With all the media attention around up-and-coming neighborhoods such as NoMad, West Chelsea/High Line and Billionaire’s Row, one may easily forget or overlook some of Manhattan’s older and established neighborhoods. One in particular, the West Village, continues to thrive in the market because of its unique charm and its properties’ high demand among locals and foreign buyers alike.
The West Village offers a true neighborhood feel that embodies the romance and allure often associated with New York City. Known for its tree-lined, cobblestone streets and old brownstones that beautifully show off Manhattan’s rich history, it is one of few neighborhoods where one truly feels removed from the fast pace of New York. The West Village is where foodies go for some of the best culinary delights and serious shoppers immerse themselves in a mix of high-end and unique boutiques for some good old-fashion retail therapy.
In terms of real estate, the West Village has been historically known for its rows of brownstones and pre-war buildings. However, developments such as the contemporary, iconic glass Richard Meier buildings that went up in 2001 have changed the landscape and set the pace for other new luxury developments. For example, 150 Charles, currently under construction, has already sold out at an average price per square foot of $3,750, where prices range from $3.95 million for a two-bedroom to $35 million for a coveted penthouse. Also, rental-turned-condo luxury development, The Printing House has been a heavy hitter at $2,057 per square foot, offering one- to four-bedroom loft-type residences, maisonettes, and townhomes with private terraces and garden entrances, at asking prices up to $7 million.
While this charming neighborhood is beginning to see its share of new developments, it still maintains its rich architectural heritage due to the historic preservation society. Because of landmark regulations and highly restricted redevelopment, we see a number of major gut renovations in these quintessential homes while the facades and aesthetics of the building structures remain intact. For example, a former tenement at 79 Horatio Street has been transformed into a luxury property and is currently listed for $22.5 million.
These are just a few examples that demonstrate record-breaking asking prices are not keeping buyers away. In fact, I recently helped a client achieve a record price per square-foot for their 5th floor walk-up on Perry Street with an accepted offer after only one week. A similar 5th floor walk-up in any other Manhattan neighborhood may not attain such a high dollar per square-foot deal.
As one of the City’s most sought after neighborhoods, we can expect to continue seeing record-breaking sales in the West Village. It is one of New York’s true gems that has consistently proven to be a smart place to invest.