Nondos: Chelsea’s Milan Revisits its Rental Roots

The Milan

The Milan

NYC Apartments:

The Real Deal Reports-The Milan Condo on 23rd Street in Chelsea is going to need a new name.

Joining the ranks of New York City’s many “nondos,” the 42-unit conversion will remain a rental building rather than going condominium as planned.

NY Living Solutions were one of the local neighborhood brokerage houses that had attempted to help sell The Milan by bringing by dozens of potential buyers. Nick Hetherington a managing director with the East 20th Street location of NY Living Solutions stated” To date we were unable to bring about even 1 purchase at The Milan while we were successful in completing many transactions in other Chelsea condos.”

One-bedrooms in the now-vacant doorman building, where each apartment has a balcony, rent for $2,700, while two-bedroom units start at $4,100.

Nick Hetherington commented “this price structure is extremly aggressive compared to other doorman buildings in the Chelsea neighborhood. And with the new condo finishes this is an excellent opportunity for renters to find something affordable with new designs in a central location.”

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