The Inside Scoop on 24 5th Avenue in Greenwich Village

Want to live on Lower Fifth Avenue but think the price of admission is too high? 24 Fifth Avenue may be worth a look. This pre-war co-op offers one of the more affordable ways to buy into Greenwich Village, with studios reportedly starting around $440,000. The trade-off? It's a land-lease building, which has an impact on the monthly maintenance.

The Land Lease: What Buyers Need to Know

Unlike buildings that own the land beneath them, 24 Fifth Avenue leases it, with the current lease running through 2087. That means maintenance is higher than it would be in many neighboring co-ops because the building has to pay rent on the land.

But here's the other side of the equation: the lower purchase price can make the numbers work for buyers who want a prime Village address without paying the usual entry price. The key is to look at the purchase price and monthly carrying costs together, rather than focusing on either one alone.

Pre-War Character, Hotel Roots

Originally built as a hotel, the building has the grand entrance you'd expect, with an ornate brass canopy on Fifth Avenue and an expansive, hotel-style lobby. Its approximately 420 apartments are primarily studios and one-bedrooms, with layouts that reflect the building's origins.

What This Means for Buyers

The land lease and higher maintenance deserve careful consideration, including how the costs may change over time and the remaining lease term. But for buyers who prioritize location and want a foothold on Lower Fifth Avenue, it presents an interesting alternative to more expensive neighboring co-ops.