Here's a rarity: A $39,900 house in Manhattan's West Village, where townhomes often go for millions.

On Monday afternoon at the corner of Washington and Charles Streets in the West Village, entrepreneur Michael de Jong stood in a winter coat, giving tours of one of his 320-square-foot MEKA Luxury Modular Homes, which took about five days to assemble on-site. Sadly, for NYC bargain hunters, the home's site is only temporary. The house, made from a shipping container, is on display there until the end of the month. Interested...