Manhattan’s West Chelsea Neighborhood Sees Start of Chelsea Symbol Conversion Project
In Manhattan’s West Chelsea neighborhood, a $167 million project has commenced, aiming to transform a former correctional facility into a 131-unit affordable housing community. The joint venture between Camber Property Group and the Osbourne Association, known as Chelsea Symbol, will cater to households with incomes up to 80 percent of the area’s median income, with completion expected by 2029. This initiative has secured funding through a combination of public and private investments, including Federal and State Low-Income Housing Tax Credits.
NYS Homes and Community Renewal is set to provide $77 million in equity and $25 million in subsidies, while Empire State Development has allocated $20 million from its NY RUSH program. Additionally, the NYS Office of Mental Health has contributed $13.9 million to the project. The site, located at 55 W. 20th St., was previously the subject of a proposal by Empire State Development in September 2023, which was subsequently awarded to the firm by Governor Kathy Hochul in July 2024. The 100,000-square-foot property, owned by the state, will undergo significant redevelopment.
The Chelsea Symbol development will feature 131 units, including seven fully accessible apartments for residents with mobility impairments and three units designed for those with hearing and visual disabilities. The complex will also include 15 short-term transitional apartments and 9,300 square feet of community space. The historic interior chapel will be restored and repurposed, while the main buildings and annex will be preserved and adaptively reused. A new structure will be built within the interior courtyard, enhancing the overall living space.
Originally designed by Shreve, Lamb and Harmon Architects in 1932, the Art Deco-style building has served various purposes, including as a Seamen’s House YMCA and a drug-treatment center. In 1974, it became the Bayview medium-security correctional facility for women, but it was closed in 2012 due to damage from Hurricane Sandy. New York City’s residential conversion market continues to attract developers and investors, with a focus on office-to-residential redevelopments, particularly in the Financial District. As of this year, the city has 16,358 apartments awaiting conversion, according to a report by RentCafe, making it an attractive market for such projects.