refusal rather than a board approval. The offering plan states there is no limit on the number of units a single owner may hold, and that a unit owner is free to make a gift of a unit — both are worth confirming against the current by-laws.

Pets: Permitted. The Second Amendment to the offering plan amended the by-laws' house rules to address dogs and cats. Confirm current conditions with the managing agent.

Subletting, pied-à-terre, LLC, trust and foreign ownership: Governed by the declaration, which is recorded and public, and by house rules, which are not. Read the declaration and confirm current rules with the managing agent.

Financing: No minimum down payment is documented in public records. Standard condominium underwriting applies; note that lender concentration tests can bite in a fourteen-unit building if a single owner holds more than one residence. Confirm the ownership breakdown.

Flip tax: Not documented in public records. Confirm any resale capital contribution with the managing agent before pricing a sale.

Real estate taxes: The 421-a exemption granted at completion has fully expired. Current rolls show no exemption on any unit lot. Underwrite full unabated taxes — there is no phase-out remaining and no step-up coming.

Landmarks: Lot 7507 is not designated. Exterior work requires no LPC permit. Verify by lot rather than by block: twenty-eight properties on this same tax block are inside the Chelsea Historic District Extension, all of them on the West 22nd Street and Ninth Avenue frontages.

Storage: Bins are assigned to specific units as limited common elements rather than sold separately. Confirm which bin, and its size, conveys with the specific residence.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2023) cleared a median $1,536/sf (floor-adjusted) across 1 sale. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 10.0% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00746-7507; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

This is a 2011 building, not a 1910 loft. PLUTO's year built is wrong. The new-building job was signed off on 28 January 2011 after a demolition and two partial-removal alterations. Correct the comparable set before you do anything else — the mechanical age, envelope, ceiling heights and plate geometry are all new-construction facts.

The 421-a is gone. It ran from the 2010/11 roll through 2018/19 and phased out completely. Current rolls show zero exemption. There is nothing left to burn off, and there is no step-up ahead. Underwrite the taxes you see.

Fourteen residential units share an eight-story building. Read the reserves, the Local Law 11 status, the elevator and roof condition, and any assessment history alongside the apartment’s plan and condition.

Outdoor space is the price driver inside the building. Private rear gardens on the first floor, balconies on some upper residences, assigned roof areas on others, and storage bins that vary from 17 square feet to roughly 49. Confirm exactly which limited common elements convey with the specific unit — the declaration governs, not the listing.

Check the landmark status by lot. Twenty-eight properties on this tax block are inside the Chelsea Historic District Extension. This lot is not one of them. That removes an LPC permitting layer; it does not guarantee lower project costs.

No artist restriction, no Loft Law, no J-51. None of the Chelsea and Tribeca loft-conversion complications apply to this building. The occupancy is ordinary R-2 multiple dwelling.

Correct the year built in the marketing, explicitly. Buyers, agents and appraisers will pull PLUTO and see 1910. State the January 2011 new-building sign-off and let the record do the work. Selling a 2011 building as a prewar conversion invites the wrong comparables and an appraisal that comes in short.

Lead with the plate and the outdoor space. There is no amenity list. What there is instead is a large residence on a two-per-floor plan with a garden, a balcony or roof access, and no doorman bill. That is the argument, and it is a specific buyer.

Be direct about the taxes. The 421-a expired years ago. Buyers who have been burned by expiring abatements elsewhere will treat a clean, fully-taxed position as a feature once it is explained. Volunteer it.

Have the capital story ready on day one. Fifteen years in, with fourteen owners, buyers ask about reserves, roof, elevator and façade before anything else. Answering proactively closes faster than answering under contract.

Document the limited common elements. Which bin, which balcony, which roof area, which garden. Put the declaration language in the marketing file so it never becomes a contract issue.

If you're considering 350 West 23rd Street, also evaluate these Chelsea buildings:

• 344 West 23rd Street — the immediate neighbor on the same block face
• 315 West 23rd Street — West 23rd Street building directly opposite
• 255 West 23rd Street — larger West 23rd Street building to the east
• 240 West 23rd Street — West 23rd Street condominium near Seventh Avenue
• 128 West 23rd Street — the Graydon Chelsea; boutique new construction of a later vintage
• 148 West 23rd Street — West 23rd Street loft conversion; the conversion alternative
• 249 Eighth Avenue — Eighth Avenue building one block east
• 212 Ninth Avenue — Ninth Avenue boutique building one block west
• 140 West 22nd Street — West 22nd Street building of comparable unit count
• 121 West 20th Street — boutique Chelsea condominium of similar scale
• 101 West 24th Street — Chelsea condominium one block north