55 West 17th Street · Flatiron · Condo · Built 2017 · 53 units · 19 stories · Morris Adjmi Architects
CondoBuilt 2017Pets allowedFull-time
74
MF Score
Morris Adjmi's sleekest boutique condo with unlimited subletting — expect sophisticated design and flexible investment potential, but not the owner-occupied neighborhood feel of traditional co-ops.
53 units · Condo · built 2017
Full-timeConciergeGymPets allowedCity views
Scorecard
Prestige
72
Location
88
Investment
68
Value / sqft
65
Building quality
85
Livability
78
History
45
Transparency
82
The Honest Verdict
55 West 17th Street Condominium: This is one of the rare buildings where the architecture genuinely lives up to the price point — Morris Adjmi created something that feels both contemporary and timeless, using handmade Petersen brick that makes the building blend seamlessly into the Ladies Mile Historic District streetscape rather than screaming 'new construction.' The location is legitimately excellent: Union Square's eight subway lines are two blocks away, but you're on a quiet side street that doesn't absorb the chaos.
The public records here are pristine — zero HPD violations, zero DOB violations, zero litigation as of April 2026. For a building that's been occupied for seven years, that's genuinely unusual and suggests responsive management.
But here's what your broker won't emphasize: this building allows unlimited subletting with no board approval required, and a significant percentage of units are rentals rather than owner-occupied. While that offers flexibility if you want to rent out your $3-5 million investment, it fundamentally changes the character of the building — you're buying into what's essentially a luxury rental building with condo ownership structure.
One sales red flag worth noting: Unit 403 took 368 days to sell and ultimately closed $125,000 below asking price, suggesting the market here can be softer than the prime Flatiron buildings with longer track records.
Pros and cons
Pros
+ Morris Adjmi architecture with handmade Petersen brick facade
+ Zero HPD and DOB violations — pristine building record
+ Union Square's 8 subway lines just 2 blocks away
+ Boutique 53-unit building with full-service amenities
+ 10% minimum down payment and flexible condo policies
Cons
− 421-a tax abatement expires 2027 — costs will increase
− Unlimited subletting creates rental building atmosphere
− No roof deck despite 19 stories and $3-35M price range
− 209 average days on market — moderate liquidity concerns
− New construction pricing at $1,927/sqft vs prewar alternatives
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$2,140/mo
⚠️ Tax abatement expires 2027 — taxes will increase after this date
Common charges and tax figures shown are sourced from current active listings and vary by unit size and floor. Verify all figures with building management, the offering plan, and your attorney before closing. MeetFlatiron makes no representations as to the accuracy of financial figures shown.
Payment calculator
Purchase price$1,860,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/mo
Property taxes (enter your unit's figure)$/mo
Total monthly—
For illustrative purposes only. Common charges and taxes vary by unit — verify exact figures with building management. Actual mortgage rates vary by lender. Consult your lender for accurate rates and terms.
Red flag —
The 421-a tax abatement expires in 2027, which will increase monthly carrying costs for all owners — factor this into your long-term budget planning. Unit 403's documented 368-day sale with an 8% price reduction suggests some units may have liquidity challenges, particularly if they lack desirable exposures or layouts. The building's unlimited subletting policy with no restrictions means a significant portion of your neighbors may be renters rather than owners, potentially affecting building culture and long-term value appreciation compared to owner-occupied buildings.
What agents won't tell you
Board dynamics
As a condominium, 55 West 17th Street has no discretionary board approval process — purchases close based on financial qualifications alone, with the board holding only a standard right of first refusal that's rarely exercised. This creates a frictionless buying experience but also means your neighbors could include more investors and short-term residents than in a traditional co-op building. The unlimited subletting policy with no board approval required is unusual even for condos and suggests a board that prioritizes owner flexibility over building character control.
