New York City's real estate market recorded a dynamic start to the week, with 175 transactions totaling $314 million logged by Monday afternoon. Highlighting the day's activity was the sale of the city's narrowest house in the West Village for $4.4 million and a significant commercial portfolio deal in Queens valued at nearly $53 million.
Key Takeaways
- A historic 9.5-foot-wide townhouse at 75 ½ Bedford Street sold for $4.4 million, translating to approximately $4,400 per square foot.
- The day's largest commercial transaction was a $52.9 million sale of a property portfolio in Rego Park, Queens.
- Developers of 70 Hudson Yards acquired an adjacent parcel for $52 million as part of their ongoing office tower construction.
- Total real estate transactions in the city reached $314 million across 175 individual deals by the end of the business day.
West Village Townhouse Fetches a Premium
The most notable residential sale involved one of New York's most unique properties. The townhouse at 75 ½ Bedford Street, famously known as the city's narrowest house, was sold for $4.4 million. The seller, Dr. Tandra Hammer, had purchased the home in 2023 for $3.4 million, realizing a $1 million gain on the investment.
The buyer was identified as Underlake LLC. The property was listed in November with an asking price of $4.2 million, indicating strong buyer interest that pushed the final price higher. Cortnee Glasser of Sotheby’s International Realty handled the listing.
A Home with a Storied Past
Dating back to the 19th century, the home is not just famous for its slender profile. It has a rich history of housing notable figures, including actors Cary Grant and John Barrymore. It is also named the "Edna St. Vincent Millay House" after the Pulitzer Prize-winning poet who once resided there.
Breaking Down the Numbers
Despite its narrow frame, the three-bedroom residence offers just under 1,000 square feet of interior living space. The sale price equates to a remarkable $4,400 per square foot. The property also includes 150 square feet of private outdoor space and a garden, highly sought-after amenities in the dense West Village neighborhood.
Queens Commercial Market Heats Up
On the commercial side, the day's top transaction was a portfolio of buildings in Rego Park, Queens, which sold for $52.9 million. The properties were sold by Imperial Sterling Corp. to the Malachite Group, a Mineola-based firm.
This acquisition marks another significant investment by Malachite Group in properties previously owned by Imperial Sterling Corp. The company recently purchased another of their properties for $13.1 million.
The Rego Park portfolio includes eight separate properties, comprising a mix of retail and office buildings located along Queens Boulevard, 63rd Drive, and Saunders Street.
The properties included in the sale are:
- 94-14 63rd Drive (9,500 sq ft retail)
- 95-38 Queens Boulevard (4,000 sq ft office)
- 63-79 Saunders Street (4,000 sq ft store)
- 95-40 Queens Boulevard (7,700 sq ft store)
- 95-60 63rd Drive (13,000 sq ft store)
- 96-44 Queens Boulevard (21,000 sq ft store)
- 95-05 63rd Drive (retail)
- 95-02 63rd Drive (retail)
Major Deals Shape Manhattan's Landscape
Manhattan also saw several high-value transactions that will influence its future development and commercial offerings.
Hudson Yards Expansion Continues
Related Companies and Oxford Properties Group, the developers behind the massive Hudson Yards project, spent $52 million to acquire a parcel at 463 10th Avenue. The land will be integrated into the site of their new office tower at 70 Hudson Yards.
The seller was an LLC connected to Soheil Khayyam, which had held the property for several decades. In conjunction with the land deal, the developers announced they secured $2.45 billion in financing for the 1.4-million-square-foot tower, which is set to become the new U.S. headquarters for Deloitte. The financing package includes a $1.6 billion construction loan.
Essex Crossing Commercial Condo Trades Hands
Further downtown, a commercial condominium at Essex Crossing's newly constructed senior housing complex at 140 Essex Street was sold for $7.6 million. The buyers were entities associated with Namdar Realty Group and Klosed Properties.
The 10,200-square-foot unit, which is fully occupied, was sold by the development's sponsors. The deal pencils out to approximately $745 per square foot for the space, which features 140 feet of street-level frontage along Essex Street.
Other Notable Residential Sales
Beyond the headline-grabbing West Village sale, another significant residential deal closed in Gramercy Park. A three-bedroom condo at 200 East 21st Street was sold for $4.2 million by Dr. Nina Vincoff and Gary Vincoff.
The 1,800-square-foot apartment was purchased by Min Ji Song and Yunqi Zhang. The sellers had acquired the unit in 2019 for $4.1 million. This sale works out to roughly $2,300 per square foot, reflecting the continued strength of the luxury condo market in prime Manhattan neighborhoods.
