Construction for the residential building at 550 West 21st Street in West Chelsea, Manhattan, has moved above street level. This 20-story structure, developed by Legion Investment Group, is set to offer 75 condominium units. The project site covers nearly half an acre at the intersection of West 21st Street and the Hudson River Greenway, marking a significant step in its development.
Key Takeaways
- Construction at 550 West 21st Street is now above ground level.
- The building will be 20 stories tall and feature 75 condominium units.
- Legion Investment Group is developing the project after acquiring it from a previous developer.
- Completion is anticipated by July 2027.
Progress Above Ground Level
Vertical construction has progressed since the last update in April. At that time, equipment returned to the site following Legion Investment Group's acquisition. The ground-floor slab was already in place. Now, metal shoring has been installed to form the first story on the western part of the property. New trailers and construction materials have also arrived.
Work on the eastern side of the property is slightly behind. However, industry observers expect the main structure to begin rising quickly in the coming weeks. This marks a crucial phase for the 250-foot-tall building.
Project at a Glance
- Address: 550 West 21st Street, West Chelsea, Manhattan
- Developer: Legion Investment Group
- Height: 250 feet
- Stories: 20
- Residential Units: 75 condominiums
- Total Area: Up to 172,000 square feet
- Anticipated Completion: July 2027
Development Details and History
Legion Investment Group took over the project from Casco Development. Casco had acquired the property for $50 million in 2014. Their original plan was a nearly 200,000-square-foot building. This earlier vision included 34 condominium units and 43,510 square feet of commercial space.
However, the project faced challenges. It entered bankruptcy last summer with a significant debt of $527 million. Legion Investment Group stepped in, acquiring the project out of bankruptcy. This acquisition allowed construction to restart and progress.
"The development at 550 West 21st Street represents a significant new addition to West Chelsea's residential landscape. Its progress above street level is a visible sign of momentum for this ambitious project."
Financing and Future Plans
Deutsche Bank provided Legion Investment Group with $56 million in financing for the acquisition. This funding was critical for moving the project forward. The developer is also working to expand the project's scope. They aim to add another 11,000 square feet to the building. This expansion is tied to a $7.8 million donation to the West Chelsea Affordable Housing Fund, demonstrating a commitment to local community initiatives.
Corcoran Sunshine Marketing Group has been selected to manage the sales and marketing of the condominium units. This partnership will help bring the 75 residential units to market once closer to completion.
Building Design and Local Connectivity
Finalized architectural renderings for 550 West 21st Street have not yet been publicly released. However, a diagram from the construction board offers some insight. The design indicates an L-shaped structure. It features several stepped cutouts positioned above a multi-story base, or podium. This design approach suggests a modern aesthetic, common in new Manhattan residential developments.
The building's location offers residents convenient access to public transportation. The nearest subway lines are the C and E trains. These are accessible at the 23rd Street station, located on Eighth Avenue. This connectivity is a key feature for urban living in Chelsea.
Project Timeline and Future Outlook
The anticipated completion date for 550 West 21st Street is July 2027. This timeline is noted directly at the construction site. An architect for the project has not yet been announced. The project will add a notable residential presence to the West Chelsea area, an evolving neighborhood known for its art galleries and proximity to the High Line.
The development is part of a broader trend of new construction and urban renewal in Chelsea. Recent reports highlight several other significant projects in the area. These include new public parks and university campus expansions. Such developments contribute to the dynamic growth of this Manhattan district.
- September 13, 2025: One High Line’s Public Park Opens at 500 West 18th Street
- September 9, 2025: New Park Revealed for 143 West 14th Street
- August 19, 2025: Vanderbilt University Gets Approval For 99-Year Campus Lease
These concurrent projects underscore the ongoing transformation of Chelsea into a vibrant mixed-use community. The rise of 550 West 21st Street is a key component of this urban evolution.