$1,059 a Foot in the Village

morton street no 59 $1,059 a Foot in the VillageA five-story federal style townhouse in the West Village—which, incidentally, houses some of the luckiest rent-controlled tenants in the entire city—has sold for $6.5 million, brokers said.

Located between Hudson Street and Seventh Avenue, the 183-year-old building at 59 Morton Street could feature an owner’s triplex with future upside on the above floors, which now include a rent-controlled tenant on the fourth floor paying $127 per month and a rent-stabilized tenant on the fifth floor paying $615.

“Pricing for town homes in Greenwich Village has increased dramatically as of late,” said Massey Knakal’s James Nelson, who handled the transaction exclusively for the seller, and added that the sales price equated to about $1,059 per square foot. “This year alone there have been two finished townhouses in the Village which have traded for well over $3,000 per square foot. This shows the tremendous future potential for this house if vacated.”

jsederstrom@observer.com

 

Comments

  1. Brooke says:

    Are the tenants being bought out? Are there legal protections for rent statbilized and rent controlled tenants in such situations?

  2. Dedward says:

    What a joke. No one should have a $127 rent. His rent should be raised to $500 instantly.