$1,059 a Foot in the Village
Tom Acitelli July 26, 2011, 11:05 a.m.
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.”