The Reel

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A blog for breaking sales and neighborhood real estate news.

An elevatored, seven-story, assisted living facility at 607-09 Hudson Street, located in the heart of Manhattan’s Greenwich Village, was sold in an all cash transaction valued at $33,250,000.

Built in 1905 in the Neo-Federal style, the property is situated on Abingdon Square in a historic preservation district and has frontage on both Hudson and Greenwich Streets, as well as the entire block front on West 12th Street.

Serving as a hotel earlier in its life, the property was converted to nursing home use in 1958, and was renovated in 1981 with the addition of a penthouse among other improvements. The ceiling heights range from 9’ to 15’6” with tremendous light, air, and views. The property contains a total of approximately 56,800 square feet including the finished basement with 11’ high ceilings on an irregular footprint that measures approximately 59’ 4” x 147’ 5”.

The contract of sale was originally signed in 2007 and allowed the seller, VillageCare, a long-term flexible close. This time allowed the not-for-profit organization to build the new VillageCare Rehabilitation and Nursing Center at 510 W. Houston St., which opened this past December, as part of its reconfiguration of long-term-care services.  VillageCare has expanded and developed new home and community-based services, such as home care and assisted living, rather than relying on institutional settings to provide care.  Since 1977, VillageCare had operated the Village Nursing Home at the Hudson Street location.

“This sale demonstrates the strong demand for conversion opportunities in prime locations such as Greenwich Village. The record pricing at $5,000+/ SF achieved at the nearby Superior Ink condominium will bode well for the buyer,” said Massey Knakal Partner James Nelson, who spearheaded the marketing.

FLAnk, an architecture, development, and brokerage firm, was the buyer. Their plans are for 10 condos ranging from 3,300 to 9,000 square feet. They will hope to parlay their recent successes in the area, including The Novare at 133-35 West 4th Street and 385 West 12th Street.

“That fact that this transaction stood the test of time and closed close to four years after contract signing shows the strength of the NYC real estate market,” added CEO Paul J. Massey, Jr. who assisted on the sale. 

Click here for press release

Neighborhoods: Greenwich Village/ Agents: Paul Massey Jr.