Levine Builders tops out Chelsea residential tower.

In another sign of New York's continued economic vitality, developers in Chelsea celebrated the "topping out" of 555 West 23rd Street, a major residential development between 10th and 11th Avenues.

The 14-story, luxury rental building is the latest of three new developments built as a result of the rezoning of West Chelsea in the late 1990s.

To be opened in spring 2005, the building has 337 studio, one- and two-bedroom apartments.

Levine Builders President Jeffrey E. Levine celebrated the topping out with the project team and local officials in the open air courtyard for the new project.

"As we mark the topping out for 555 West 23rd Street, we acknowledge also the transformation that has taken place on West 23rd Street," said Jeffrey E. Levine.

"Not only is this building helping to redefine the neighborhood, it will offer residents amenities not seen anywhere else in Manhattan.

Features like a 2,000-square-foot resident's lounge, a fully-equipped fitness center with state-of-the-art equipment, a landscaped courtyard, hotel-like common areas, valet services and in-apartment safes, will make the building more like a luxury hotel than a rental building."

Construction is being performed by Levine Builders and the development is being run by Levine affiliate Douglaston Development.

The building, whose look was inspired by New York's historic mercantile buildings, was designed by the Stephen B. Jacobs Group and by interior designer Andi Pepper, who recently collaborated on the Gansevoort Hotel.

"555 West 23rd will be a boon to the neighborhood, providing much-needed housing and new retail shops," said Steven Charno, vice president of Douglaston Development and development manager for the project.

"The building is adding to the fabric of the neighborhood with a design that is characteristic of the historic mercantile buildings typically found in West Chelsea, and retailers that will enhance Chelsea's 'gallery row.' The majority of the retail space will be occupied by art galleries."

Residents of 555 West 23rd Street will enjoy high-end appointments at market rate prices.

Apartments will feature designer kitchens with granite countertops and stainless steel appliances, marble bathrooms, oversized windows and in-apartment washer/dryers.

Tenants can also take advantage of a lounge area, fitness room, and outdoor courtyard.

The building will have a 24-hour doorman, and concierge and valet services. The building will have approximately 12,000 square feet of retail space on the ground level. Parking for residents and visitors is also available on the West 24th Street side.

Northwestern Mutual Life Insurance Company is providing financing for 555 West 23rd Street.

The leasing consultant is Nancy Packes of Halstead/Feathered Nest. Another Levine affiliate, Clinton Management, will serve as Property Manager.