Yet 435 50th Street is anything but flashy and new. A throwback in the grandest sense, in that it is a far bit better than the original, the project is the second coming out for Ralph Walker, the long-forgotten AIA president and Art Deco master who dotted the city with at once industrious and luxurious old towers for the New York Telelphone Company. It is noveau prewar of the first order.

The first such was the now eponymous Walker Tower, just off Sixth Avenue between 17th and 18th Streets, where developers JDS Development and PMG hope to achieve some of the highest prices not only downtown but in the entire city, including a possible duplex penthouse overlooking Chelsea and the Village asking $94 million. Walker also designed such tough jewels as 1 Wall Street and the Barclay Vesey Building, landmarks you never knew you knew.

On West 50th Street, the plan is much the same. JDS and PMG bought both the West 18th Street building and the West 50th Street building from Verizon, which retains control of the lower floors for office and operations while the developers assemble grand condos above, designed by Cetra/Ruddy. The developers paid $20 million for the latter building last July, and according to city records, Barry Sternlicht's Starwood Capital—also a backer in the Chelsea project—just injected $25 million into the project last week.

"Construction is under way and we expect to complete the project in early 2014," JDS principal Michael Stern said in a brief statement.

The project is expected to come on the market some time next year, and renderings show new windows added to the grand 1930s facade but little alterations beyond that. The exact price of the renovation was not given, but for comparison, the one at Walker Tower is set to surpass $200 million.

All told, there will be somewhere around 65 and 70 units on floors 10 through 17. Prices have also not yet been set, and while this building might not have the same commanding views or white hot neighborhood to boast, the area is certainly on the up and up. And so, too, is this new building.

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

Walkin' on the West Side. (Bing Maps)

Big red is turning into big green!

Verizon has cashed in over $800 million in properties since 2005 because its office spaces have become obsolete in the era of wireless technology. The properties have been flipped for multiple uses—including a Mercedes Benz showroom—but the old central offices are proving themselves to be perfect for developers, the Times reports.

The 23-story pre-war Art Deco building at 212 West 18th Street in Chelsea, more commonly known as Walker Tower, was partially sold off by Verizon. Verizon will remain as a tenant, but only for floors 2 through 7. Floors 8 through 23 will be turned into 53 condominium units.

The development company is not letting any square inch go to waste in the prewar building and is pouring upwards of $200 million into the project:

The developers say they are sparing no expense in the furnishings and finishes. The 12- to 15-foot-high ceilings will be coffered. Radiant heat will course through French-oak herringbone floors. Washing machines and dryers won’t be stacked, as in many buildings, but will sit side by side, in individual laundry rooms.

It's hard not to be enamored by its high ceilings, ornate entryways, and pre-war charm, but the price tag is quite grounding:

When the sales office opens this spring, condos are likely to cost about $3,000 a square foot — double the going rate in the neighborhood, brokers say — and as much as $10,000 a foot for the eight penthouses, said Shaun Osher, the founder of the Core Group NYC, which is handling sales. With an average size of 3,000 square feet, a typical unit might cost $9 million.

But forget the pricetag. Just look out your massive pre-war windows with beautiful views of Midtown and you'll forget that your pockets are empty.

mewing@observer.com