234 West 20th Street
One of the first to recognize the up and coming potential of the Chelsea neighborhood, Blesso Properties purchased this property in 1999. Upon acquisition, the building was a dilapidated five floor walk-up containing eight poorly maintained apartments. The property had been badly neglected by the previous owner and potential improvements were impeded by over one hundred outstanding violations in addition to a multitude of badly needed repairs. The average rent was 65% below market.
Over the following three years, Blesso Properties successfully rectified the violations and renovated the building in three stages. The first phase stabilized the building, repaired core functionality issues and resolved the overwhelming municipal burdens. The second phase involved the construction of a large addition. The expansion was complex, as work had to be performed around existing tenants but produced a one-and-a-half story addition creating two unique triplex penthouses with private terraces. The final stage renovated the remaining apartments and converted the building to condominiums.
Blesso Properties designed the interiors in-house and the finished product won an AIA Design award for the execution of the penthouse apartments. The units sold immediately and broke the highest ever recorded price per square foot for a fifth story walk-up in New York City history.