A glorious 25-foot-wide Federal townhouse on Morton Street just hit the market for $11.25 million, but unlike other pricey townhouses in the West Village, this one’s not destined to be the palatial picture-perfect home of some high-style editor’s dreams. It is, after all, an investment property.
What makes this particular listing interesting to us, and readers of Curbed, is that the townhouse between Bedford and Hudson streets is home to two rent regulated tenants who pay—wait for it—$127.61 and $627.78 a pop for their floor-through apartments.
The intel comes by way of a brochure by Leslie J. Garfield, who holds the listing. But it isn’t the first time we’ve seen these numbers; the house at 59 Morton Street hit the market under similar circumstances in 2011 for $6.5 million, with the $127/month and (then) $615/month renters in tow.
In the years since the house was last listed, its bottom three floors were converted from an owner’s triplex into three individual apartments. Those apartments rent for a projected $5,750/month for the garden floor, $7,687/month for the parlor floor, and $6,300/month for the second floor. The listing also says those three apartments are currently occupied, but could be delivered vacant should the new owner want to convert it back into a triplex.
The townhouse’s bananas rent-regulated situation aside, it has a rich history. No. 59 was built in 1828, the first townhouse constructed on Morton Street, for merchant Cornelius Oakley. It would later go on to become the home of the Girls’ Endeavor Society, a group where women who worked could provide mutual support for each other, and a gent by the name of Ewing Speed who purchased the townhouse for $20,000 in 1921.
The AIA Guide to New York says the home has “one of the finest Federal doorways in the Village,” and the townhouse’s listing says its rusticated woodwork, glazed side lights, and wood-burning fireplaces remain intact. The brochure also implies the potential for a single-family conversion with a proposed floorplan, included below.
- Listing: 59 Morton Street [Leslie J. Garfield via StreetEasy]
- Someone is Paying $127 Per Month for a West Village Apartment [Curbed]