Phantom Manor is an extensively remodeled Trollskull Manor. The tavern is now in the cellar, named Club Phantom (aka Lif's Place, aka The Cellar at Trollskull). The upper floors are a residential estate. The cellar is a public house (tavern) modeled on a gentleman's social club, but open to all customers except for special event days. For lunches it is a neighborhood tavern with food ranging from fine dining to hearty tavern food at inexpensive prices for people on their lunch break. At night Club Phantom is a nightclub with fine dining, music, vaudeville theater/variety show, and festhall elements of an upscale, high-class sort.

In this remodel, the manor is part of an estate; the building to the east is now a greenhouse, maintained as a garden even in the depths of Waterdeep's winter. The building to the east of that is now a carriage house and stable with a loft for both hay and servants. The large building to the east of this is the Club Phantom ballroom (downstairs) and library (upstairs), while the building to the southeast of this, formerly the Bent Nail carpentry shop, is a guest house and lodge. Talisolvanar Fellbranch was well compensated to move his shop to the south. It is now next to Steem & Steel. "Tally" also received all the carpentry orders for the remodel and any maintenance Phantom Manor needs. The grounds in the alleyway between are fenced as part of the estate as a whole.

The main entry portico for the manor residence is in the interior grounds of the estate, while the patron/guest entry for Club Phantom remains where it was for the tavern, but with steps descending into the cellar rather than ascending. That "Club Level" also extends under much, but not all, of the expanded estate ground. See each individual level of the map.