- A dilapidated parking garage in New York’s West Village is set for a luxurious transformation into luxury apartments that could fetch up to $57.5 million per unit
- The building, originally built in the 1930s, will retain its original structure, but 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 is poised to become one of the city’s most lucrative residential projects.
A dilapidated parking garage in New York’s West Village is about to get a new lease on life as a developer with vision plans to convert it into the city’s newest luxury apartment building — with buyers spending as much as $57.5 million.
The building, which has been there since the 1930s, became a kind of remnant of the area’s industrial heritage with its broken glass windows and battered roller doors. Inside there were parking spaces for cars on four levels.
But in 2022, a developer acquired the parking facility for about $64 million. But instead of completely demolishing the building and replacing it with a new skyscraper, there are plans to preserve the original structure and transform the building into seven luxury apartments.
Wealthy buyers are already snapping up the units under contract for a $57.5 million penthouse 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 luxury apartments, which could fetch up to $57.5 million per unit. Photo, artist impression
The building, originally built in the 1930s, will retain its original structure, but 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 is poised to become one of the city’s most lucrative residential projects.
The building has served as a garage since its construction in the 1930s
Construction on the visionary project, which is expected to be completed around 2026, has not yet started.
The building will retain its industrial facade, complete with parking garage markings, while the rear will be demolished to make way for the luxury homes.
The steel frames and high ceilings of 4 meters high distinguish the garage from typical parking structures.
Potential buyers appreciate the unobtrusive appearance of the building and its integration into the neighborhood.
Compass listing agent Jim St. André emphasizes that privacy is of paramount importance to these discerning individuals, often equating it with ultimate luxury.
“People in show business…. Calculate whether or not they can live in a certain building, based on how long it takes for the paparazzi to find them once they leave,” St. André told WJ.
One of the building’s two penthouses has already been contracted, the latest price being $57.5 million
The units include a penthouse priced at $57.5 million and two other units priced at $32 million and $22.5 million each
The rear of the building will be demolished to make way for luxury homes
The units are equipped with steel casement windows
The garage can be seen in 1940, when an elevated railway line ran next to it
By the time the entire building is sold, the developer, Alf Naman, believes the property will have fetched $245 million, with the remaining penthouse on the market for nearly $85 million.
Together, the seven-residence building will consist of two penthouses, two townhouse-style residences and three loft-style residences.
In addition, the building will be equipped with various facilities, including a doorman, a fitness room, a sports field and a limited number of parking spaces.