New York real estate is weird. You’ve got these massive, gleaming glass towers in Hudson Yards that look like they belong in a sci-fi movie, but then you’ve got a building like 5 West 13th Street. It’s not a skyscraper. It doesn't have a rooftop infinity pool or a robot parking garage. Yet, people wait years for a chance to buy in here. Honestly, if you walked past it on your way to Union Square, you might not even notice it. It’s a discreet, red-brick co-op known as The Greenwich, and it represents a very specific, very "Old New York" version of luxury that is becoming increasingly hard to find.
Location is everything, obviously. But with 5 West 13th Street, it’s more about the specific intersection of culture and quiet. You’re literally steps from the chaos of 5th Avenue and the transit hub of Union Square, but the street itself feels tucked away. It’s that Goldilocks zone.
The Reality of Loft Living at 5 West 13th Street
When people talk about "lofts" today, they usually mean a cookie-cutter apartment with high ceilings and maybe one exposed brick wall that was probably glued on last Tuesday. 5 West 13th Street is the real deal. Originally built around 1906 as a department store warehouse—back when this part of the city was the heart of the "Ladies' Mile" shopping district—the building transitioned into residential use in the 1980s.
These aren't tiny studios. We’re talking about massive, sprawling floor plans. It is common to see units here spanning 2,000 to 3,000 square feet. That is a massive amount of space for Manhattan. Because it was a warehouse, the structural bones are incredibly heavy-duty. You get columns. You get 11-foot to 14-foot ceilings. You get windows that are large enough to let in actual, honest-to-god sunlight, which is a rare commodity when you’re surrounded by other buildings.
The layouts are often flexible. I’ve seen units in this building where owners have carved out three bedrooms and a home office, and others where they’ve kept it as one giant, open-concept gallery space. It’s a blank canvas. That’s why it appeals to artists, architects, and the kind of wealthy buyers who hate the "staged" look of new developments.
What Most People Get Wrong About This Co-op
A lot of buyers see the "co-op" label and run for the hills. They want a condo because condos are easier. They don't want to deal with a board interview or disclose their entire financial history. But at 5 West 13th Street, the co-op structure is actually what has preserved the building’s value.
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The board here is known for being diligent but reasonable. They aren't trying to keep people out just for the sake of it, but they are protective of the building’s quiet atmosphere. This isn't a "party building." You won't find short-term rentals or Airbnb guests cycling through the lobby. That matters. When you buy here, you’re buying into a community of long-term residents.
Maintenance fees are another sticking point. People see a high monthly carry and freak out. But you have to look at what’s included. This is a full-service building. You have a 24-hour doorman who actually knows your name. There’s a live-in super. There’s a common roof deck that, frankly, has some of the best unobstructed views of the Empire State Building and the downtown skyline you can get without paying $20 million for a penthouse.
The Neighborhood Factor: Greenwich Village vs. Flatiron
Technically, 5 West 13th Street sits right on the border of Greenwich Village and the Flatiron District. Residents get the best of both.
If you head south, you’re in the heart of the Village. You have the history, the jazz clubs, and the small-scale charm of places like Washington Square Park. If you head north, you’re in the tech and design hub of Flatiron. You’ve got the best gym options in the city—Equinox, SoulCycle, and various boutique Pilates studios are all within a three-block radius.
Food-wise, it’s arguably the best location in the city. You have the Union Square Greenmarket four days a week. You have Whole Foods and Trader Joe’s nearby. Then you have the heavy hitters like Gotham (formerly Gotham Bar and Grill), which is just a few doors down. Living here means you don't really need a car. You don't even really need the subway most days if you work in Midtown or Chelsea. You just walk.
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Understanding the Market Value
Let’s talk numbers, because that’s what really matters. Units at 5 West 13th Street do not come cheap. Even in a fluctuating market, the price per square foot here remains robust.
Why? Because they aren't making any more 1900s warehouses. The inventory is fixed. While 500 new glass condos might go up in Long Island City this year, there will only ever be one "The Greenwich" at 5 West 13th Street.
- Average Sales Price: Typically ranges from $2.5 million for smaller lofts to well over $6 million for high-floor, renovated units.
- Price Per Square Foot: Often stays in the $1,500 to $2,200 range, depending on the level of renovation.
- Resale Velocity: Units tend to sell quickly if they are priced correctly. It’s a high-demand building with low turnover.
I’ve noticed a trend where buyers will purchase an unrenovated unit here for a "discount" and then sink $1 million into a custom build-out. Because the bones are so good, the ROI on those renovations is usually excellent. You’re not just painting walls; you’re revealing the industrial soul of the space.
The Practicalities of Living Here
There are a few things that don't show up on a Zillow listing. The elevators, for one. In many old loft buildings, the elevators are slow, cranky, and feel like they might give up at any moment. The Greenwich has updated systems. It’s a small detail, but when you’re carrying groceries to the 10th floor, it’s the only detail that matters.
The laundry situation is also better than most. While many units have had washer/dryers installed (with board approval), the building also maintains high-quality laundry facilities.
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Pet policy? It’s pet-friendly. You’ll see plenty of well-behaved dogs in the lobby. The proximity to Union Square Park makes it a great spot for dog owners, though you have to be prepared for the crowds on market days.
Is 5 West 13th Street Right for You?
Honestly, it depends on what you value. If you want a brand-new building where everything is automated and there’s a cinema room you’ll never use, look elsewhere.
But if you want space—real, actual, echoing space—and you want to live in a building that feels like a part of New York history, 5 West 13th Street is hard to beat. It’s for the person who wants to be in the middle of everything but feels like they are a thousand miles away the second they close their front door.
It’s about the clink of a glass on a marble countertop in a kitchen that’s bigger than most people’s entire apartments. It’s about the light hitting the hardwood floors at 4:00 PM. It’s about the fact that you can walk to three different Michelin-starred restaurants in under ten minutes.
Actionable Steps for Potential Buyers
If you are seriously considering a move to this specific block or building, you need a strategy. This isn't the kind of place where you can just "wait and see."
- Get Your Financials in Order Early: Because this is a co-op, you need a rock-solid financial profile. Boards at this level generally look for a debt-to-income ratio below 25% and significant post-closing liquidity. Start gathering your tax returns and bank statements now.
- Find a Specialist Broker: Don't just use your cousin who does rentals in Queens. You need a broker who has successfully navigated board packages at The Greenwich or similar Village co-ops. They will know the "unspoken" rules of the building.
- Visit at Different Times: 13th Street is relatively quiet, but the intersection of 5th Avenue can be loud. Walk the block at 8:00 AM on a Tuesday and 11:00 PM on a Saturday to make sure the vibe suits you.
- Look Past the Decor: Many lofts here haven't been touched since the 90s. If you find a unit with "bad" wallpaper or outdated kitchen cabinets, don't walk away. Those are the units where you can build the most equity. Focus on the ceiling height and the window placement. Those are the only things you can't change.
- Review the Minutes: Once you’re in contract, have your lawyer dig deep into the co-op board minutes. Look for upcoming assessments or major capital projects (like roof work or elevator upgrades) that might hit your wallet a year down the road.
Living at 5 West 13th Street is a flex, but it’s a quiet one. It’s for the person who knows that true luxury in Manhattan isn't about how shiny your building is—it’s about how much space you have and how quickly you can get a good cup of coffee. On both counts, this address is a winner.