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.
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.
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.”
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.
