Manhattan House
845 West End Ave
The Aldyn
15 Union Square West
The Rushmore Riverside
515 East 72
Overview
The tagline for this prewar condo conversion on the prime Greenwich Village block of 11th St between 5th and 6th is “Modern Treasure.” That is an accurate reflection of the restraint and charm exhibited by Extell (Stanhope, Orion, and Altair) and design firm, Period. The building dates back to 1910 and has a one-story limestone base and a classic red brick façade. On the 2nd, 3rd, 5th and 6th floors there are two bay windows in the center and stringcourses and marble lunettes elsewhere that lend the building a sense of elegance. The entrance is embellished with stone columns and an attractive cornice tops the façade. Situated on one of the prettiest village blocks this looks to become a highly sought after address.
Units and Prices
Extell has made use of the “capital I shape” of the building to deliver just two apartments per floor that subsequently enjoy between 2-4 exposures depending on the floor. There are only 2 and 3 bedroom units with the 2 bedrooms overlooking the rear gardens of the townhouses on 12th Street and the 3 bedrooms overlooking 11th St. After a little over one week on the market, most units have contracts out on them, with the notable exception of PHB.
The 2 bedroom apartments all fall around 1,573 square feet and run from $ 2,625,000 to $ 3,200,000 at initial offering with an average selling price of $1,846 per foot. The 3-bedroom units come in around 1,954 feet and are priced from $3,700,000 to $4,125,000 at initial offering with an average selling price of $2,015 per foot. Bidding wars on several apartments pushed the prices higher with increases ranging from $75,000 on 3B to $375,000 on 7A with various others in between. PHB has the same footprint of the 2-bed units with an additional room above of around 180 square feet and a 650 foot roof terrace. Priced at $5,650,000 or $3,267 per foot, the smart money is on this being snapped up quickly.
With maintenance and taxes coming in at $1.42 per square foot, the overall pricing seems a bit high, but not surprising for this quality construction and certainly competitive for the neighborhood.
Features & Amenities
This is not a building for those seeking full service living. There is no doorman (a ‘cyber’ doorman system instead), no gym, no roof-deck or concierge service. There is a landscaped courtyard, bicycle room and a small private storage unit for each apartment but that’s all folks.
What Extell and Period are really delivering are an incredibly impressive façade and near-perfect finishes. The old windows on the exterior are being replaced with Pella wood framed ‘Insulshield’ glass; custom milled wood paneling and base molding compliments the marble flooring and accents in the lobby. Inside the apartments will be rosewood flooring, solid core wood doors, and recessed lighting set the tone. In the kitchen, walnut cabinetry and Statuary marble countertop and backslash is reflected in the island benefiting from the same walnut doors and a wrap round marble countertop. Fiore De Bosco marble mosaic counter, deck and apron in the bathrooms continue the traditional styling of the building. The appearance of the bathrooms is enhanced by the use of 8” x 16” crystallized floor to ceiling glass tiles with ceiling and base moldings made from the same giving a seamless transition. All the brand names you would expect adorn the appliances, Viking stove, Miele washer/dryer and dishwasher and Sub-Zero refrigeration. Radiant floor heating in the master bathroom will comfort on those cold winter days. Overall this is a stylish and well thought out renovation with high ceilings, well proportioned if slightly small rooms and a sophisticated ambience.
Kitchen Rendering
Bathroom Rendering
Living Room Rendering
Lobby Rendering
Location
11th Street (along with 10th and 12th) between Fifth and Sixth avenues is one of the ‘Holy Trinity’ of blocks for those seeking the Greenwich Village lifestyle. This is one of the prettiest blocks with townhouses and dignified apartment buildings all protected from development by landmarking. Beyond the inherent charm of the tree-lined block this peace of mind adds immeasurable value. Retail and restaurant access is easy and high quality with Jefferson Market and Citarella providing fresh produce and groceries almost on the doorstep and fine dining at Gotham and Babbo a few blocks stroll. The parks at Washington Square and Union Square are both within easy walking distance and the location gives convenient access to cinemas, cafes, the Jefferson Market public library and every retail need a resident might have.
Transportation is easily reached at the Union Square hub or at W 4th street where you can pick up the A, C, E, F & V trains. At the Fifth Avenue end of the block are the beautiful First Presbyterian and Ascension churches.
Investment Potential
This pristine development in the “gold coast” of Greenwich Village is among the best potential investments we’ve seen. The landmarking of this and surrounding blocks is one of the main reasons recent developers have been pushed west and north to Perry St, Charles St, and Jackson Square in search of Village sites. There will never be huge developments on 11th St and it is this scarcity that will drive future price dividends. The combination of a traditional pre-war building sympathetic with its neighbors and modern interiors will always in my opinion have a wider market than the modern glass towers in this location, particularly over time. The low-key nature of the services i.e cyber doorman, no gym etc will keep maintenance charges low in the long term. The speed at which these have sold and the bidding wars that have taken place are a clear indication that demand will always outstrip the seventeen-unit supply here. With the building a year away from completion I think the buyers will see good gains before they close even in what is an uncertain market. We rate it an A.