What it's actually like to live here
55 West 17th Street Condominium: The building feels genuinely boutique at 53 units — you'll recognize your neighbors in the elevator, unlike the anonymous towers that dominate new construction. Units feature floor-to-ceiling windows, wide oak floors, and Gaggenau appliances that actually hold up over time. The landscaped terrace with grilling stations gets real use during warmer months, and the screening room with wet bar is a legitimately nice amenity that doesn't feel like an afterthought. The building sits on a quiet block that doesn't absorb the truck traffic of Fifth or Sixth Avenue, but you're still close enough to Union Square that late-night food and pharmacy runs are effortless. The lack of a roof deck is noticeable — the landscaped terrace is nice but doesn't offer the city views that buyers at this price point often expect.
Services and amenities
Full-time
Concierge
Elevator
Gym
Outdoor space
Bike room
Storage space
Laundry in building
Live-in super
Parking
Hardwood floors
Central air
Washer/dryer in unit
Dishwasher
Pets allowed
No Pool
No Roof deck
Pet policy: Cats and dogs allowed — verify specific restrictions with management
Amenity information sourced from building listings and public records. Amenities are subject to change — verify current offerings with building management before closing.
Transit
Union Square-14th St
LNRWQ456
2 blocks
23rd St (Broadway)
NRW
6 blocks
23rd St (Park Ave)
6
7 blocks
14th St-6th Ave
FM
4 blocks
18th St (7th Ave)
123
5 blocks
Walk Score 98Transit Score 100Bike Score 85Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
9 min
N/A
Walk only
Midtown (47th & Park Ave)
41 min
14 min
4 Line
Hudson Yards (30th & 10th Ave)
30 min
25 min
F Line
World Trade Center (Fulton St)
51 min
23 min
F Line/A Line
Times Square (42nd & Broadway)
30 min
11 min
F Line
Grand Central (42nd & Park Ave)
35 min
13 min
4 Line
Door-to-door estimates via Google Maps transit directions. Times reflect typical weekday conditions.Source: Google Maps
Nearby schools
4
PS 40 Augustus Saint-Gaudens
Public · Grades K–5
0.3mi
7
School of the Future
Public · Grades 6–12
0.4mi
9
NYC Lab School
Public · Grades 6–12
0.6mi
Nearby colleges: Parsons/The New School (0.3mi), NYU (0.5mi), Baruch College (0.8mi), FIT (0.7mi)
School ratings sourced from GreatSchools and are subject to change. School zone boundaries are not guaranteed — verify current zoning directly with NYC DOE at myschools.nyc before purchasing.
Noise Level
Moderate
Overall noise level
72/100 noise score
Primary source: 17th Street is quieter than major avenues but still receives city ambient noise
17th Street between Fifth and Sixth Avenues is well-lit and consistently busy with foot traffic — this block falls under the 13th Precinct and is as safe as Manhattan gets. The proximity to Union Square means there's activity well into the evening.
🚗
Parking
The building has 20 private garage spaces for purchase — expect to pay $75,000–$150,000 for a spot. Monthly parking at Icon on 18th Street runs about $425/month. Street parking is alternate side Monday/Thursday on the north side.
📦
Storage
The building has bike storage and general storage available. For overflow, Manhattan Mini Storage on 6th Avenue is three blocks away — locals use this when the building storage waitlist gets long.
🛒
Grocery and daily errands
Whole Foods at Union Square is your closest full-service option — 4 minutes on foot. Morton Williams on 17th and Seventh Avenue is even closer for quick trips. Trader Joe's is 6 minutes south if you want the price break.
🔊
Noise and street life
Units facing 17th Street are surprisingly quiet for a Flatiron address — it's a side street, not a major thoroughfare. The real noise comes from the building's mechanical systems and neighboring construction projects, which change seasonally.
🚇
Getting around
Union Square is genuinely two blocks away — that's eight subway lines plus PATH trains to New Jersey. The building's location means you can walk to most of Flatiron, NoMad, and lower Chelsea faster than taking the subway. Citi Bike docks on both Fifth and Sixth Avenues are well-stocked.
