High 5

It sounds like a crazy idea: Take an abandoned elevated train track on the far west side of Manhattan and wait around for it to turn into what is arguably the hottest area in the city.

Crazy or not, that's pretty much what happened with the High Line.

"It's right on the cusp of several neighborhoods," says Chris Sieger, who has rented a one-bedroom with a 300-square-foot private terrace at the Caledonia, a building connected to the High Line, for more than four years. "It's close to the West Village, there's a lot of development along the West Side Highway, there's access to a lot of cultural activity. I think it's become a kind of epicenter."

Gabi Porter (top); Imogen Brown(2)

Torrisi partners (from left to right) Rich Torrisi, Jeff Zalaznick and Mario Carbone are opening a High Line restaurant.

Chris Sieger (above) lives at the Caledonia.

And here are five reasons why the High Line will only be getting hotter in the coming months.

1) The sales market is more juiced than Lance Armstrong.

In December, a 1,078-square-foot two-bedroom at the Caledonia sold for $2.615 million. The same unit had traded in 2009 for $1.827 million. That's a jump of $788,000 in less than three years.

Two blocks away, at 456 W. 19th St., "We had our first resale," says the building's architect and developer, Cary Tamarkin. "The woman has made $1 million on her purchase." (In fact, the seller probably made more. The sale is still in contract; according to Streeteasy.com, the seller had originally purchased the apartment for $2.749 million and had it listed for $4.25 million.)

Other super-glam buildings, such as the 15-unit Annabelle Selldorf tower at 200 11th Ave. (which has the distinction of having a sky garage that allows owners to park cars just outside their apartments), have been trading well north of $3,000 per square foot.

"Pricing is up $1 million than it was a year ago," says Douglas Elliman's Leonard Steinberg, who recently sold a three-bedroom, 3 1/2-bathroom, 3,248-square-foot penthouse at 200 11th Ave. for $11 million. (That works out to a jaw-dropping $3,386 per square foot.)

Even older buildings in the area have jumped to a new price point. Over at the London Terrace co-op complex, a 2,750-square-foot four-bedroom is on the market with Susan Singer of Town Residential for $4.95 million — a healthy $1,800 per square foot.

2) THE RENTAL PRICES ARE pretty nuts, too.

According to Citi Habitats' December rental-market report, the average studio rents in Chelsea for $2,350 a month — the second-highest of any neighborhood in the city.

But apparently that's nothing compared to the High Line part of Chelsea.

If you want a studio at Ten23, the 111-unit building that opened in 2011 on the corner of 23rd Street and 10th Avenue, be prepared to shell out $3,810 for their least-expensive studio. (Available two-bedrooms start at $6,520 and go up to $7,680.)

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