A significant transformation is underway in New York City's West Village real estate market. The area, long defined by its historic and glamorous townhouses, is now seeing luxury condominiums dominate high-value sales, with some properties fetching record-breaking prices. This shift has created a unique market dynamic where traditional townhouses are increasingly viewed as value opportunities.
Key Takeaways
- Luxury condo sales in the West Village are reaching new heights, with one property in contract for a potential downtown record of $87.5 million.
- The once-dominant townhouse market has cooled, with no sales exceeding $25 million in over a year, according to market experts.
- Real estate professionals suggest that townhouses now present a significant value proposition for buyers seeking space and character.
- Several unique townhouses, including a converted firehouse and a semi-detached home, are currently available for between $17.5 million and $21 million.
Condominiums Drive Unprecedented Sales Figures
The rise of the condominium in the West Village is marked by a series of high-profile developments and transactions. These modern, full-service buildings are attracting a new wave of buyers and setting new price benchmarks for downtown Manhattan.
One of the most prominent new developments is 80 Clarkson, which now features the tallest towers in the neighborhood, standing at 420 and 450 feet. According to sources familiar with the project, its 112 units have already generated nearly $1 billion in preliminary sales. The building's duplex penthouse, spanning 7,120 square feet, is listed at $80 million, aiming to set a new price-per-square-foot record for the area.
Record-Breaking Contracts
In August, a duplex penthouse at another new tower, 140 Jane St., went into contract with an asking price of $87.5 million. If the sale closes at this price, the 9,500-square-foot residence will establish a new downtown sales record. Additionally, in March, a condo at 150 Charles St. sold for $60 million, double the $30 million the owners paid in 2016.
Changing Buyer Preferences
The preference for condos among new buyers is a key factor driving this market shift. Jeremy V. Stein of Sotheby’s International Realty notes that many new buyers, particularly those from outside New York, are drawn to the amenities offered by modern condo buildings.
"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."
These buyers often prioritize the convenience and security of managed properties over the independent ownership of a townhouse, which requires personal oversight of maintenance and staff.
Townhouses Emerge as a Value Opportunity
While the condo market soars, the townhouse sector has experienced a slowdown. This has led experts to identify these historic properties as an increasingly attractive investment. "The townhouse market is less active than it was a year ago," says Stein. "You haven’t seen a sale above $25 million in well over a year."
This cooling period has created a pricing disparity between the two property types. Stein believes this presents a window of opportunity for savvy buyers.
"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."
For buyers who value privacy, direct ownership of land, and architectural character, the current market offers a chance to acquire significant properties at prices that are now being eclipsed by their condominium counterparts.
Historical Context
For decades, the West Village townhouse was the symbol of quintessential New York City luxury living, romanticized in popular culture like "Sex and the City." These homes offered privacy, multi-level living, and a direct connection to the neighborhood's historic streetscape. The current market represents a notable departure from this long-standing tradition.
Unique Townhouse Properties on the Market
Several distinctive townhouses currently for sale highlight the value and unique character available in this market segment. These properties offer amenities and layouts that are rare in Manhattan real estate.
The Converted Firehouse at 78 Morton St.
A prime example of a "unicorn" property is the converted firehouse at 78 Morton St., listed for $21 million. This 25-foot-wide, five-story mansion offers 6,850 square feet of living space. Its most unique feature is a drive-in, four-car garage—an exceptionally rare amenity in a Manhattan townhouse.
Other features of this three-bedroom home include:
- Open, loft-like floor plans.
- A private elevator.
- A 1,000-square-foot terrace.
- A professional-grade chef's kitchen.
- A dedicated wine cellar and a private "jazz club" space.
"It falls into that unicorn category," Stein says. "It’s one of one."
Restored Classic at 20 Charles St.
For those seeking historical charm with modern updates, the townhouse at 20 Charles St. is on the market for $17.9 million. Originally built in 1890, the 4,500-square-foot home was recently restored by Kushner Studios and Coco Kanakis Design.
The five-bedroom residence blends historic details like Corinthian capitals and herringbone floors with contemporary design elements and modern fixtures. The listing is held by Adam D. Modlin and Andrew Nierenberg of the Modlin Group.
Semi-Detached Home at 262 W. 11th St.
Offering extra light and space, the semi-detached townhouse at 262 W. 11th St. is listed for $17.5 million. The 21-foot-wide property is unique for its side alley, known as a horse walk, which leads to a private back garden.
Currently configured as three separate units, the 5,100-square-foot building presents an opportunity for a buyer to create a large single-family residence. This property is listed with Denver Butson and Maria Saha of Douglas Elliman.
