New York townhouse is targeting $36 million profit two years after sale

A lovely Manhattan townhouse that sold for $13 million in July 2021 is back on the market just two years later – asking for a whopping $49 million.

Not only does the 122 Waverly Place offering benefit from a $10 million renovation — this was undertaken by David Howell and Steffani Aarons of DHD Architecture & Interior Design, who worked to meet the vendors’ specifications. (Prospective buyers should note that modernizations are still ongoing and move-in is expected in spring 2024.) If you boil it down to dollars and cents, it could be a real trophy property, too.

If sold at the current asking price, this Greenwich Village home could break a record for the most expensive single-family home transaction in downtown Manhattan. In 2013, a single-family home at 144 Duane St. in Tribeca with a whopping 42 feet wide — making it a mansion by city standards — traded for $43 million, a record yet to be beaten, according to StreetEasy . (This property was later converted into apartment buildings.)

StreetEasy also reveals that listing 122 Waverly Place is the most expensive single-family home currently for sale downtown.

Given that the house is turnkey after a top-notch renovation, realtor Nicole Gary thinks the asking price is “very affordable”. (Nicole Gary’s team, part of Keller Williams New York City, is the exclusive sales and marketing agency for 122 Waverly.)

“The supply of townhouses is low and there’s nothing brand new like this,” she told The Post. “If you look at every townhouse below 14th Street, there’s nothing quite like it in the luxury market.”

But apparently this isn’t just a massive real estate flip. The remodeling began as a labor of love to transform 122 Waverly, just off Sixth Avenue and steps from Washington Square Park, into what sellers thought was their Manhattan dream home.

Although they asked not to be named, the sellers – a married couple in the mortgage business – are no strangers to large projects like this one. They have renovated and successfully sold several properties in California and Florida.

The Waverly Place residence, however, should be a different story. At least they thought so.

“They intended to live here themselves, but their life took a different direction,” said Gary.

Gary, who introduced the property to sellers in 2021 when they were house-hunting in New York City — and when most people were fleeing due to COVID — says the couple made a good, timely, and solid investment in a solid home. The building, which dates back to the 1930s, had no structural problems, she says.

“It was just outdated,” Gary said. “It had the good bones and was in good condition.”

Now it’s updated with a fully integrated $1 million Creston home automation system that services lighting, window curtains, audio visual, security and a security gate.

The five-story, 7,310-square-foot home also features four bedrooms, five bathrooms, and two half baths. The kitchen features Sub-Zero and Wolf appliances and Caesarstone countertops. Fireplaces line the living areas.

In addition to a wine wall on the first floor near the living room, there is a separate wine lounge with a full bar. There is also a wellness center in the basement with an infrared sauna, gym, plunge pool and massage room.

In addition, new owners can enjoy 1,925 square feet of outdoor space that extends to a landscaped backyard with a lap pool, hot tub and BBQ grill. Upstairs there is a fully completed roof terrace with green areas, a water feature bar and panoramic views. There’s even a library patio with a retractable awning.

“The view from the rooftop is beautiful,” said Gary. “Even from certain rooms you can see the Empire State Building and the Freedom Tower.”

On a practical level, the master suite has its own washer/dryer in addition to a laundry room with two full size washer/dryers, among many amenities.

“It also has a fridge,” Gary added. After all, the way to the kitchen is a long one, even with the elevator.

While an elevator certainly comes in handy in a five-story home, the grand white staircase that was already there is a real eye-catcher — emphasizing the sleek, neutral-toned aesthetic.

“It’s so pleasing to the eye and will suit most people’s tastes,” Gary said of the color scheme, “and the staircase is beautiful.”

A custom five-story chandelier is another eye-catcher, but one element that really stands out for Gary is the natural light that pours in through a large skylight.

“I love the way the light flows throughout the house from this unique skylight. There aren’t many townhouses that have that. It’s hard to put into words how light and bright the house is. I like that,” Gary said.

New owners don’t have to worry too much about buying furniture: the home features custom built-ins throughout—from roomy closets to bespoke beds with eye-catching headboards. The sale price includes all furniture – beds, chairs, sofas and shelves.

However, Gary anticipates that the buyer will be someone who wants a move-in ready home.

“The canvas is completely neutral so most people will like it. “A shopper can just walk in with their toothbrush,” she quipped.

That means the sellers make a decent profit. However, Gary points out that it doesn’t take into account the cost of owners’ time and all the headaches involved in such large-scale projects.

“The amount of time vendors put into creating a turnkey, move-in luxury townhouse with custom furnishings is significant,” Gary said, adding, “You can’t set a price on time.”