Very spacious one bedroom apartment -- my friend slept on the pullout couch in the living room, which worked fine. Super clean and up to date. Very light despite being a basement apartment. The "pantry" was limited to instant coffee and sugar. There is a tiny grocery store five minutes away, though, where we got some basics.
The location is a transitional residential neighborhood. You are a short walk away from the more chic-boutique-green-juice-shop part of Chelsea, but the apartment itself is closer to a public housing development and utilitarian shops. We never felt uncomfortable in that neighborhood, but be aware that the lower price of the apartment means you are not in the "happening" part of Chelsea.
One drawback -- and this was really my fault -- was that I didn't realize how far it would be from the nearest Tube station -- a full mile. However, Uber was very responsive. We never had to wait more than a couple of minutes for Uber to arrive.
We had a great experience with the management company who responded well to our requests for early check in. It's a great apartment for the price. You just need to factor in that you will be walking 20 mins to the tube station or taking Uber to get anywhere.