The $288 Million Secret: 5 Shocking Facts About 95 Morton Street, The West Village’s Tech Fortress
The iconic 95 Morton Street building in New York City’s West Village is far more than just a Class A office address; it is a masterclass in historical resurrection and a symbol of Manhattan's shifting commercial real estate power. As of late
Originally constructed in 1911 as an expansive industrial factory, the property has undergone a dramatic transformation into a modern, high-amenity headquarters, strategically located at the intersection of the West Village and Hudson Square. Its journey from a century-old warehouse to a fortress for companies like PayPal, Venmo, and Fanatics is a captivating narrative of architectural vision and market strategy.
The Complete Profile of 95 Morton Street, New York, NY
The building at 95 Morton Street represents a unique blend of historical architecture and modern corporate functionality, making it one of the most sought-after addresses in the West Village office market.
- Primary Address: 95 Morton Street, New York, NY 10014
- Alternate Address: 617 Washington Street
- Neighborhood: West Village / Hudson Square, Manhattan
- Building Type: Class A Office (Former Factory)
- Year Constructed: 1911
- Major Renovations: 1999/2000 (Gut Renovation), 2017 (Major Capital Improvements)
- Building Size: Approximately 220,000 to 236,512 rentable square feet
- Current Owner (Acquisition Date): Meadow Partners (Purchased July 2022)
- Former Owner: RFR Holding (Aby Rosen)
- Acquisition Price (2022): $288.2 Million
- Key Tenants: PayPal, Venmo, Fanatics
- Architectural Features: Soaring ceiling heights, oversized windows, river views, newly renovated lobby
1. The $288 Million Acquisition That Shook the NYC Office Market
The most significant recent development for 95 Morton Street was its blockbuster sale in July 2022. Meadow Partners, a global real estate investment firm, purchased the property from Aby Rosen’s RFR Holding for a staggering $288.2 million.
This transaction was a major vote of confidence in the future of the West Village office market, especially for high-quality, Class A assets with a strong tenant roster. The sale price translated to over $1,400 per square foot, a premium valuation that highlighted the building’s appeal in a period of uncertainty for commercial real estate.
The deal was partly financed through a substantial $155 million loan from Deutsche Pfandbriefbank, demonstrating the financial industry's conviction in the property's long-term stability and value. For RFR Holding, the sale represented a successful exit from a property they had significantly upgraded, while Meadow Partners gained a fully modernized asset with blue-chip technology tenants.
The acquisition strategy by Meadow Partners focused on buildings with high-profile, stable tenants, and 95 Morton Street, with its concentration of major tech and e-commerce companies, perfectly fit this profile.
2. The Tech and E-Commerce Powerhouse: PayPal, Venmo, and Fanatics
95 Morton Street has firmly established itself as a critical operational hub for the modern tech economy, a stark contrast to its original industrial purpose. The building’s anchor tenants are some of the biggest names in finance and sports technology.
The digital payment giants PayPal and its subsidiary Venmo both occupy significant space within the 220,000-square-foot structure. This co-location of two leading financial technology brands in the heart of downtown Manhattan underscores the area's draw for FinTech companies seeking a vibrant, amenity-rich location.
Another major tenant is Fanatics, the global digital sports platform. Fanatics chose 95 Morton Street as the location for its relocated headquarters, moving from its previous address at 205 Hudson Street. This relocation decision further validated the building’s appeal, offering its staff a unique work environment with historical character and modern features like river views and contemporary amenities.
The concentration of these high-growth companies—PayPal, Venmo, and Fanatics—makes the building a powerful symbol of the convergence of technology, finance, and media in New York City.
3. From 1911 Factory to 2017 Architectural Masterpiece
The building's architectural journey is one of its most compelling aspects. Constructed in 1911, 95 Morton Street began its life as an expansive factory, a common sight in the rapidly industrializing waterfront area of the West Village. This industrial heritage is still visible in its robust construction and original high-bay design.
The first major transformation occurred around 1999 and 2000 with a gut renovation that converted the industrial space into modern office lofts. However, the property’s final polish came with a significant capital improvement program completed around 2017.
These renovations successfully retained the building’s historical character—such as the massive floor plates and high ceilings—while integrating state-of-the-art office features. The result is a space that offers:
- Soaring Ceiling Heights: A direct benefit of its factory origins, providing an airy, open feel.
- Oversized Windows and River Views: Offering abundant natural light and scenic views of the Hudson River.
- Modern Amenities: A newly renovated lobby and high-speed fiber optic connectivity, essential for today's tech tenants.
This successful blend of 'old-world' charm and 'new-world' functionality is what allows 95 Morton Street to command premium rents and attract tenants who value character over generic glass towers.
4. The West Village Location: A High-Amenity, High-Demand Micro-Market
The location of 95 Morton Street, situated between Washington Street and Greenwich Street, is a key driver of its value. The building sits in a highly desirable, pedestrian-friendly area that bridges the historic West Village with the commercial energy of Hudson Square.
This micro-market is known for its low office availability and consistently high rental rates, often pricing out smaller businesses. The desirability stems from the surrounding residential charm, excellent dining, and accessibility, which helps companies like PayPal and Fanatics attract and retain top talent.
The building’s proximity to major transportation hubs and its position within a neighborhood that has fiercely protected its low-rise, historic character make it a rare commodity. While other parts of Manhattan’s office market have struggled, the boutique, high-end office spaces in areas like the West Village and Hudson Square have remained resilient, a trend that the $288 million sale of 95 Morton Street strongly reinforces.
5. The Context of the Google Effect and Local Real Estate Dynamics
The story of 95 Morton Street is inextricably linked to the massive presence of major technology companies in the surrounding area. The building is often discussed in the context of the "Google Effect," a term describing the transformative impact of Google’s extensive real estate footprint in the nearby Chelsea Market and St. John's Terminal developments.
Although Google itself has been mentioned in relation to potentially subleasing some of its 165,000 square feet in the area, the overall trend of tech companies migrating downtown has created a high-demand environment for buildings like 95 Morton Street. The presence of other major media and tech tenants in the broader downtown area, including Disney, has further solidified the West Village/Hudson Square corridor as a primary destination for corporate headquarters.
The building's success is a testament to the strategy of converting well-located, architecturally significant industrial buildings into modern office spaces. This adaptive reuse model has proven to be incredibly lucrative, turning a century-old factory into a future-proof asset that is a cornerstone of New York’s modern commercial landscape.
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