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Today's Featured Building: Galerie 515

Gallerie515-NYC-Exterior.JPG

Galerie 515 is a new 12 story low rise building clad with glass and metal built in 2009 in the neighborhood of Clinton, but also known as Hell's Kitchen. It houses a boutique hotel with 99 rooms, 96 condominiums, and retail space at the ground level. There are two levels below grade that contain an 8,000 square foot parking garage, a sub-cellar, and a catering hall.

The building was designed by Costas Kondylis who is renowned for such buildings as 985 Park Avenue, 110 Central Park South and The Plaza Hotel and Residence. The project was estimated to cost about $150 million and was developed by Assa Properties. The three story Supreme Macaroni building was demolished for the project to proceed. Guido's Supreme Macaroni Company was a popular Italian specialty shop with a long history of famous customers and its use as a movie location. Although it was considered to be a 'shop', and licensed as such, it also housed a popular restaurant in the back that skirted the edges of legality.

Real estate developers and marketers have offered more 'genteel' names for this neighborhood, like Clinton and Mid-Town West, but the informal name of Hell's Kitchen seems to stick.[1]


Location

Galerie 515 is located in Midtown Manhattan in the rapidly changing Hell's Kitchen District. Hell’s Kitchen has a history that’s rich with gangsters and ghosts, streetwalkers and speakeasies, mysterious disappearances and gruesome murders. Today, Hell's Kitchen is no longer notorious as the seedy underbelly of Manhattan, but is becoming a trendy neighborhood attracting young professionals and where old brick tenement buildings are giving way to new hotels, condominium developments and high end rentals.

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Cities and Regions:

Region Buildings Housing Units
New York City, NY 625 103,068
Los Angeles, CA 77 10,247
Vancouver, BC 223 39,498
Chicago, IL 51 14,683


Staff Picks:


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City Spire - At the time of its construction, City Spire was the world's second tallest concrete building, and today is known for its record setting three floor penthouse with panoramic views of Manhattan.

Apple Bank Building - A landmark building that once housed the Central Savings Bank, the Apple Bank Building is known for its luxury, including a fitness center that is illuminated by a chandelier.

Downtown By Starck - A conversion project by famed architect Philippe Starck, this building has been dubbed the Downtown Insanity Palace due to its numerous over the top luxury amenities.

Rutherford Place - A former maternity hospital, Rutherford Place is now a condominium residence in Gramercy Park, and a classic example of the Beaux Arts architectural style.

Jade- With interior design by Jade Jagger, this building introduced Manhattan-ites to pod style living.


News:

Home mortgage rates and real estate news - CNNMoney.com

Why it takes years to save for a down payment
Coming up with a 20% down payment for a median-price home costs buyers two-thirds of their annual income, according to a new Zillow report.
Government-backed mortgages are about to get cheaper
The Federal Housing Administration will reduce the annual mortgage insurance premiums borrowers pay when taking out a low down payment home loan that is insured by the government.
What will your monthly mortgage payment be?
In the market for a new home? Or planning to refinance? Find out what your monthly payment will be.
Mortgage rates kick off new year with a drop
Average fixed mortgage rates dropped for the first time in 10 weeks, according to Freddie Mac.
Why you shouldn't panic about rising mortgage rates
The average rate for a 30-year fixed-rate mortgage inched up to 4.16%, but rates are still low by historical standards.

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