People Flee Village Revamp for $17.6 M.

109 waverly People Flee Village Revamp for $17.6 M.Jeannie Park and David Chan bought 109 Waverly Place five years ago for $5.1 million. It was a pretty good price for an 1840s Federalist-style home half a block off Washington Square Park. The only catch was that the five-story red-brick beauty had years before been carved up into six apartments and an owner’s duplex, and four of those units had rent-regulated tenants in them, as The Observer reported at the time.

Ms. Park, who rose through the ranks at Time Inc. to helm People magazine, knows a thing about perseverance. She and Mr. Chan, a financial analyst at Jennison Associates, took care of those tenants (third item) on their way to an immaculate modern-meets-traditional gut 109 waverlyrenovation by Turrett Collaborative. Yet after all that hard work and housing court, the couple never moved in and decided to sell the home instead–and they must be glad they did. After only five months on the market–how ’bout them townhouses!–the home has sold for an impressive $17.6 million, according to city records.

The buyer, according to a $1.1 million mortgage on the property, is Gilad Hayeem, a Zurich-based hedge fund manager.

Even in the realm of over-the-top townhouses, this one is unsurpassed. Among its features are a terraced garden with a structural glass skylight that lets light pour into the subterranean gym, which abuts the spa room and wine cellar.  There is a roof deck with another skylight that allows sunlight into one of seven bedrooms. There is also a terrace off the master bedroom that rests atop a three-story wall of windows that opens onto the living room, kitchen/dining room and two of the bedrooms.

“The facade is true to the original and the back and insides are totally modern,” said George van der Ploeg, who had the Douglas Elliman listing with Eileen Foy. “The quality of renovation is what people are really paying for,” he added. “It was not a spec house done by some developer. It was designed by the owners, for the owners.”

Yet for all the rich stone, wrought iron and tip-top-of-the-line appliances, it is the views through that huge window wall that really set this home apart. “Most of the Village, you don’t have much in the way of views because of the short lots and another house is right there,” Mr. van der Ploeg said. “Here, it’s a deep lot with another garden behind.” You can see clear to the Empire State Building.

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mchaban [at] observer.com | @mc_nyo