You’ve probably walked past it a hundred times. If you’ve ever wandered through Greenwich Village, specifically that prestigious stretch of lower Fifth Avenue known as the Gold Coast, your eyes have definitely lingered on the massive, beige-brick facade of 24 5th Avenue. It’s hard to miss. It sits right on the corner of 9th Street, a stone's throw from the Washington Square Arch, looking exactly like the kind of place a 1920s oil tycoon would call home.
But here’s the thing about this building: it’s a bit of a shapeshifter.
Most people see the ornate canopy and the white-gloved doormen and assume it’s just another ultra-exclusive, stuffy co-op where you need a ten-million-dollar liquidity statement just to get a viewing. That’s not quite right. It started as a grand hotel, transitioned into a rental building, and eventually went co-op in the 1980s. Because of that weird history, it has a vibe you won't find at the newer glass towers in Hudson Yards or even the more rigid buildings further uptown. It’s got a bit of "Old New York" grit hidden under layers of polished brass.
The Fifth Avenue Hotel Era and Why It Matters
To understand why the layouts at 24 5th Avenue are so varied, you have to go back to 1926. This wasn’t built as an apartment house. It was the Fifth Avenue Hotel, designed by the legendary architectural firm Emery Roth. If that name sounds familiar, it should. Roth is the guy responsible for the Beresford and the San Remo. He was the master of the "wedding cake" style—those tiered setbacks that define the Manhattan skyline.
When it opened, it was the height of luxury. We're talking about a time when people lived in hotels long-term, enjoying maid service and a massive dining room on the ground floor.
The lobby still reflects this. It is, quite frankly, cavernous. Most modern New York lobbies feel like a dentist's waiting room, but this one is a sprawling, wood-paneled expanse with Spanish-inspired details and carved ceilings. It feels like a movie set. Because it was a hotel, the bones of the building are incredibly solid. The walls are thick. You don't usually hear your neighbor’s Netflix marathon through the plaster here, which is a rare luxury in a city where most "luxury" new construction feels like it’s made of cardboard and hope.
What it’s Actually Like to Live Here
Living at 24 5th Avenue is a study in trade-offs.
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First, the location is unbeatable. You are basically at the epicenter of the Village. You have Gotham Bar and Grill just down the street. You have the quiet, tree-lined blocks of the West Village to your left and the energy of Union Square to your north.
But let’s talk about the apartments. Because this was a hotel, some of the units are... cozy. That’s the polite real estate term for small. You’ll find studios that are essentially glorified hotel rooms, sometimes without full-sized stoves. On the flip side, people have combined units over the decades to create sprawling three-bedroom homes with incredible views of the Grace Church spires or the Empire State Building.
The building is a "land-lease" co-op.
This is the part where most prospective buyers get nervous. In a typical New York co-op, the corporation owns the land. At 24 5th Avenue, the co-op owns the building but leases the land beneath it. Historically, this has led to some anxiety regarding the ground rent and how it affects monthly maintenance fees. However, the lease here is famously long-term, running until 2087. While land leases can sometimes make financing a bit trickier, the "discount" you get on the purchase price compared to a fee-simple building on the same block is often significant. It’s a way for people to get a Fifth Avenue address without the ten-million-dollar entry fee.
The "Secrets" of the Amenities
The fitness center is surprisingly good. Usually, in pre-war buildings, the "gym" is a dusty treadmill and a broken weight bench in a windowless basement. Not here. They renovated it into a massive, state-of-the-art facility.
Then there’s the bike room and the storage. In the Village, space is the ultimate currency. Having a dedicated spot for your Peloton or your off-season wardrobe is a game-changer.
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And we have to talk about the staff. The service at 24 5th Avenue is legendary. There’s a full-time doorman, a concierge, and a live-in super. It’s the kind of place where the staff knows your name, your dog's name, and which delivery service always forgets your gate code. It provides a level of security and convenience that makes the high maintenance fees feel a bit more digestible.
Navigating the Co-op Board and Renovations
If you're thinking about buying, be prepared for a process. This is a pre-war co-op. They care about who moves in. They care about your debt-to-income ratio. They care about your references.
Renovating in a building like this is also an adventure.
- Pipes: They’re old. If you’re gutting a kitchen, you’re likely going to have to update the plumbing to meet modern standards.
- Electric: Same deal. Don’t expect to run a commercial-grade espresso machine and a portable AC on the same circuit without some upgrades.
- Floors: You’ll likely find beautiful original herringbone hardwoods under that ugly 70s carpet. Restore them. It’s worth it.
The board is generally considered "reasonable" by Manhattan standards—which is to say, they aren't trying to micromanage your life, but they do want to protect the integrity of the building. They’ve allowed some pretty spectacular modern renovations that contrast beautifully with the 1920s architecture.
The Reality of the Neighborhood
Greenwich Village has changed, obviously. It’s not the bohemian enclave of the 60s anymore. It’s expensive. It’s polished. But 24 5th Avenue still feels like it anchors the neighborhood to its past.
You’ll see NYU students rushing by, tourists taking photos of the arch, and long-time residents who have lived in the building since the 70s walking their labs. It’s a mix. You’ve got the jazz clubs like the Village Vanguard a short walk away, and some of the best coffee in the world at places like Joe Coffee nearby.
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One thing people get wrong: they think it’s noisy.
While 5th Avenue is a main artery, the building is surprisingly quiet once you’re inside. The thick masonry does its job. If you’re on a higher floor facing the back, it’s almost eerily silent for being in the heart of Manhattan. If you’re on a lower floor facing the avenue, yeah, you’re going to hear the M1 bus. That’s just the tax you pay for the view.
Is 24 5th Avenue Worth the Investment?
Real estate is never a sure thing, but 24 5th Avenue has a few things going for it that don't change.
The "Gold Coast" is some of the most resilient real estate in the world. Even when the market dips, people still want to live on lower Fifth. The proximity to Washington Square Park is a permanent amenity that no developer can take away or build over.
The land lease is the "elephant in the room," but as long as you account for it in your math, it offers a lifestyle that is otherwise out of reach for many. You’re buying into history. You’re buying into an Emery Roth masterpiece. Honestly, you're buying a front-row seat to the best part of New York City.
Your Next Steps if You're Interested
If you're serious about looking at a unit here, don't just browse Zillow. You need to do a little more legwork than that.
- Check the Maintenance History: Ask your broker for a five-year lookback on maintenance increases. Because it’s a land lease, you want to see if there have been any unexpected spikes or assessments.
- Visit at Different Times: Stand on the corner of 9th and 5th at 8 AM, 2 PM, and 10 PM. See if you can handle the rhythm of the street.
- Talk to a Lender Early: Not every bank will finance a land-lease building. Save yourself the heartbreak and find a lender who has successfully closed loans in this specific building before you fall in love with a penthouse.
- Look at the "C" and "D" Lines: Often, the units that don't face the avenue have more interesting layouts and are significantly quieter, offering a better "bang for your buck" if you don't care about seeing the Arch from your bedroom window.
It’s a complicated building, sure. It’s not a cookie-cutter condo. But for the right person, someone who loves the creak of old service elevators and the weight of a heavy pre-war door, there isn't much else like it. It’s quintessentially New York.