Eckstrom NYC pays $12M for multifamily in West Village, converting to single-family

Eckstrom NYC through the entity 59 Morton LLC paid $12 million to Sage Fuchs through the entity MF Townhouse LLC for the four-unit building (C3) at 59 Morton Street in West Village, Manhattan. The expected use is conversion to single-family.
The deal closed on December 5, 2025 and was recorded on December 31, 2025. The property has 4,001 square feet of built space and 2,075 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,005 and the price per buildable square foot is $1,979 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on April 25, 2019, for $8.3 million. The signatory for Sage Fuchs was Sage Fuchs. The signatory for Eckstrom NYC was Carlos Saavedra . The contract date was June 4, 2025.

To finance the purchase, Eckstrom NYC borrowed $6.85 million from S3 Capital.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Eckstrom NYC purchased seven properties in seven transactions for a total of $40.5 million and has no record it sold any properties over the past 24 months.
The seller Sage Fuchs had not purchased any other properties and sold one property in one transaction for a total of $8.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Jay Solinsky, head officer and Greg Kirschenbaum, officer. The business entity is Mf Townhouse Llc. The 4,001-square-foot property generated revenue of $293,513 or $73 per square foot, according to the most recent income and expense figures.

The property

The 1-4 family building with 4 residential units in West Village has 4,001 square feet of built space and 2,075 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

Carlos Saavedra of Eckstrom NYC LLC submitted a major alteration application for a renovation of the multifamily residential (RES) building at 59 Morton Street in West Village, Manhattan to a single-family building. The plan was filed with the New York City Department of Buildings on September 22, 2025 under job number M01285183. It call for a rehab of the five-story building. The project is described in the filing as: proposed horizontal enlargement of an existing 4-story building with basement and cellar; convert multifamily to 1-family; interior renovation at basement, cellar, roof, 1st thru 4th floor; [and] obtain new c of o [certificate of occupancy] for 1-family.

The block

On this tax block, PincusCo has identified the owners of six of the nine commercial properties representing 42,095 square feet of the 72,184 square feet.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 72,184 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Eckstrom NYC owned at least 24 commercial properties with 105 residential units in New York City with 130,431 square feet and a city-determined market value of $68.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 42 percent of the 130,431 square feet of built space are walkup properties, with C3 properties next occupying 27 percent of the space. They are all located in Brooklyn.

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