Mix of apartments by river in Manhattan

US/from € 469,425:  A mix of studio and one and two-bedroom apartments costing from €469,425 ($560,000) in the west Chelsea …

US/from € 469,425: A mix of studio and one and two-bedroom apartments costing from €469,425 ($560,000) in the west Chelsea area of Manhattan in New York have just been launched.

The development, 555 West 23rd Street, is a newly-built scheme of 336 units in two towers, one 15 storeys high, the other 13 storeys. There is a courtyard between the two buildings.

Chelsea is an art district, with 225 art galleries in a five or six block radius of the development, according to Wyse Estate Agents.

Many units have views of the nearby Hudson river.

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Studio units of 46sq m (465sq ft) will cost from €469,425 ($560,000); 46-79sq m (500-852sq ft) one-bedroom apartments will cost from €511,3252 ($610,000), while 100-112sq m (1,080-1,200sq ft) two-beds will cost from €670,417 ($800,000).

Apartments are high-spec: kitchens include a stainless steel fridge, range, microwave and dishwasher, granite worktops, maple cabinets and porcelain floors. There are private wall safes in all homes and all homes are wired for high speed internet, satellite and multiple phone lines.

There are white-gloved doormen and a concierge in the lobby and "Club Chelsea" which has everything from billiards to a fitness centre in the development.

The properties offer returns of 4.75 per cent to 5.75 per cent, according to the agent, who says that capital appreciation should be good.

He claims that Manhattan properties have appreciated by 26 per cent since 2004. In the same period, rentals have gone up by 10 per cent. Taxes levied on properties by the city are abated in this scheme for the first 10 years.