New York City is a notoriously expensive town to buy real estate—but one particular corner of downtown Manhattan is about to rival 5th Avenue’s Billionaire’s Row. West 11th Street in Greenwich Village, specifically the 500-foot-long stretch between 4th and Bleecker, has long been home to wealthy and influential figures such as Sarah Jessica Parker and Matthew Broderick, Liv Tyler, and even Rupert Murdoch. But recent property buys on West 11th suggest that mere millionaires could soon be priced out of owning homes on this particularly elite enclave.
In 2019, The Wall Street Journal called this portion of West 11th Street a “power block,” citing recent buys and renovations from hot-shot buyers such as Chipotle founder Steve Ells and Softbank CEO Marcelo Claure, as well as existing tenants such as Melissa Schiff Soros, the ex-wife of George Soros’s son, and venture capital firm cofounder Stuart Peterson. Since then, however, a Curbed report from this week notes a number of high-profile tenants have cleared out of their newly renovated properties, often converted from multi-family homes, paving the way for even richer homeowners to take their place. At the end of 2019, Tyler sold her house for $17.45 million, up from the $2.53 million she’d paid in 2001, and in 2022, NYU’s Furman Center of Real Estate and Urban Policy’s Vicki Been sold her townhouse for $18.8 million, one she’d purchased for $1.88 million in 2002.
Last week, two more mega-properties on this street sold for $26.75 million and $15.9 million—an 8,000-square-foot townhouse and a five-unit, four-story home, respectively—cementing the street’s status as a place for supremely wealthy homeowners only, with few if any rentals left on that part of West 11th.
Luxury brokerage Official’s cofounder Tal Alexander told Curbed that other renovated megamansions on this fledgling Billionaire’s Row would likely sell “in the $100-million-plus price point” if they ever hit the market—including Parker and Broderick’s set of two townhouses, which they snatched up for $34.5 million in 2016 and had converted into a single property by architect Morris Adjmi. While West 11th doesn’t have the towering skyscrapers that mark N.Y.C.’s official Billionaire’s Row overlooking Central Park, the tree-lined stretch of this (technically Greenwich Village but spiritually West Village) block may soon be just as unattainable to everyone but the city’s one percent.
You can read the article on Robb Report here