What's Happening?
A historic property in Manhattan, known as the Millay House, has been sold for $4.4 million. The home, located at 75 1/2 Bedford Street in the West Village, is notable for its narrow width of just 9.5 feet. Originally listed for $4.19 million, the property was
sold to a Swiss family who are collectors of small homes. The family purchased the home through an LLC, and their identities remain undisclosed. The Millay House, named after poet Edna St. Vincent Millay, features three bedrooms, two bathrooms, and a rear garden across its three stories. The property has a rich history, having been leased by artists in the 1920s and previously owned by Dr. Tandra Hammer, who bought it for $3.41 million in 2023.
Why It's Important?
The sale of the Millay House highlights the growing interest in unique and historic properties, particularly those with a storied past. This transaction underscores the value placed on architectural uniqueness and historical significance in the real estate market. The purchase by a family of small home collectors also reflects a niche market trend where buyers seek out properties that offer more than just living space, but also a piece of history. This trend can influence real estate markets in urban areas, where space is limited and historical properties are cherished.
What's Next?
The new owners plan to work with a design studio and architect to enhance the home's potential, indicating a possible renovation that respects the property's historical elements while modernizing its features. This could set a precedent for how historic homes are preserved and adapted for contemporary living. The real estate market may see increased interest in similar properties, potentially driving up prices for unique and historic homes in urban settings.
