What's Happening?
A Swiss family has purchased Manhattan's skinniest home, a 152-year-old property located at 75 1/2 Bedford Street in the West Village, for $4.4 million. The home, which is just 9.5 feet wide, was listed
for sale in early November with an asking price of $4.19 million. The family, known for collecting small, unique homes, bought the property for more than $200,000 above its asking price. The purchase was made through an LLC, and the family's specific identities remain undisclosed. The home, known as the Millay House, features three bedrooms, two bathrooms, and a rear garden, spread across three stories and a finished lower level. The family plans to work with a design studio and architect to enhance the home's potential.
Why It's Important?
The sale of this unique property highlights the ongoing interest and investment in historic and distinctive real estate in New York City, even at premium prices. The transaction underscores the appeal of the West Village's historic charm and the niche market for small, architecturally significant homes. This purchase also reflects a broader trend of international buyers investing in U.S. real estate, contributing to the diversity and dynamism of the market. The family's interest in preserving and enhancing the property's historical features may also influence future real estate developments in the area, promoting the conservation of architectural heritage.
What's Next?
The Swiss family plans to collaborate with a design studio and architect to transform the Millay House, aiming to maximize its potential while preserving its historical elements. This renovation could set a precedent for similar properties in the area, encouraging other owners to invest in the restoration and enhancement of historic homes. The real estate market in the West Village may see increased interest from both domestic and international buyers seeking unique and historic properties, potentially driving up property values in the neighborhood.
Beyond the Headlines
The purchase of the Millay House by a family of 'small home collectors' highlights a cultural appreciation for unique and historic architecture. This trend may inspire a renewed focus on the preservation of small, historic homes, which are often overshadowed by larger, more modern developments. The family's commitment to enhancing the property while maintaining its historical integrity could serve as a model for sustainable and culturally sensitive real estate development. Additionally, the home's history, including its association with notable figures like poet Edna St. Vincent Millay, adds a layer of cultural significance that may attract further interest from historians and preservationists.
