- A dilapidated parking garage in New York’s West Village is set for a luxurious transformation into high-end condominiums for up to $57.5 million per unit.
- Originally constructed in the 1930s, the building will only retain its original structure instead of parking spaces, it will consist of seven multi-million dollar units
- The building will appeal to discerning buyers seeking privacy and luxury and ready to make it one of the city’s most lucrative residential projects
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A dilapidated parking garage in New York’s West Village is getting a new lease on life as a developer with visionary plans to transform it into the city’s latest luxury apartment block — with buyers splashing out a cool $57.5 million.
The building, which has stood since the 1930s, became something of a relic of the area’s industrial heritage with its broken windows and battered roller doors. Inside were parking spaces for four levels of cars.
But in 2022, a developer bought the parking facility for about $64 million. But instead of demolishing the building completely and replacing it with a new residential skyscraper, there are instead plans to keep the original structure while converting the site into seven exclusive condominiums.
Wealthy buyers are already snapping up the homes, with a penthouse under contract for $57.5 million and two other units priced at $32 million and $22.5 million each.
A dilapidated parking garage in New York’s West Village is set for a luxurious transformation into exclusive condominiums that could fetch up to $57.5 million per month. Image, artist’s impression
Originally constructed in the 1930s, the building will only retain its original structure instead of parking spaces, it will consist of seven multi-million dollar units
The building will appeal to discerning buyers seeking privacy and luxury and ready to make it one of the city’s most lucrative residential projects
The building has served as a garage since it was built in the 1930s
Construction of the visionary project, which is expected to be completed around 2026, has not yet begun.
The building will retain its industrial facade, complete with parking garage signage, while the rear will be demolished to make way for the luxury residences.
The garage’s steel-framed windows and soaring 14-foot ceilings set it apart from typical parking structures.
Potential buyers are said to appreciate the building’s eye-catching appearance and its integration into the neighborhood.
Listing agent Jim St. André from Compass highlights that privacy is paramount for these discerning individuals and is often equated with the ultimate luxury.
“People in show business… calculate whether they can live in a certain building by how long it takes the paparazzi to find them once they’re gone,” St. André told WSJ.
One of the building’s two penthouses is already in contract, last priced at $57.5 million
The units include a penthouse asking $57.5 million and two other units priced at $32 million and $22.5 million apiece
The rear of the property will be demolished to make way for ultra-high-end housing
The units will have steel windows
The garage is shown in 1940, with an elevated railway line running alongside
By the time the entire building is sold, the developer, Alf Naman, believes the property will have fetched $245 million, while the remaining penthouse is believed to be listed for close to $85 million.
Together, the seven housing developments will consist of two penthouse homes, two townhouse-style homes and three loft-style homes.
The building also comes complete with various amenities, including a doorman, fitness center, sports court and a limited number of parking spaces.