On a crisp September morning, scaffolding wraps around a former walk-up on Bank Street as contractors hurry to install a marble vestibule. The building, once split into eight rent-stabilized units, is the latest West Village address to undergo a transformation that’s become the talk of Manhattan real estate: the birth of the ‘tenemansion.’

With the inventory of traditional townhouses at a record low this fall, deep-pocketed buyers are hunting for alternatives. The solution, increasingly, is to snap up aging apartment buildings—often pre-war tenements—and gut-renovate them into sprawling single-family residences. Local brokers say at least six such conversions are underway west of Seventh Avenue, with sales teams quietly marketing addresses that, just last year, housed dozens of renters.

The math is staggering. In early September, a four-story brick building on Perry Street closed for just under $13 million to a hedge fund manager, who immediately filed permits to combine its five units. Contractors estimate the total renovation will cost another $5 million, resulting in a home with an elevator, rooftop terrace, and wine cellar. ‘You can’t find an original brownstone with this much interior space anymore,’ says Lauren Mendez, a longtime Village broker. ‘For buyers who want custom everything, the tenemansion is the only way.’

But the trend is drawing scrutiny. On Tuesday evening, neighbors gathered at the local community board to voice concerns about the loss of affordable rentals and the character of their blocks. ‘It’s like watching the city’s history disappear behind a luxury façade,’ said Mark Feldman, who’s lived in the area since the 1980s. Preservationists worry the pace of conversions is outstripping oversight, with some buildings’ historic details stripped in the rush to modernize.

As mortgage rates hover near 7% and the election season stirs anxiety over housing policy, the tenemansion phenomenon encapsulates the contradictions of Manhattan in 2026: a city in flux, where scarcity breeds invention—and controversy.

Frequently Asked Questions

What is a ‘tenemansion’ in the context of West Village real estate?

A ‘tenemansion’ refers to a former tenement apartment building in the West Village that has been converted into a luxury single-family home.

How many tenement-to-single-family conversions are happening in the West Village?

At least six tenement-to-single-family conversions are underway west of Seventh Avenue in the West Village.

Why are buyers converting tenement buildings into single-family homes?

Buyers are converting tenement buildings because there is a record low inventory of traditional townhouses, and these conversions offer more interior space and customization.

What concerns do neighbors and preservationists have about these conversions?

Neighbors and preservationists are concerned about the loss of affordable rentals and the removal of historic details from the buildings.

How much did the Perry Street building sell for, and what is the estimated renovation cost?

The four-story brick building on Perry Street sold for just under $13 million, with an estimated $5 million renovation planned.

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