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24 west 30th top

Pell Building

Most of us in New York City are obsessed by real estate, and occasionally we see a new development or conversion that seems like it is a great test for a neighborhood. Right now we are intrigued by the new full floor loft units being sold in the Pell building at 24 West 30th Street (between Broadway and 5th Avenue).

Why are we intrigued? Because it’s on a block of Nomad that is still just dominated by import export wholesalers selling bulk perfume, discounted jewelry, cheap sweatshirts and sportswear, etc etc. If you have walked the stretch on Broadway between 27th Street and 31st Street, you know what I am talking about. It’s not dangerous or seedy, but with the cheap wholesale shops and occasional counterfeit goods street sellers, and the metal grates that come down at night, it’s a bit gritty. (I know as I lived at 28th and Broadway for 4 years starting in 2004).

But these Pell Building units are not gritty apartments- they look to be beautifully renovated almost 2000 square foot units with high ceilings, lots of light, nice hardwoods, washer/dryer, and in general great finishes and appliances. The higher units certainly have great views in all directions as there are not a lot of tall buildings around it. And they list for $2.375+ million.

retail next to 24 w 30thst

retail next to 24 w 30thst

It takes guts for a developer to make the first bold new move on a block like this, but the Ace Hotel and its amazing restaurants did it a few years ago a block down on 29th Street, and since then we are seeing other big moves in the area (Nomad Hotel on 28th and Broadway, Flatiron Hotel at 26th and Broadway).

Will they successfully sell these units? If they do it is certainly another big bullish sign for real estate in Nomad, and it will help Madison Square Park and the Flatiron to have a stronger neighborhood to the north. Once the garment district, as well as the flower district, it has been dominated by import export wholesalers for decades. The area is an absolute gold mine if it continues to turn, with its central Manhattan location, architecturally amazing old buildings, access to multiple subways, and proximity to Madison Square Park and the Flatiron.

Here’s an interview with the broker on Fox Business:

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