Old-World West Village Mixes In the New
Not even the recession was able to make much of a dent in the desirability of one of the most-coveted neighborhoods in New York City—the West Village—where getting a place to call home is getting increasingly difficult.
With its crooked street grid and historic buildings dating to the 1800s on tree-lined blocks, the Old World feel on some side streets, is hard to miss and provides much of the allure for many residents.
"Once you've lived here, there are few neighborhoods in the city that'll ever match up," said Susan Edelman, who has lived on Morton Street for nearly a decade.
But acquiring a piece of real estate in the West Village comes at a premium price and the competition to buy or rent is always stiff.
Brokers say the recession years saw a dip of 10% to 15% in the prices of some properties but the market for the most sought-after buildings, including full-floor units in brownstones and townhouse, remained largely unchanged. On average, brokers say, property values have doubled since 2000.
"Prices have strengthened recently and when we get to the two- and three-bedroom properties, there is very little inventory and it gets very tight and very competitive," said Alex Nicholas, a senior vice president and associate broker with Corcoran Group, who was born in the area and lived there for a number of years. "Buyers are being outbid and there are always multiple offers."
It isn't uncommon for properties to go for significantly higher than their original listing prices. "Nothing ever ceases to amaze me about how high a property can go," added Mr. Nicholas.
For those who are able to get a piece of the action, the West Village affords comforts and a multiplicity of shopping, dining and transportation options.
Subway lines—including the B, D, F, M, A, C and E—all stop at West Fourth Street and Sixth Avenue. Restaurants, entertainment and specialty shops are found throughout the neighborhood.
But longtimers say, despite its burgeoning commercial corridors like Bleecker Street, the area has still retained its village feel.
"People still know their neighbors and shop owners, and we watch each other's back," said Natalie Sanz, owner of Las Ramblas tapas bar, who grew up on West Fourth Street.
"It's a very friendly place and the feeling has remained throughout the years I've lived here."
At the same time, she said, commercial activity has heated up in the last decade, adding to the competitive environment.
"A lot of places have opened but a lot of places have closed so there's been a lot of turnover," added Ms. Sanz, whose family also owns Tio Pepe on West Fourth Street, which opened in 1970.
Schools: Public schools include P.S. 41 Greenwich Village School on West 11th Street and P.S. 3 Charrette Elementary School on Hudson Street.
In 2011, of the 104 fifth graders at PS 41 tested on the New York state English Language Arts exam, 81% met state standards compared with 71% in the district and 53% statewide.
At PS3, of the 104 students third graders tested on the state math exam, 89% met state standards compared with 80% districtwide and 59% in the state.
Area private schools include St. Luke's School on Hudson and the City and Country School on West 13th.
Parks: The James J. Walker Park at Clarkson and Hudson streets features handball courts, bocce courts and a baseball field. A few blocks away, the iconic Washington Square Park is a gathering spot for locals, students, tourists and showcases various events throughout the year.
Restaurants and nightlife: Drinking and dining options galore in the West Village with standbys like the Spotted Pig, the Corner Bistro and the White Horse Tavern. Cafe Cluny is another local favorite. Magnolia Bakery, Amy's Bread and Murray's Cheese shop—all on Bleecker Street—attract many from well beyond the neighborhood. The Village Vanguard and Small's Jazz Club on West 10th Street are among mainstays in the village's live music scene.
Shopping: Options abound throughout the neighborhood and aren't limited to corridors like Bleecker Street. Then there are places like McNulty's Tea & Coffee Co. and the Village Apothecary that are destinations in their own right.
If You’re Browsing for a Home in the West Village…
$3.295 Million
256 West 10th Street, No. 1D
This duplex co-op has three bedrooms and 2.5 bathrooms and features 12-foot ceilings.
· Listing History: On the market for a week
· Property Plus: Hardwood floors, large windows and a private patio
· Property Minus: The building doesn’t have a doorman
· Listing Agent: Gabriella Winter of Corcoran