West Village Proerty on the Block
- Dec 26, 2014
New York—8 Charles Lane, a Manhattan property with an 88-foot by 103-foot footprint, has been put on the market. The property is unusual, according to the seller’s representatives, in that few other sites in the West Village neighborhood offer the possibility of ground-up multifamily development. Douglas Elliman’s Sabrina Saltiel and Massey Knakal’s James Nelson are marketing the property.
At over 27,000 buildable square feet, 8 Charles Lane could be the site of an 88-foot wide single-family mansion with a potential roof deck offering views of the Hudson River, say Saltiel and Knakal. Or a developer could create three 29-foot wide townhomes on the site, each at over 9,000 square feet, or a boutique condo development.
The property is directly across the street from the development at 150 Charles Street, which sold out at average prices exceeding $3,000 per square foot. It borders both Charles St. and the more private Charles Lane, allowing entry from either side. With approvals, underground parking could also be part of any future development plans.
Greenwich Village as a whole has seen mixed movements in its apartment market recently, according to MNS. In November compared with October, average rents for non-doorman studios were up 9.8 percent and non-doorman one-bedrooms gained 7.5 percent. On the other hand, rents for doorman studios lost 4.8 percent for the month; doorman one bedrooms were down 3.7 percent; doorman two bedrooms lost 3.4 percent; and non-doorman two bedrooms declined 4.8 percent.
The Village is neither the most expensive nor least expensive neighborhood in Manhattan, with average rents ranging from a low of $2,704 a month for a non-doorman studio to $5,970 a month for a doorman two-bedroom unit. Among non-doorman buildings, Tribeca is the most expensive neighborhood ($7,020 for two bedrooms) and Soho is the priciest for a two-bedroom doorman unit ($8,210); Harlem and the East Village have the least expensive apartments in the borough.