Nondos: Chelsea's Milan Revisits its Rental Roots - NBC New York

Nondos: Chelsea's Milan Revisits its Rental Roots

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    Nondos: Chelsea's Milan Revisits its Rental Roots
    Building photo via PropertyShark.

    Is there anything more heartbreaking than a failed rental to condo conversion? Why yes, we can think of a few things, but we will still shed a tear for The Milan at 120 West 23rd Street, which The Real Deal reports is headed back to the rental heap. Built as a rental in 1987, the 42-unit attempted convert recently got new touches like hardwood floors and mahogany cabinetry in an effort to lure buyers into paying $515,000 and up.

    Despite the renovation, the building could not hit the magical 15% sold mark within 15 months, which is needed to declare the condo plan effective. One-bedroom units in the emptied building will now rent for $2,700, while two-bedrooms will start at $4,100. Some Milan listings remain active, as seen on StreetEasy, but the headless (albeit very well dressed) body on The Milan's website is a sign that the sales effort has taken its final breath. Arrivederci, friend.
     

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