The Reel

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A blog for breaking sales and neighborhood real estate news.

A five-story federal style townhouse at 59 Morton Street, located between Hudson Street and Seventh Avenue in Manhattan’s West Village, was sold in an all cash transaction valued at $6,500,000.

Built in 1828 for Cornelius Oakley, this 25' wide townhouse was selected by The Index of American Design as the most outstanding example of late Federal style in New York City. Located on a premier block, the property could feature an owner's triplex with future upside on the above floors, which have a rent controlled tenant on the fourth floor, paying $127/month, and a rent stabilized tenant on the fifth floor paying $615/month. Finished 25' wide townhouses in the Village are extremely rare and have thus traded recently for as high as $20,000,000. The property could have tremendous potential for a single family conversion. The sale price equates to approximately $1,059 per square foot.

“Pricing for townhomes in Greenwich Village has increased dramatically as of late. This year alone there have been two finished townhouses in the Village which have traded for well over $3,000/SF. This shows the tremendous future potential for this house if vacated," said Massey Knakal Partner James P. Nelson, who exclusively handled this transaction. 

Click here for press release

Neighborhoods: Greenwich Village