From Magellan Development‘s promotional materials for 21 West Chestnut, circa 1998:
21 West Chestnut Place Condominiums is a perfect mix of classic architecture and stylish design. Blending seamlessly with its setting, this distinguished building offers a superb selection of brand-new condominium homes, and provides the best in traditional beauty, luxury and comfort.
There are gourmet kitchens, elegant ceramic baths, big walk-in closets, and balconies boasting fabulous vistas. With an eye to the future, it’s also cable ready and completely wired for today’s electronics…and tomorrow’s.
There’s a state-of-the-art fitness center and a beautifully furnished community room adjacent to the elegant lobby. And finally, there are prices which make 21 West Chestnut Place Condominiums one of the finest residential values in the heart of the city.
In 1998, you could get a new two-bedroom / two-bath “Aspen,” “Birch” (below), “Ironwood,” or “Juniper” condo at 21 W Chestnut St for no more than $326,400, or a 568 square-foot “Greenbriar” studio for as little as $122,000. Prices at launch were even as low as $104,000. Not too bad, considering that the median price of a home around Washington Square Park in 2010 is $700,000, with the median for two-bedroom condos nearing $800,000.
It’s a hoot to read through some of Magellan’s old press releases on this building. After all, when’s the last time you’ve heard a developer brag about “handcrafted laminate countertops” and 8′-8″ ceiling heights, limit discussion of stainless steel to a kitchen’s undermount sink, or offer mirrored closet doors as upgrades? Apparently the building’s design, created by Magellan’s own Jim Loewenberg, aimed “to blend the new structure into a neighborhood filled with brownstones and greystones while utilizing contemporary materials,” and was “divided vertically with setbacks to increase the number of windows to optimize diverse cityscape views.”
Twenty-one units in the 16-story, 124-unit building have sold since June 2007, at prices ranging from the $210s for a one-bedroom condo to the $550s for a two-bedroom. These days, one-bedrooms at 21 West Chestnut are priced anywhere from the $240s to the $330s, and two-bedrooms range from the $440s to $490s. The eight units listed have been on the market for an average of 140 days; six of those eight have seen at least one price reduction during that time.
Original monthly assessments were estimated at $204 to $212 for studios, $256 to $430 for one-bedrooms, and $438 to $572 for two-bedrooms. Today, they range from $329 for the smallest listed one-bedroom to $762 for a 1,302 square-foot two-bedroom. Assessments cover heat, A/C, water, gas, parking, common insurance, door staff, cable TV, exercise facilities, exterior maintenance, scavenger, and snow removal.