1
25 Perry St. is poised to become the newest headline‑making luxury address in downtown Manhattan. The former Greenwich Village parking garage is being converted into a boutique condominium complex, with a single penthouse—dubbed Penthouse East—on the roof slated to fetch up to $85 million. If it sells near that figure, the unit would eclipse the $60 million record set by a Charles Street penthouse earlier this year.
The 125‑story brick structure sits on a coveted corner of the West Village, a neighborhood that has long attracted the city’s affluent residents with its townhomes and bohemian charm. Developers Jim St. André and Stephen Ferrara of Compass are spearheading the project, which is part of a broader effort to supply high‑end condos in the area. The building will contain only seven residences, each offering a blend of privacy and indoor‑outdoor living that appeals to buyers who prefer a retreat over the traditional townhome.
Penthouse East spans 7,700 sq ft of interior space, featuring six bedrooms and ten bathrooms. Three expansive terraces—totaling 2,800 sq ft—extend across the roof, providing panoramic views and a seamless connection to the outdoors. The primary bedroom boasts large windows and a sitting area, while the kitchen is highlighted in recent renderings. The architect, Leroy Street Studio, has chosen to preserve the building’s original façade, including the bold white lettering that reads “GREENWICH VILLAGE GARAGE,” giving the structure a distinctive, nostalgic character.
The development, a joint venture between Alf Naman Development and Ascendant Capital Partners, will also include shared amenities such as an indoor sports court and a private driveway with dedicated parking for residents. Completion is targeted for early 2027, but interest is already high: most of the seven units were under contract before construction began. The neighboring unit, Penthouse West, reportedly sold in April for $57.5 million, despite lacking the same east‑facing views and outdoor space as its counterpart.
Luxury buyers are drawn to the privacy and exclusivity that a former parking garage can provide, and the West Village’s limited supply has made it one of Manhattan’s most sought‑after neighborhoods. “When something truly special appears in the West Village, the response is immediate,” said St. André. The area’s desirability is reflected in recent record‑breaking deals and a growing list of high‑profile residents eager to move away from uptown luxury toward the artsy, vibrant atmosphere of downtown.
With supply remaining tight and demand high, 125 Perry St. is likely to set a new benchmark for downtown Manhattan luxury living, and it may well inspire additional record‑setting penthouses in the West Village and beyond.
