Investment group buys entire street in Greenwich Village

Deal includes 11 buildings along Patchin Place, a gated cul-de-sac off West 10th Street

New York /
Mar.March 16, 2022 05:20 PM
Theodore Dreiser, E.E. Cummings and Marlon Brando with Patchin Place (Getty, Beyond My Ken, CC BY-SA 4.0 via Wikimedia Commons)

Theodore Dreiser, E.E. Cummings and Marlon Brando with Patchin Place (Getty, Beyond My Ken, CC BY-SA 4.0 via Wikimedia Commons)

In Manhattan’s ultra-competitive real estate market, it’s a rare feat for a buyer to scoop up an entire street at once.

But that’s precisely what happened earlier this month, when investment firm Firebird Grove bought 11 buildings up and down Patchin Place, a gated cul-de-sac in Greenwich Village, from Morgan Holding Capital for just over $32 million.

The quiet alleyway off of West 10th Street is lined by three-story townhouses with a mix of residential and commercial units. Built in the 1840s, their notable past residents have included E.E. Cummings, Theodore Dreiser and Marlon Brando.

The street has been remarkably unchanged since the 1920s and is lit by one of the city’s last remaining 19th-century gas streetlights — though it’s now powered by electricity. The property is a popular stop for walking tours in the village and by the early 2000s had become a hub for psychiatry practices, according to The New York Times.

Firebird Grove, is a “next-generation real estate investment group” based in Soho, according to its website, which says the firm focuses on buying and modernizing historic multifamily and commercial properties.

Records show an LLC linked to GDS Management, owned by Jair Gutierrez, as the buyer, but Gutierrez said he was acting as property manager and identified Fenix Living, Firebird’s property management arm, as the owner.

A representative for Firebird confirmed the purchase but the company did not immediately respond to a request for further information.

Morgan Holding Capital’s site lists Andrew Duell as its president. The Duell family owns several properties in the city, even after having sold several pieces of their portfolio in 2015 to Extell Development. Paul McCartney recently sold a Fifth Avenue co-op that once belonged to Andrew’s father, Manny Duell, who built the property in 1967. Manny Duell’s wife lived in the unit until her death in 2014.

Morgan Holding Capital did not immediately return a request for comment.





    Related Articles

    arrow_forward_ios
    Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
    Related launches lodging for executives’ hybrid work
    Related launches lodging for executives’ hybrid work
    Matt Lauer with 26, 28 & 32 Actors Colony Rd (Getty, Susan Breitenbach)
    Matt Lauer finds buyer for languishing Hamptons estate
    Matt Lauer finds buyer for languishing Hamptons estate
    Barbara Russo, Danielle Englebardt, and Oren and Tal Alexander (Getty, iStock BFA)
    Ranking the top residential brokers on the Upper East Side
    Ranking the top residential brokers on the Upper East Side
    From left: PropTech's Thomas Hennessy and Joseph Beck; Appreciate's Chris Laurence (Appreciate, LinkedIn/Tom Hennessy, LinkedIn/Joseph Beck, iStock)
    Single-family rental platform Appreciate to go public in SPAC deal
    Single-family rental platform Appreciate to go public in SPAC deal
    From left: Douglas Elliman's Scott Durkin, Stephen Kotler and Avi Dan-Goor (Douglas Elliman, iStock)
    Douglas Elliman bets on Vegas in westward expansion
    Douglas Elliman bets on Vegas in westward expansion
    366 State Street and 37 Sidney Place in Brooklyn (Corcoran, Zillow)
    Passive house asking $15M tops Brooklyn contracts
    Passive house asking $15M tops Brooklyn contracts
    100 Eleventh Avenue (iStock, Rhododendrites/CC BY-SA 4.0, via Wikimedia Commons, Illustration by Kevin Cifuentes for The Real Deal)
    Lower-end listings dominate Manhattan’s luxury deals
    Lower-end listings dominate Manhattan’s luxury deals
    Wildfire, Houses
    One in five homes facing wildfire risk, report says
    One in five homes facing wildfire risk, report says
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...