A Greenwich Village boutique property is already for sale even before its main renovations have begun.
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After only a year of ownership, Leonard Steinberg is offering a Greenwich Village townhouse in Manhattan for more than twice what he paid for it, according to a report in The Real Deal. Last year he acquired the 146 Waverly place asset for $10.2 million and is now listing it for $22 million, or $3, 235 per square foot. The property is, however, currently undergoing major gut renovations.
The five-story, twenty two and one half foot wide townhouse has seven bedrooms and 6 and a half bathrooms. It is located between Grove Street and Sixth Avenue and has a total of 6, 118 square feet.
When he bought the location in June 2013, Steinberg received authorization to convert it into a single family from a multi-unit town house. The developer also added roughly 700 more square feet to the property.
Other modifications to the site will include the addition of an interior elevator, a media room, a rooftop terrace and a new kitchen. There will also be a new formal dining room on the garden floor and a full-floor master suite on the second floor.
About this project, Steinberg commented on the difficulties in Planning, securing approval for and executing a townhouse gut renovation. He said that “the cost to do so can be prohibitive, ” as much as $7 million.
Today, Steinberg and his partner are trying to sell the property before most of the renovations are completed. This is an unusual as generally sales are made only after the major parts of a gut renovation are done.
According to the listing which they posted on the property, “for a limited time, a unique opportunity allows this property to be customized to meet the exact needs and wants of the new owner.”
The developers have said that if they do not sell the property within six weeks then they will pull it from the market until after the renovations have been completed at which time it will likely command a much higher asking price. Steinberg believes that putting such a short time limit on the sale period will make it easier for him to close a deal without causing any delays in the work.
Leonard Steinberg, a former designer for Victor Costa and Christian Dior, considered one of the smartest dressers in the real estate industry is the President of Urban Compass which specializes in the marketing of high end New York real estate. With sales in excess of $2 billion, he leads the direction for Urban Compass as well as his own team which is consistently ranked in the top 10 in the US by the Wall Street Journal.
Steinberg only just joined the company this month together with his business partner Hervé Senequier. While the two may have brought three new boutique development projects with them, they left a number of profitable assets behind at Douglas Elliman Real Estate when they exited the company where Steinberg had served as managing partner for almost thirteen years.
Steinberg has also served as the president of Luxuryloft Inc. since it was established in 1999.
146 Waverly place