Luxury pick of the week

A Greenwich Village penthouse with a J-51 tax abatement, for $3,450,000

The price of this condo was cut by $300,000 about nine weeks ago.

Halstead/StreetEasy 

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Welcome to Brick Underground’s luxury pick of the week, a feature spotlighting a condo, co-op, or townhouse for sale with an asking price of at least $3,240,000, the current entry threshold for luxury apartments in Manhattan. If you’re in the market for a high-end abode, you should know that while sales have slowed considerably over the past couple of years, that trend is starting to reverse as sellers come to grips with the new market reality and adjust their prices accordingly. It's good news for your wallet—just be aware that many luxe listings won’t linger on the market indefinitely. For more information, check out Brick Underground’s tips on buying a luxury apartment in NYC.

The price tag on this two-bedroom, two-bath luxury condo, 60 West 13th St., #PHB, in Greenwich Village, comes with sort of a question mark. The price of this penthouse, which has been on the market just over five months, is not in doubt: It’s asking $3,450,000—reflecting a cut of $300,000 about nine weeks ago. The penthouse previously sold for $1,400,000 in March 2010.

Common charges are $2,173, and monthly taxes are currently $2,525—but here’s the wrinkle: There’s a J-51 tax abatement that expires in 2022, so you can expect a higher tax bill then, but not by much, at least for this condo. Abatements phase out in stages at the end, so with only a year left, this condo is close to using up its exemption—so the full tax bill won't be too much higher.

For other condos with abatements, you're in for more of a shock: A post on StreetEasy last year looked at the impact of expiring J-51 abatements at condo developments and found for many of these condo units, tax bills rose faster than they would from higher home values alone, in some cases, doubling or tripling.

Tax bill aside, if you want to be in the Village in a renovated apartment, this may be the place for you. The penthouse is on a high floor in a 24-hour doorman building.

60 West 13 Street, New York, NY, 10011

60 West 13 Street, New York, NY, 10011

An entrance foyer leads to living/dining room with wide-plank walnut floors and access to a terrace that wraps around three sides of the apartment. It has views of the Village, the historic Jefferson Market Clocktower and the Freedom Tower in the distance. The landscaped terrace has multiple seating areas.

60 West 13 Street, New York, NY, 10011

The windowed chef's kitchen has a center island and deep Caesarstone countertops, custom cabinetry and high-end appliances including a fully integrated Sub-Zero refrigerator, Miele dishwasher and a professional Viking stove. 

60 West 13 Street, New York, NY, 10011

60 West 13 Street, New York, NY, 10011

A long hallway lined with storage closets leads to two bedrooms and two renovated bathrooms. The master bedroom suite fits a king-size bed and has a wall of custom closets with built-in bureaus. Both of the bedrooms have north exposures with views of the terrace and historic 19th-century Macy’s building across the street. 

Additional amenities include double-glazed windows with UV protection, and custom Lutron lighting.

The building is a full-service condo with 24-hour doorman, full-time porters, a resident superintendent, bike-room, common storage and a large central laundry room. 

The apartment is three blocks from Union Square Park, and within several blocks of restaurants like ABC Kitchen, Gramercy Tavern, and Loring Place.