An average is just that, meaning prices below and above. Chelsea is a much more desired neighborhood than midtown, which is one of the least desired neighborhoo

An average is just that, meaning prices below and above. Chelsea is a much more desired neighborhood than midtown, which is one of the least desired neighborhoods. So a 5-10% premium for Chelsea is actually on the low side, and isn't really a premium for the area as that sounds to be right on target compared to the average price. If they paid $2,000 a sq ft then they would be paying a premium. This looks like a good standard rate for also an iconic building in Chelsea.