West Village Penthouse Hits Market for $85 Million

A new benchmark for Manhattan's ultra-luxury market has arrived, with a sprawling West Village penthouse hitting the market for a breathtaking $85 million. This isn't just another high-rise; it's a meticulously crafted residence aiming to redefine upscale urban living in one of the city's most coveted neighborhoods.

Known as Penthouse East, this three-level abode at 125 Perry Street commands attention not only for its price tag but for its sheer scale and ambition. Spanning an impressive 7,700 square feet of interior living space, it offers an unparalleled residential experience in the heart of the West Village.

Beyond its vast indoor footprint, the property boasts three distinct outdoor terraces, collectively adding over 2,800 square feet of private exterior space. These terraces provide monumental views, including sweeping vistas of the iconic Midtown skyline, a truly rare offering in downtown Manhattan. The residence is designed with six expansive bedrooms and ten bathrooms, comprising eight full and two half baths, ensuring ample space and privacy.

Inside, the penthouse features soaring 12-foot ceilings throughout, enhancing its sense of grandeur. A central gallery staircase serves as a focal point, elegantly connecting the various public and private zones across its three levels. Glass-wrapped entertaining areas are strategically positioned to open directly onto the oversized terraces, blurring the lines between indoor luxury and outdoor serenity. The primary suite itself is a lavish retreat, equipped with dual primary bathrooms and multiple oversized dressing rooms, catering to the most discerning tastes. Further elevating the outdoor experience, the rooftop level features a triple-tier terrace, complete with a fully equipped outdoor kitchen, offering protected, intimate views over the charming West Village.

The building housing this exceptional penthouse has a storied past, originally constructed in 1931 not as a residential tower but as a functional parking garage. Its current iteration is the result of an ambitious adaptive reuse project, a testament to innovative urban development that transforms historic structures for modern purposes. This meticulous transformation aimed to honor the building's existing facade while entirely reimagining its interior.

The architectural vision for this monumental undertaking was spearheaded by Leroy Street Studio, which handled the design with a keen eye for integrating contemporary luxury while respecting the building’s historic essence. Leyva Ismael Architect served as the executive architect, ensuring the intricate plans came to fruition, while Silman managed the complex structural engineering. The construction process, overseen by Sciame as the Construction Manager, involved a comprehensive demolition and rebuild of the interior structure, including a full cellar excavation to accommodate the new, expansive residential program.

The developer behind this ambitious project is Alf Naman Real Estate, led by Alf Naman. His firm acquired the property, previously known as 738 Greenwich Street, in May 2022. The transaction, valued at approximately $64.2 million, involved purchasing the site from the West Village Houses co-operative. This acquisition laid the groundwork for the extensive redevelopment that would ultimately create these seven exclusive residential units, including the Penthouse East.

The significant investment required for such a project was supported by a series of strategic financial arrangements. The initial acquisition in 2022 was partially financed by a $39.5 million loan from First Citizens Bank. Further capital for the redevelopment was secured through $60 million in preferred equity provided by Russell Gimelstob’s Ascendant Capital Partners. As the project progressed towards completion, Marathon Asset Management stepped in during December 2024, providing a substantial $120 million construction loan to ensure the successful realization of this high-end development. The Penthouse East was reportedly unveiled on October 31, 2025, and officially listed in November 2025, remaining an active offering on the market as of May 21, 2026.

The listing itself describes Penthouse East as the "most consequential apartment in Downtown Manhattan," a bold claim that reflects its unique positioning and the extensive investment in its creation. It is further characterized as an "uncompromising property without equal," suggesting a level of luxury and exclusivity designed to appeal to a very specific, high-net-worth buyer.

This $85 million listing is more than just a real estate transaction; it's a statement about the enduring allure of New York City's luxury market and the lengths developers will go to create truly unique living spaces. The adaptive reuse of a 1931 parking garage into a modern architectural marvel showcases a growing trend in urban development, where historical integrity is blended with contemporary design and functionality. This approach not only preserves a piece of the city's past but also injects new life and purpose into its urban fabric.

The presence of such a property reinforces the West Village's status as a prime destination for affluent residents seeking privacy, prestige, and unparalleled amenities. The building itself offers a suite of services designed for an elevated lifestyle, including a full-time doorman ensuring security and convenience. For discreet arrivals and departures, a private driveway featuring a porte cochere allows residents and their guests to enter and exit with ultimate privacy. Furthermore, a state-of-the-art fitness center, complete with a dedicated weight room, provides residents with exclusive access to wellness facilities right within their building.

As Penthouse East continues its journey on the market, it remains a focal point for discussions about the pinnacle of luxury real estate in New York City. Its ambitious price point and extraordinary features position it as a significant test of the current demand for ultra-high-end properties, signaling what the future holds for bespoke urban residences in one of the world's most competitive real estate landscapes.