WEST and CENTRAL VILLAGE

THE BASICS: “There’s definitely more lace than leather in the Village today, and many more families,” says Ed Ferris of William B. May. Brokers say they’re seeing lots of entertainment types as well as Wall Streeters who want to be near work. If you’re looking for a doorman, head uptown—but for charming townhouse apartments on quiet, tree-lined streets, there’s no better spot.

WHAT'S NEW:Old Villagers hate it, but the sexiest new building (and one of the few to go up recently) is Richard Meier’s tower at 173–176 Perry Street. Calvin Klein, Martha Stewart, and Nicole Kidman have all bought there. Horatio House, a brick low-rise at 637 Hudson Street, opens in March, and the Greenwich, a 79-unit loft building on 13th Street, was completed last year.

BARGAIN HUNTING: “Not on the west side,” laughs Audrey Nevitsky of Charles H. Greenthal. You might find something way over to the west, though, around Washington Street. Smaller, cheaper rentals also pop up around NYU’s buildings on Broadway (keep an eye out in June and September).

HOT SPOTS: Mario Batali’s new Otto does for pizza what Daniel Boulud’s DB Bistro Moderne did for burgers (simple fare rendered fabulous); Washington Park is chef Jonathan Waxman’s triumphant return to New American excellence. New watering holes include the sleek neighborhood lounge APT and the bare-bones dance club Filter 14.

PREDICTION: Don’t get your hopes up for a bargain, even in a down economy. “The Village is the most desirable part of downtown,” declares Corcoran’s Mark Schoenfeld, and supply remains drum-tight. Even as much of downtown tanked last year, the Village held firm.