The Real Deal New York

Leonard Steinberg looks to lock in quick flip in the Village

Ascend bought 146 Waverly townhouse for $10.2M in December, now asking $22M

June 10, 2014 09:51AM
By Hiten Samtani

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146 Waverly Steinberg

From left: 146 Waverly Place, Leonard Steinberg and renderings of interior of 146 Waverly

Leonard Steinberg is marketing a Greenwich Village townhouse undergoing a gut renovation for $22 million — more than twice the $10.2 million the sellers paid for the property late last year.

The five-story, 22.5-foot wide townhouse has seven bedrooms and 6.5-bathrooms and is located at 146 Waverly Place, between Grove Street and Sixth Avenue. Massey Knakal’s James Nelson and Mitchell Levine listed the 6,118-square-foot property for $10.75 million last June, or about $1,757 per square foot, according to StreetEasy.

In December, a partnership between Robert Kaliner of Ascend Builders and Jeffrey Davidson bought it for $10.2 million, or roughly $1,667 per square foot, city property records show. The developers secured the approval to convert the building into a single-family townhouse from a multi-unit townhouse and add about 700 square feet to the property, according to Department of Building records.

Ascend, which is behind developments such as the 58-unit Georgica on the Upper East Side and the 99-unit 133 West 22nd Street, will install an interior elevator, media room, rooftop terrace and a new kitchen at the property, according to its website. Architect Wayne Turett is overseeing the project.

Steinberg, a Douglas Elliman stalwart who made a surprise jump along with partner Hervé Senequier to Urban Compass earlier this month, is now marketing the property at $3,235 per square foot, according to a listing on Urban Compass’ website.

Planning, securing approval for and executing a townhouse gut renovation can take up to a year and a half, Steinberg said, and “the cost to do so can be prohibitive,” as much as $7 million.

“These are developers who know what they’re doing,” he said.

There’s certainly precedent in the neighborhood for a large markup following a gut renovation. In September 2012, “24” star Kiefer Sutherland sold his gut-renovated 4,830-square-foot townhouse at 763 Greenwich Street for its full asking price of $17.5 million — $3,623 a foot — after paying only $8.2 million for the home in 2008. The property recently came back to the market asking $22 million, or about $4,555 per square foot.

What’s unusual about 146 Waverly is that Steinberg and Senequier are trying to lock in a buyer at a post-renovation level price before the heavy lifting is done. The listing states that “for a limited time, a unique opportunity allows this property to be customized to meet the exact needs and wants of the new owner,” and adds that if a buyer for the bespoke option isn’t identified within six weeks, the house will be pulled off the market and completed to its current specifications. Those specs include a formal dining room on the garden floor and a full-floor master suite on the second floor.

Steinberg said the small window will allow Ascend to try to do a deal without derailing the timeline of the renovation. “You can’t hold back the process,” he said.

  • WannaBeLandlord

    I was super interested in this article about a fast rehab and a townhouse flip. Then I read a little more and realized they haven’t finished rehabbing. Sign, I would love to flip townhouses in NYC, but they take too long to get to market. Is there anyone that knows of gut townhouse flips (purchase, rehab, sell) taking less then a year? Until then I’m sticking to the Burbs’ for flips.

    • richjew

      get out of flipping become a real landlord

      • WannaBeLandlord

        Trying, got a few rentals. Need to get more. Lol, wanna do a deal RichTribe?

  • MSNBC sux

    looks incredible

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