A classic 1920s co-op combining character and basic conveniences
The co-op at 24 Fifth Avenue is rich in a particular kind of classic New York charm. Designed as the Fifth Avenue Hotel by renowned New York City architect Emory Roth in 1926, the building replaced the longstanding Brevoot Mansion. Built in 1834 for wealthy landowners, the impressive Greek Revival residence at Fifth Avenue and 9th Street was the site of grand society events. The leveling of the home to make way for a new multi-unit building signaled the end of the era for some, with local magazine The Outlook opining, “The old Brevoort mansion is to be destroyed, to make way for another apartment-house and the modernization of that section of the avenue will be practically complete — and wholly depressing to those who love some flavor of the past.”
Today, the 21-story, 420-unit Spanish Renaissance building along what has been called the “Gold Coast” of Fifth Avenue in the Greenwich Village Historic District provides a refined and elegant reminder of an earlier New York.
One of the high-rise's most striking elements is its grand and gleaming entrance on the avenue featuring a bronze canopy, intricate stone carvings and metalwork. A two-story limestone base meets a buff brick facade featuring spiral columns and detailed stonework depicting forms such as angels and garlands.
The prewar lobby, painstakingly restored by EverGreene Architectural Arts in 2008 contains octagonal coffered ceilings with gilt detail, period sconces, decorative painting, textured plaster walls and carved woodwork. “There were people on scaffolding painting,” says Ken Barkoff, president of Barkoff Residential, who has sold hundreds of apartments in the co-op over 43 years. “We’re talking Sistine Chapel-type activity.”
The restoration was part of several improvements and updates to the building that included the addition of a gym, bike room and storage. “They said, ‘We’ll keep the character and lore of the building but we’re not going to be a museum,” says Barkoff.
Prewar studios to three-bedrooms
Homes at 24 Fifth Avenue include studios to three-bedroom apartments. “They tend to run on the small side,” says Barkoff. “It used to be a hotel, so the kitchens are an after-thought.” Studios a maximum of 500 square feet list for $375,000 and up, and one-bedrooms measuring as much as 750 square feet ask $750,000 and more. Two-bedroom units can be as large as 1,350 square feet and sell for up to $1.8 million and three-bedroom home prices start at $2.2 million and up. A three-bedroom duplex penthouse with a large terrace recently listed for $10 million.
Apartments include prewar features such as nine-foot, beamed ceilings and parquet floors. Kitchens and bathrooms have often been updated with contemporary fixtures and finishes. Some units have impressive views of downtown and One World Trade Center.
Full-service and responsive staff with a gym and laundry room
Staff at the co-op include a 24-hour door attendant, resident super and porters, many of which are long term employees. A building manager is on site on weekdays. The building has a fitness center, laundry facilities, a bike room and storage. The lobby’s elevators were recently replaced and two freight elevators facilitate moves in and out of the co-op. “It doesn’t clog up the lobby,” says Barkoff. “They have the room to make it very civilized. That’s another strength of the building.” The co-op uses BuildingLink software to manage deliveries, service requests and other business.
With board approval, the co-op allows co-purchasing, pied-a-terres, guarantors and gifting. Investors are not permitted, and owners must occupy an apartment either part-time or full-time for three years before subletting. At that point, units can be sublet for three out of the next five years. The building is pet-friendly. A Forbes event space is located on the ground floor of the property.
Prime Greenwich Village near all
The co-op is located in the heart of Greenwich Village near retail, dining and entertainment. Grocery shopping can be done one block away at Citarella on Sixth Avenue or Gristedes on University Place. French Bistro Claudette (temporarily closed) is located at the base of the building and Michelin-star restaurant Frevo, Loring Place and Eva’s x Cinco de Mayo are among the restaurants around the corner on Eighth Street. Washington Square Park is two blocks south and Union Square Park is five blocks north. Nearby nightlife spots include the Comedy Cellar and Blue Note jazz club. New York University’s main campus can be reached in less than 10 minutes on foot.
Excellent public transit options, easy access to the West Side Highway
Public transit options include the A, C, E, B, D, F and M trains at West 4th-Washington Square station, a five-minute walk away, and the 1 and 2 trains at the Christopher Street-Stonewall stop. The N, Q, R and W trains can be caught at 8th Street-NYU two blocks east. A PATH train station is down the block at Sixth Avenue. The West Side Highway is a few blocks west and the Holland Tunnel connecting to New Jersey is at Spring Street in Soho. The drive to LaGuardia Airport and JFK Airport is about 30 minutes.
Important to know
The co-op is a land lease building, which means that shareholders in the co-op lease the land from a third party. (This is also why maintenance fees in land lease buildings can be higher.) The land lease for 25 Fifth Avenue expires in 2087, at which point technically, “you could lose rights to the property,” says Barkoff. Even though 63 years remain on the lease, he adds, “For some people it’s just not the right investment. You need to be comfortable with that.”
“There are 420 other people who are comfortable with that,” he says, referencing the number of apartments in the co-op. “Nobody’s relinquishing their right to an apartment there. It’s usually something like a major life event that’s the impetus for a sale.”
Securing financing can be a bit more challenging here, due to the fact that many apartments in the building are rent-controlled or rent-stabilized. “Fannie Mae has a minimum owner-occupied rate, and this building does not meet that guideline,” Barkoff says. The agent recommends working with a large mortgage broker such as GuardHill Financial, which he describes as having more options for securing financing.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
4/ 10
Biker's Paradise
Bike Score®
95/ 100
Walker's Paradise
Walk Score®
99/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Washington Square Park
3 min walk
Dog Park
Picnic Area
Playground
Christopher Park
6 min walk
Picnic Area
McCarthy Square
6 min walk
Picnic Area
West 4th Street Courts
7 min walk
Basketball
Minetta Playground
8 min walk
Playground
Walking Paths
Minetta Green
8 min walk
Walking Paths
Mercer Playground
8 min walk
Playground
Union Square Park
9 min walk
Dog Park
Picnic Area
Trails
Cooper Triangle
9 min walk
Trails
Schools
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