An expansive library of structurally complex twodimensional (2D) and three-dimensional (3D) lead halide perovskites has emerged over the past decade, finding applications in various aspects of photon management: photovoltaics, photodetection, light emission, and nonlinear optics. Needless to say, the highest degree of structural plasticity enjoys the former group, offering a rich playground for modifications of relevant optoelectronic parameters such as exciton energy. Structural tailorability is reflected in the ease of modification of the chemistry of the organic layers residing between inorganic slabs. In this vein, we show that the introduction of methylhydrazinium cation (MHy + , CH3NH2NH2+) into 2D perovskite gives a material with a record low separation of the inorganic layers (8.91 Å at 300 K). Optical studies showed that MHy2PbBr 4 features the most red-shifted excitonic absorption among all known A2PbBr 4 compounds as well as a small exciton binding energy of 99.9 meV. MHy2PbBr 4 crystallizes in polar Pmn21 symmetry at room emperature (phase III) and at 351 K undergoes a phase transition to modulated Pmnm phase (II) followed by another phase transition at 371 K to Pmnm phase (I). The ferroelectric property of room-temperature phase III is inferred from switching of the pyrocurrent, dielectric measurements, and optical birefringence results. MHy2PbBr4 exhibits multiple nonlinear optical phenomena such as second-harmonic generation, third-harmonic generation, two-photon excited luminescence, and multiphoton excited luminescence. Analysis of MHy2PbBr 4 singlecrystal luminescence spectra obtained through linear and nonlinear optical excitation pathways indicates that free exciton emission is readily probed by the ultraviolet excitation, whereas crumpled exciton emission is detected under two-and multiphoton excitation conditions. Overall, our results demonstrate that incorporation of MHy + into the organic layer is an emergent strategy for obtaining a 2D perovskite with polar character and multifunctional properties.