Once a street for the “merely wealthy,” many can no longer afford to live there.
West 11th Street is found between 4th and Bleecker in Greenwich Village. The location has attracted the likes of Sarah Jessica Parker, Liv Tyler, and Rupert Murdoch.
Several billionaires also own townhouses which can sell for upwards of $30 million. In 2019, The Wall Street Journal called this 500-foot-long portion of West 11th Street a “power block.”
Until recently, there have been a couple of rental buildings that went for $10,000 a month for a two-bedroom.
Anything that hasn’t been snatched up on West 11th will likely sell for a lot — especially the newly renovated megamansions on the block. @kvelsey writes about the celebrities being priced out of the famed “power block” https://t.co/ohbAhyJWp3 pic.twitter.com/g8wNXQ7VyO— Curbed (@Curbed) April 18, 2023
However, the shift in Manhattan real estate continued to drive up the prices. In 2015, Chipotle founder Steve Ells had purchased two townhouses at the corner of West 4th, combining them into one 16,000-square foot complex.
A year later, Parker and Matthew Broderick bought two more townhouses for $34.5 million.
Some longtime West 11th homeowners have chosen to move out of the location. Tyler sold her house in 2019 for $17.45 million. She initially bought the place for $2.53 million in 2001.
According to listing broker Velvet Abashian, most of the properties in the street have already been “snatched up.”
However, there are a couple of unique, newly renovated megamansions in the area. Tal Alexander, co-founder of the luxury brokerage Official, said that if they were ever to sell, they would probably go for over $100 million.
Even some celebrities may no longer be able to afford a home on West 11th Street.
Banner image by Spencer Means via Wikimedia Commons.