Greenwich Village has a cachet to live up to. This neighborhood is part of Lower Manhattan’s west side, and is often referred to as the Village by the locals. This neighborhood is famously regarded as a haven for artists and artistic types pursuing the Bohemian lifestyle. It was the East Coast hub for the 1960s counterculture movement. Even today, the Village is characterized as the quirky part of Manhattan.
About Greenwich Village
The boundaries of Greenwich Village are defined by North River on the west, Broadway on the east, 14th Street on the north and Houston Street on the south side. Adjacent neighborhoods are Chelsea on the north end, SoHo on the south and East Village with NoHo on the eastern end. The western section of the Village around 7th Avenue is West Village. However, the boundaries have been blurred, and locals may refer to West Village as a part of Greenwich Village or collectively as the Village.
Of all the neighborhoods in Manhattan, Greenwich Village is the one that evokes the most European vibe. The street layout does not conform to the grid pattern in the other neighborhoods. Some of the streets retain the cobblestones, and most are lined with shops, many of which are independently owned single-location businesses. Additionally, the buildings that house apartments for sale in Manhattan NYC are lower compared to the skyscrapers characteristic of Manhattan. This gives the neighborhood a more cozy ambiance, ensuring more light and less of a shadow over the courtyards and secret gardens within the townhouses and Greenwich Village condos for sale.
Washington Square Park is the historic center of the Village, and was once the most upscale part of the neighborhood. In this area, real estate for sale in Manhattan is traditionally priced at a premium due to the location. Gentrification and the expansion of New York University have driven prices even higher for apartments for sale in Manhattan NYC. The entrance to the park is a distinctive arch inspired by the Arc de Triomphe in Paris. A fountain, shaded seating areas, winding paths, outdoor chess competitions and proximity to the sprawling NYU campus makes this park one of city’s most popular outdoor spaces.
The heart of the NYU campus is the part that surrounds Washington Square where the university owns most of the buildings. The university uses the Washington Square Arch as one of its icons although it is not technically part of the university’s real estate. The Benjamin Cardozo School of Law, which is part of Yeshiva University is on the northern end of the Village. Cooper Union is at Astor Place close to the East Village. Other institutions of higher learning that are represented in Greenwich Village include the Hebrew Union College, Parsons The New School and the Manhattan campus of the Pratt Institute, which is on 14th Street near Seventh Avenue.
Residents of Greenwich Village condos for sale are zoned to either Public School 3, also known as the Melser Charrette School or the Greenwich Village School, referring to Public School 41. These students will move on to Baruch Middle School 104 after which they have to apply for admission to the New York City high school of their choice. Various private schools for school age children have campuses in the Village or in nearby neighborhoods.
Accessibility and Public Transportation
Real estate for sale in Manhattan, specifically in the Village draws multitudes of students, businesses and residents seeking a taste of the urban bohemian lifestyle that has become synonymous with the neighborhood. It is highly accessible via public transportation with a public transport score of 100 based on Walk Score metrics. Various subway lines provide services to Greenwich Village condos for sale through stations located in different parts of the neighborhood, including the NYU, Union Square and Christopher Street stations. The PATH train makes several stops with convenient transfer connections for travel to and from the Newark-Penn Station. Bus services are classified according to two routes: uptown/downtown services and crosstown services.
Individuals and families looking at apartments for sale in Manhattan NYC will find that the streets are quieter and traffic less frenetic compared to nearby neighborhoods. This is the ideal biking and walking area. The promenade by the Hudson River is a popular biking area, but bikes are welcome on city streets also. In Greenwich Village, residents do not need a vehicle to get by with their daily routine as most amenities are located within walkable distances from residences.
Greenwich Village Demographics
Greenwich Village includes the following postal zip codes: 10003, 10011, 10012 and 10014. There are about 96,000 household units translating to a population of at least 160,000 in Greenwich Village. Only 25 percent of these households are counted as family units, a third of which have children in the household. The median age of residents is 36 years, which is within range for Manhattan averages.
The average household income for Village residents is $149,474, and the median income per household is estimated at $89,832. Average household net worth exceeds $1 million in this population where 44 percent have at least a bachelor’s degree and 38 percent hold graduate and post-graduate credentials. These rates are on par if not higher than Manhattan or New York’s educational attainment levels.
Buying or Selling Real Estate in Greenwich Village
Greenwich Village may still be basking in its reputation as an urban bohemian center, but there is nothing bohemian about the valuations for real estate for sale in Manhattan especially in this neighborhood. Apartments for sale in Manhattan NYC are valued at an average of $1,000 per square foot with variations dependent on location, amenities and other factors. The median listing price for homes for sale is $1.7 million, and the median closing price is $1.2 million according to data from realtor.com. Based on trulia.com reports, median sale prices for Greenwich Village condos for sale have risen by 40 percent year-over-year.
This trend reflects the overall expectations for real estate for sale in Manhattan. Industry experts may be predicting a slowdown for New York City’s booming residential market, but listing prices for apartments for sale in Manhattan NYC continue to trend higher. The inventory situation in Greenwich Village is under pressure from unique factors related to historic preservation. Buildable land is scarce in this neighborhood especially as NYU continues to expand aggressively. The Greenwich Village Society for Historic Preservation and the Landmarks Preservation Commission are actively involved in monitoring development proposals and lobbying to preserve historically important structures. Expect prices for Greenwich Village condos for sale to trend upwards even as several Village properties have already passed the $25 million benchmark.
What to Expect in Greenwich Village Real Estate
Greenwich Village townhouses represent the urban oasis that the Village hopes to project. These structures are typically redeveloped properties with due care taken to preserve historically significant features. Twenty years ago, the per-square-foot price on these townhouses barely exceeded $600. A study conducted by NeighborhoodX, a real estate data aggregator, indicates that Greenwich Village townhouses are listing at about $2,660 per square foot, which is the highest price among Manhattan, Brooklyn and other neighborhoods included in the study.
Luxury condominium developments with penthouse units have sprung up where older structures were permitted for scraping and redevelopment. These units are typically two to three-bedroom apartments with various on-site amenities included. An oddity noted about new developments is that the studio apartment, an iconic reminder of Greenwich Village’s bohemian lifestyle, is no longer being built. According to developers, it costs as much to build one- to two-bedroom apartments that are generally in greater demand among buyers of real estate for sale in Manhattan. Additionally, studio apartments are viewed as starter homes where resident turnover may be higher compared to other unit types. Luxury homebuyers and co-ops are loathe to deal with constant turnovers. The Manhattan real estate market is expected to remain stable with prices in Greenwich Village remaining at higher-than-average levels. Developers are introducing contemporary features and luxury amenities in these new and redeveloped units.
Advantages of Owning Greenwich Village Properties
Living in Greenwich Village is the quintessential New York lifestyle. It is a stable neighborhood where the most prominent neighbors include several universities, museums and entertainment venues that have become the home of off-Broadway programs. The world’s cuisine is represented in its diverse restaurants, and the nightlife is always fun in and around Bleecker and Christopher Streets. Live a car-free lifestyle as just about all of the shops and services you need will be within walking distance. If not, there will always be delivery, personal shopping services and chauffeur services when needed.
Access to the vast resources of NYU and the other universities is a lifestyle-enhancing bonus. NYU designed its campus without walls and gates to encourage community and university interaction. As it has for many years, the Village beckons intellectuals, creative types and anyone interested in a lifestyle defined by diversity, community and human interaction.
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