Posted by Leonard Steinberg of URBAN COMPASS on September 14th 2014 As you peer out of the window of 146 Waverly Place, the remarkable townhouse being renovated to perfection, designed by architect Wayne Turett, you catch a glimpse of the property at 27 Christopher Street a few doors away that just traded hands for $45 million…..and its slated to be converted into a single family mansion. The 19,00sf property on a rare 60 foot x 70 foot lot owned by The Foundling, a charitable organization, solidifies the desirability of the CENTRAL part of Greenwich Village nestled between Sixth And Seventh Avenues. Traditionally, the Central ‘Gold Coast’ Village and Far West Village were considered most desirable, but recently this central core close to all transportation, parks, restaurants, etc, has grown in popularity. It houses some of the most attractive townhouses and apartment buildings, the most unique and eclectic mix of stores and restaurants, and its quaint character has not been butchered. Its a few moments away from Washington Square Park, The Hudson River Park, the Meatpacking District and not too far from Soho. Soon this setting will be in close proximity to the magnificent Whitney Museum slated to open in 2015 (its looking magnificent!) and the Highline Park which starts in the Meatpacking District and extends all the way up to Hudson Yards which just announced the inclusion of a massive Neiman Marcus store. 27 Christopher Street traded for roughly $ 2,368/sf which means once the renovation is completed we should expect the final cost to be roughly $3,500/sf knowing what high end renovations cost these days. A mansion of this scale has a limited audience of course, even for those who can afford it. The mage-mansion trend in the Village started with the spectacular combination townhouse on 10th Street between 5th and 6th Avenues……the Gottesman House on Jane Street followed as did the combination on Downing Street. Then along came the Selldorf-designed Greenwich Street mansion across from Annie Liebowitz. Some find them a little too large, although finding a property this large is a tough feat, especially one with such exquisite architecture and bones. These mega-mansions boost the value of surrounding property. I find that the bulk of townhouse buyers have a sweet-spot for houses under 8,000sf which is more affordable and more manageable. This scale accommodates generous living and entertaining space, at least 5 bedrooms, the quintessential gym, and a sizable kitchen experience. Then of course if you need more bedrooms, offices , a pool, etc, 12,000sf+ becomes necessary. From a real estate perspective 27 Christopher is an important value data point: it indicates significant confidence in a part of the Village that has till recently been a bit under-valued.
