New Chelsea Redevelopment from Jasper Venture Group Rented Out in Two Weeks

Ilio Mavlyanov and his real estate investment team at Jasper Venture Group recently announced the availability of apartments for rent in a newly remodeled ten-unit apartment building in Chelsea. The new residential property at 315 West 29th street sits on the edge of the hottest new neighborhoods in NYC. The Chelsea development became available to renters in April. Within two weeks, Ilio Mavlyanov and his Jasper Venture Group team had officially rented every unit in the building.

A Creative Redevelopment Mission in Chelsea

This creative redevelopment features seven one-bedroom apartments, three duplexes, and a gallery-style entryway and corridors lined with artwork. In addition, residents have access to a brand new blue stone-paved rooftop with a view of the Empire State Building and free WiFi, fireplaces inside units, a laundry room, and complimentary bike storage.

Chelsea, NYC is regarded as one of the few epicenters of the city’s art world with over 200 galleries in the neighborhood. Designing the common spaces of the building to reflect those core values and history of the neighborhood, Mavlyanov and Jasper Venture Group lined, not only the entryway but every hallway in the building with art in reflection of the many art galleries you encounter as you walk through the Chelsea neighborhood.

“Since Jasper is all about creative redevelopment with the properties we choose to invest in, we were excited to add our footprint to a remarkable building in such a unique and sought-after neighborhood in NYC. Jasper’s creative touch added an amazing rooftop and a unique art gallery-like feeling throughout the building’s main corridors.”

Ilio Mavlyanov Founder and CEO of Jasper Venture Group

NYC Midtown is One Big Historic District

A short distance away from the property is the Lamartine Place Historic District, a small district featuring twelve charming row houses dating from the mid-19th century. Even though 315 West 29th Street maintains its charming front garden along with numerous historic features, such as the exposed brick, it lies outside of the historic district and it not considered a part of the landmark.

Yet, on a quiet residential street located in heart of Chelsea, 315 West 29th Street is conveniently located near Madison Square Garden, Penn Station, Herald Square, The Highline, dozens of Chelsea art galleries, Chelsea Piers, Hudson River Park, and NYC’s Theater District. The A, C, E, and 1, 2 subways are close. All of midtown Manhattan is basically a historic district when you recallof all the important moments of our nation’s past that have taken place on the island.

Acquiring a Chelsea Remodel

In August 2021, an entity owned by Ilio Mavlyanov purchased the vacant apartment building with the help of Josh Lipton and Andrew Levine from Invictus Property Advisors participating as brokers. Havard Iversen of New York Residence brokered the deal for the seller who sold the property to the Jasper team for $6.45 million. When the property was purchased in 2021, Francisco Augspach acted as attorney for the seller and Uel Rheem from Rheem Bell & Freeman LLP was the attorney for the buyer.

The Team on the Ground at 315 West 29th Street

Jasper Venture Group’s Ilio Mavlyanov has put together an excellent team of professionals including David Zavlanov of Oxford Property Group who handles the full building leasing for the property.

NYC Renting Trends Favored the Seller

Ilio Mavlyanov’s renovations certainly assisted in the quick rental of 315 West 29th Street, but he and the Jasper team also have extremely good timing when it comes to rental market trends in NYC. While rent prices of most apartments in New York City remained lower than normal during Covid due to people leaving the city and rising vacancies, trends began to shift back in the opposite direction at the end of 2021. More new leases are being signed month over month, and rental prices are recovering as people return to the city and demand continues to increase. The strong buyer demand has also changed the dynamics of the residential sales market, which had been cooling for nearly three years.

Ilio Mavlyanov and Jasper Venture Group chose the very best time to complete the renovations and updates of their new Chelsea property. The redevelopment on 29th street became available at a moment when the weather was getting beautiful, people are continuing to relocate to NYC, and market demand increases. It should not be forgotten that 315 West 29th Street is also in the middle of one of the most sought-after neighborhoods in which to live in NYC as well. 

About Jasper Venture Group

Jasper Venture Group, LLC was founded in 2013 by Ilio Mavlyanov. The firm headquartered in New York specializes in real estate investment and development. The firm advises on new developments as well as acquired redevelopment properties in New York and California.