505 west 47 is mostly contracted. Not that many units left. I was in the sales center a couple of weeks ago with my buyer who liked it a lot , but as they were looking to not only rent out and also use as occasional pied-a-terre for themselves they opted for a more central loocation. The basic units were priced little over 1000/foot ( not considering the larger more extravagant units on high floors , amenitied units, and the penthouse etc. )

I think this is a great area for investment as any other where the neighborhood is going through redevelopment and is improving. It is the continuation of the west 30s / North Chelsea which still is growing as well. Isn't the Highline Park going to end all the way on 42nd street ? It will end right there somewhere. The 50s have already improved a lot in the recent years and still are. If you are interested in buying and renting out right away then you definitely want to consider the rents being lower for a while due to any surrounding construction, the fact that the location is far west and the fact that the neighborhood is yet to live up to its full potential. I would most definitely plan to hold the property long term though.

well, even more specifically, does anyone have thoughts on http://www.the505HK.com ?

What is your idea of a good investment? Will the area improve? Yes. Will you get a decent rent? Depends on the project/apartment. What are you looking for in your investment strategy? How far out is your investment goal?