55 West 17th Street sits well above sea level in the Flatiron core — Zone X designation reflects minimal flood risk.
Source: FEMA Flood Map Service Center (msc.fema.gov)
What to ask before buying
1.What percentage of units are currently rented versus owner-occupied, and how does the unlimited subletting policy affect building culture day-to-day?
2.The 421-a tax abatement expires in 2027 — can you provide the exact monthly tax increase I should expect for this specific unit?
3.Unit 403 took 368 days to sell with an 8% price reduction — are there exposure, layout, or noise issues with certain unit lines I should know about?
4.What are the monthly common charges for this unit, and have there been any special assessments since the building opened in 2017?
5.The building has 20 private parking spaces — are any currently available for purchase, and what's the typical price range?
6.Can I see the building's current financial statements and reserve fund balance — particularly given the upcoming tax abatement expiry?
At an average of $1,927 per square foot, 55 West 17th Street is priced competitively within the new construction Flatiron market, though significantly higher than pre-war alternatives. Average days on market of 209 days suggests moderate liquidity — not the quick turnover of trophy buildings, but not languishing either. The 421-a tax abatement expires in 2027, which will meaningfully increase carrying costs for future buyers. With 74 closings on record since 2017, there's sufficient transaction volume for pricing transparency, though the longest sale (368 days with an 8% price reduction) suggests some units may be harder to move than others.
Past appreciation is not a guarantee of future performance. Real estate values fluctuate. All investment decisions should be made with independent financial and legal advice.
Sale price history
2022
$3.71M avg
1 sales
2021
$2.90M avg
3 sales
2020
$2.85M avg
4 sales
2019
$2.72M avg
6 sales
2018
$2.65M avg
8 sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
Pre-2014
Commercial Building
The site was occupied by a six-story, 54,000-square-foot mixed-use office and retail building typical of the area's commercial character.
2014
Site Acquisition
Toll Brothers City Living acquired the property for $68.5 million, recognizing the area's transition from commercial to residential. Demolition permits were approved in February 2014.
2015
Sales Launch
Sales launched in September 2015 with Morris Adjmi Architects' design emphasizing handmade Petersen brick to blend with the Ladies Mile Historic District. Initial pricing ranged from $1.5 million to $18.35 million.
2017
Construction Complete
The 19-story, 53-unit condominium was completed and ready for occupancy, featuring full-service amenities and Gaggenau appliances throughout.
2017-2019
Initial Sales Period
Most units sold during the initial sales period, with some units taking longer to move. Unit 403 notably took 368 days to sell, ultimately closing $125,000 below asking price.
2027
Tax Abatement Expiry
The building's 421-a tax abatement is scheduled to expire, which will increase monthly carrying costs for all owners.
Frequently asked questions
Is 55 West 17th Street a condo or co-op?
55 West 17th Street is a condominium with no discretionary board approval process. The building allows unlimited subletting, pied-à-terre purchases, and requires only a 10% minimum down payment. Cash buyers, foreign nationals, and LLC purchases are all permitted.
What subway lines are near 55 West 17th Street?
Union Square is just two blocks away, providing access to eight subway lines: L, N, R, W, Q, 4, 5, and 6, plus the F and M lines and PATH trains to New Jersey. The 14th Street-Union Square station complex is one of the most connected transit hubs in Manhattan.
Does 55 West 17th Street allow pets and subletting?
Yes to both. Pets are allowed (verify specific restrictions with management), and the building permits unlimited subletting with no board approval required. This makes it attractive to investors but means many of your neighbors may be renters rather than owners.
What are the building violations at 55 West 17th Street?
As of April 2026, 55 West 17th Street has zero open HPD violations and zero DOB violations — an exceptionally clean record for any Manhattan building, particularly impressive for a building that's been occupied for seven years.
When does the tax abatement expire at 55 West 17th Street?
The building's 421-a tax abatement expires in 2027, which will increase monthly carrying costs for all owners. This is a crucial factor for buyers to consider in their long-term cost planning, as property taxes will rise significantly once the abatement ends.
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