Introduction to the West Village Real Estate Rivalry
In the West Village, condos are now king — a reversal for a neighborhood where townhouses dripping with “Sex and the City” glamour have long ruled the market. A slew of high-ticket listings and sales tell the story. Overlooking the Hudson on the West Side Highway, the new luxury condo complex at 80 Clarkson is now the tallest in the West Village, with two towers rising to 420 and 450 feet. Its 112 units have already racked up nearly $1 billion in whisper-listing sales, sources say, and its 7,120-square-foot duplex penthouse is hoping to break a downtown price-per-square-foot record at $80 million. It has good comps.
The Rise of Condos in the West Village
The 112 units at 80 Clarkson have already racked up nearly $1 billion in whisper-listing sales. Courtesy of DBOX
In August, a duplex asking $87.5 million went into contract atop the new condo tower 140 Jane St. If it closes at that number, the 9,500-square-foot, 70-foot-wide spread will set a new downtown record.
Townhouses as a Value Play
And in March, a nearly 6,000-square-foot condo at the West Side It building 150 Charles traded for $60 million, twice what the owners paid in 2016. But for those who still covet the luxury of owning the land beneath their feet, village townhouses are now becoming a value play. “The townhouse market is less active than it was a year ago,” says Jeremy V. Stein of Sotheby’s International Realty. “You haven’t seen a sale above $25 million in well over a year.”
Unique Townhouse Listings
Formerly a West Village firehouse, 78 Morton St. now brings the heat as a five-story, three-bedroom manse (with a four-car garage) asking $21 million. PHOTOGRAPHY: YALE WAGNER
So, what gives? According to Stein, the newly minted, out-of-town money coming into the West Village market is more inclined toward condos, noting concerns about security and staffing, both of which are handled in a white-glove apartment building. “But I think that there’ll be a point when people will look back and scratch their heads as to why all of these townhouses were so inexpensive.” He’s marketing one of the neighborhood’s most unique value plays at 78 Morton St. A converted firehouse, the 25-foot-wide, five-story, three-bedroom mansion is asking $21 million. “It falls into that unicorn category,” Stein says. “It’s one of one.” Not only does the 6,850-square-foot home have the rarest of townhouse amenities — a drive-in four-car garage — it features open loftlike floors, all recently and artfully renovated, in contrast to the confined corridors typical of Victorian townhomes. Other value-adds include an elevator, a 1,000-square-foot terrace, a chef’s kitchen, a wine cellar and a private “jazz club” with hand-painted murals.
More Townhouse Listings
The recently restored 20 Charles St. is listed for $17.9 million. Photos by Evan Joseph Photography
Another vertical victory is on the market for $17.9 million at 20 Charles St. The five-bedroom, 4,500-square-foot stunner dates back to 1890, but was recently restored by Kushner Studios and Coco Kanakis Design. Old now meets new, with Corinthian capitals and herringbone floors abutting contemporary colors and new-fangled fixtures. Adam D. Modlin and Andrew Nierenberg of Modlin Group have the listing.
The 5,100-square-foot 262 W. 11th St. currently boasts three units, a back garden and a $17.5 million price tag. Photos courtesy of H5 Property
Looking for a bit of breathing room? The 21-foot-wide townhouse at 262 W. 11th St. is semi-detached, boasting a recherché horse-walk alleyway leading to the back garden. Currently divided into three units, it’s a chance to create your own 5,100-square-foot slice of NYC for $17.5 million. Denver Butson and Maria Saha of Douglas Elliman have the listing.
Conclusion
The West Village real estate market is experiencing a shift, with condos becoming the preferred choice for many buyers. However, townhouses are still a viable option, offering a unique and luxurious living experience. With the right amenities and renovations, townhouses can be a valuable investment for those looking to own a piece of NYC history.
FAQs
Q: What is the current trend in the West Village real estate market?
A: The current trend is a shift towards condos, with many high-ticket listings and sales in the area.
Q: What are some unique features of townhouses in the West Village?
A: Some unique features of townhouses in the West Village include drive-in garages, elevators, and private "jazz clubs" with hand-painted murals.
Q: What is the price range for townhouses in the West Village?
A: The price range for townhouses in the West Village varies, with some listings as high as $21 million and others as low as $17.5 million.
Q: Who is marketing the unique value play at 78 Morton St.?
A: Jeremy V. Stein of Sotheby’s International Realty is marketing the unique value play at 78 Morton St.
Q: What is the square footage of the townhouse at 262 W. 11th St.?
A: The townhouse at 262 W. 11th St. has a square footage of 5,100 square feet.
