Buying and renovating in the West Village
Elizabeth, a long-time West Villager, searches for a neighborhood property to make her own.
Elizabeth, a marketing executive with business interests in NYC, LA and London, had long made the West Village her local home. After renting for many years and getting to know the area's enclaves well, she began consider a purchase. After pursuing a few properties before finding us, we were connected via referral and began her search in earnest. We ventured to find a large studio or one bedroom with light, air, good closet space and a layout that would allow Elizabeth to use her keen eye for renovation and interior design.
We faced a very strong Sellers market which required a committed and active approach to our search. As candidate properties came to market, we accompanied Elizabeth to view them within just a few days to ensure we had an opportunity to evaluate them. Fortunately, within just a few weeks, a seemingly perfect option came to market in a full-service building on Horatio Street: a high-floor converted one bedroom facing over the open expanse of Jackson Square, with a closet and kitchen primed for customization and renovation.
After a timely first visit, we immediately submitted a comprehensive and strong offer on Elizabeth's behalf. The goal was to present very compelling terms to the seller with the objective of securing a deal before another buyer would have a chance to submit a comparable offer. The strategy was a success: after a few days, the seller decided to accept our offer rather than show the property for more days to generate a multiple bid situation.
Our due diligence period uncovered the need for further investigation into prior alterations made to the unit by the sponsor many years ago. We also needed to see if the kitchen could be expanded into an adjoining hall closet. After consulting with an architect, discussing DOB records/protocols and reviewing precedent set by other owners in the co-op, we got the assurance needed to pursue our deal. Board approval, walk through and closing all followed smoothly.
After move-in, Elizabeth undertook a renovation to gut renovate and expand her kitchen, custom-fit her closet, and make other fixture and finish updates to the property, including installing a rustic sliding barn door for her master bedroom. Elizabeth's innate design sense served her well: what resulted is one of our favorite recent client renovations, increasing the unit's value measurably.