Location and Zoning Context
23 Cornelia Street sits in the West Village neighborhood of Manhattan, within the Hudson Square area. The block sits along the southern edge of Greenwich Village, near the High Line and Hudson River Park. Zoning for this section of the West Village is primarily R6 and R7A, allowing a mix of residential uses with height limits that vary block by block NYC Zoning Map.
The property sits close to the Hudson Yards rezoning area, which has shifted office and residential density patterns across the Hudson River corridor. Nearby landmarks include the Jefferson Market Library, the Stonewall Inn, and the Gansevoort Market Historic District. Access to the 1 train at Christopher Street–Sheridan Square and multiple MTA bus lines supports the location’s transit connectivity MTA.
Property Characteristics and Ownership
23 Cornelia Street is a low-rise mixed-use building in a dense residential enclave. The structure sits on a relatively narrow lot typical of West Village street grids, with a footprint that reflects pre-war and post-war construction patterns common in the neighborhood AOL Real Estate.
Ownership records for 23 Cornelia Street are tied to a limited-liability company registered in New York. The property has changed hands through transfers that reflect the broader West Village trend of investors acquiring small multifamily and mixed-use parcels. Publicly available deed filings show the building has been marketed and sold in recent years as part of the neighborhood’s ongoing consolidation of smaller lots SEC EDGAR.
Market Dynamics and Financial Snapshot
Transaction activity around 23 Cornelia Street reflects the tight inventory conditions in the West Village. Sales in this pocket of Manhattan have trended toward premium per-square-foot pricing, driven by proximity to the High Line, boutique retail, and cultural institutions Forbes.
Property tax assessments for the building are based on New York City’s classified tax system, with the land value and improvement value factored into annual bills. The surrounding area has seen new development approvals that could affect future comparable sales and rental benchmarks ESPN.
Nearby Developments and Infrastructure
Major infrastructure projects near 23 Cornelia Street include the ongoing Hudson River Park upgrades and the 7 Subway Extension stations at 34th Street–Hudson Yards. These projects have influenced commercial and residential demand across the West Village and Hudson Square submarkets.
Zoning and Land Use
Under current NYC zoning, lot sizes and floor-area ratios near 23 Cornelia Street allow for vertical growth in certain adjacent blocks, while the immediate vicinity remains constrained by historic district protections and streetscape requirements.
Real Estate Trends
Recent sales data for West Village show a mix of all-cash transactions, 1031 exchange activity, and joint-venture structures involving institutional capital and local developers.
Financial Considerations
Cap rates for multifamily assets in the West Village have compressed over the past cycle, reflecting low cap-rate environments across Manhattan’s core neighborhoods.