In a prime location between West 24th and 25th Streets on Seventh Avenue, the Chelsea Mercantile’s impressive stature is matched by its storied history. Originally built in 1908, it served as the headquarters of the National Cloak and Suit Company, a custom garment manufacturer, and as a Veterans Administration building after World War II. In 2000, the 19-story building was converted into condominiums, many with unique floorplans and high ceilings thanks to the building’s original construction. “I think one of the charming aspects of living in converted spaces is they aren’t cookie-cutter,” says Eric Marrus, a native New Yorker and real estate broker with Compass who has worked in the building for 20 years.
The unique character is felt upon entrance. The distinctive lobby was designed by ODA, with the goal to integrate the building’s past history and create a cohesive and elevated space. Stone Source nublado light marble lines the floor, offering a muted caramel color that complements the darker maple and walnut wood panels that stretch and ripple across the walls. A central overhead light fixture gives off an industrial edge with vintage glass and metal patterning. The 8,000-square-foot space welcomes residents, including some notable New Yorkers like Fran Lebowitz. Units can be rented, but the building is largely owner-occupied and at various times has been home to Lance Bass, Katie Holmes and Jay Manuel. The Mercantile appeals with its distinctive floorplans, enviable location and significant size. “There aren’t many buildings that basically encompass an entire city block,” Marrus says.
One to five-bedrooms, optimized for entertaining
The building’s 352 units are each uniquely different, with styles reflecting the individuality of the owners. A one thousand-square-foot one-bedroom with pristine hardwood floors, customized closets and chef’s kitchen with Caesarstone countertops might cost $1.7 million. A penthouse-level five-bedroom that spans three floors has listed for $8.5 million. The lavish triplex includes its own mudroom with laundry facilities, multiple walk-in closets, outdoor terraces on two levels and impressive views of Lower Manhattan. Two-bedroom units occupy the $2 to $4 million range, with a variety of layouts. “The Mercantile is really friendly about making changes; a lot of people have done complete gut-renovations of their apartments, moving walls or putting in new bathrooms, kitchens and floors,” says Tom Titone, a real estate broker with Douglas Elliman’s Holly Parker team.
While no two residences are the same, typically 11 to 14-foot ceilings, custom cabinetry and high-end appliances are to be expected. Many spaces have been designed with entertaining in mind, meaning large kitchens with islands and gas ranges, and room to accommodate multiple couches and sizable dining room tables. A two-floor duplex owned by Chef Bobby Flay included two built-in bars and space for a pool table. Even the smallest units are thoughtfully laid out to maximize space.
24-hour service and a spacious roof deck
As a full-service building, the Mercantile’s residents have a 24-hour doorman and concierge and maid and valet services are available. Laundry rooms are accessible, though many residences are already equipped with custom in-unit laundry. Residents can also utilize a meeting room, playroom, and a large fitness room well-outfitted with weights and cardio equipment. Many units have additional private storage included. The building is topped by a 10,000-square-foot roof deck where residents can look over every direction of Lower Manhattan. “The Mercantile is one of the tallest buildings in that immediate area, so you’re getting open views,” says Titone, “It’s really special.”
Whole Foods in the building and Madison Square Park nearby
The Mercantile’s prime location makes the arts and nightlife of Chelsea easily accessible, as well as the shopping and dining options of both NoMad and the west side. “Hudson Yards and Manhattan West and improvements in NoMad have changed the game a little bit,” Marrus says. Perhaps most notable about the location is its placement above a Whole Foods Market, making grocery shopping extremely convenient. The picturesque Madison Square Park, with its rotating public art and popular dog runs, is just two blocks away. Residents can expect to regularly walk by the historic Chelsea Hotel and its next-door neighbor Gotham Comedy Club on West 23rd Street, as well as the Fashion Institute of Technology and its museum, a few blocks north. Garage parking is available in the building, through a third-party garage, and valets can be used. Because sometimes traveling by subway is the fastest way to get somewhere, two subway stations are within a block’s distance on West 23rd Street, offering access to the 1 and C and E trains.
Good to know
Because of the high number of units in the building, common charges here do tend to be low. Occasional assessment fees are put in place for building updates.
Collateral AnalyticsCollateral Analytics
Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.
Black Knight®Black Knight
Black Knight’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.
First AmericanFirst American
First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.
Quantarium
Current List Price
Sold Price
Area Factors
Moderate Crime
Crime Score®
5/ 10
Biker's Paradise
Bike Score®
95/ 100
Walker's Paradise
Walk Score®
98/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Penn South Playground
3 min walk
Basketball
Tennis
Playground
Chelsea Waterside at Hudson River Park
5 min walk
Basketball
Dog Park
Soccer
Pinwheel Park
5 min walk
Trails
Playground
Sandbox Playground
5 min walk
Chelsea Green
6 min walk
Picnic Area
Playground
Waterpark
Madison Square Park
8 min walk
Dog Park
Picnic Area
Playground
Chelsea Park
9 min walk
Basketball
Picnic Area
Soccer
The High Line
11 min walk
Trails
Events
Botanical Gardens
Dr. Gertrude B. Kelly Playground
11 min walk
Basketball
Playground
Schools
Source:
GreatSchools:
The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs, and consider family needs as part of the school selection process.
View GreatSchools Rating Methodology
Disclaimer: Please note that this building may not be in these schools' attendance zones.
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed and should be independently verified.
