Penthouse in Perry Street conversion asking $58M snags contract 

Second deal at Alf Naman’s seven-unit West Village development

Alf Naman’s 125 Perry Penthouse In Contract Asking $58M
Alf Naman and 125 Perry Street (Getty, Google Maps)

Sales at veteran dealmaker Alf Naman’s secretive luxury development in the West Village are off to a good start. 

The first available penthouse in the seven-unit building went into contract with an asking price of $57.5 million, according to an Instagram post by Hudson Advisory Team co-founder Stephen Ferrara and fellow Compass agent Jim St. André.  

It’s the second unit in the building to enter contract, according to posts on the agents’ Instagram page. Unit 3E found a buyer late last month after asking $22.5 million. The asking prices for the deals, which haven’t closed, amount to $80 million — or roughly a third of the projected $245 million sellout

Scoring the asking price would place the penthouse unit as the third most expensive sale in Manhattan this year, behind a West Village townhouse that set a record for its property type in February at $72.5 million and Unit 24A at Vlad Doronin’s 730 Fifth Avenue, which sold for $61.5 million

Not much is known about the homes at 125 Perry Street, previously referred to as 738 Greenwich Street, including the asking prices of other units. Ferrara, St. André and Hudson Advisory co-founder Clayton Orrigo declined to comment. 

Sales started last month, according to posts on Ferrara and St. André’s Instagram accounts. 

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The two top Compass agents have been involved with the project since the beginning, having represented the sale of the property to Naman’s eponymous development company in 2022 for $64.2 million, according to Traded

Naman borrowed $39.5 million to redevelop the former 40,000-square-foot garage into a luxury development, according to property records. Russell Gimelstob’s Ascendant Capital Partners provided $60 million in equity for the development, according to a spokesperson for the project. 

The cloud of mystery over the project is typical for the Hudson Advisory team, which emerged as one of New York City’s perennially top-ranked teams with a self-proclaimed expertise in the West Village and stand-off approach to publicity. 

That may be changing, as the team is slated to launch a street-facing office at 160 Leroy Street — a change of pace from their current office, the address for which is not publicized.  

Their current approach landed them in second place in The Real Deal’s ranking of top brokers across Manhattan, Brooklyn and Queens resales in 2022, with more than $262 million across 91 sale-side transactions.

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