The lovely Walker Tower

The Art Deco elegance, the trendy Chelsea location, the lush amenities with brand names all in caps. We knew it would cost a lot to live at Walker Tower, we just didn't know it would be this expensive.

As of Tuesday night, sales commenced at the converted at architect Ralph Thomas Walker's office tower at 212 West 18th Street. The units, which range from one- and five-bedrooms are going for between $4.5 million and $50 million, The Wall Street Journal reports. (The developer is even considering asking $94 million for a combined duplex on the top two floors).

Those prices seem a little cheeky to us, even given the fact that another downtown temple of opulence—the Skyloft penthouse—recently went back on the market asking $48 million. After all, the downtown record is still remains the dizzyingly high, but not stratospheric $31.5 million condo in Robert A.M. Stern-designed Superior Ink.

Given that the developers are not exactly giving the units away,we're quite impressed to hear that 25 percent of them have already sold.

But then, downtown doesn't have all that many iconic, old-fashioned buildings that one might call home. There is an abundance of ever-rising new-new glass towers, but nothing quite like the Walker Tower. Especially since Walker Tower, built in 1929 before neighborhood height limits existed, is basically the tallest building around.

And the just-revealed model units are catching the eyes of big-name brokers, presumably on the hunt for their deep-pocketed clients. Besides good views and the elegance of the art deco era, what does an apartment at Walker Tower get the buyer? Large private terraces, French herringbone beveled oak flooring, tilt-and-turn windows and hydronic radiant floor heating. The five-bedroom units also seem to display a trend that's become popular in recent conversions like Manhattan House, catering to wealthy New Yorkers love of space.

kvelsey@observer.com