A Special Advertising Supplement to The New York Observer Fall 2010

Cover photo The latest townhouse

data on sales prices
provided by
266 West End Ave.
Massive Westside
Townhouse, Fred Williams,
SVP, Associate Broker,
Sotheby’s International Realty
212.606.7737

A timeless pallette of black and white.
BY KAT STOEFFEL
Since the days of Edith
Wharton and Henry James,
townhouses have been
a symbol of comfort and
propriety amid New York
City chaos. As single-family
units, townhouses offer
today’s buyer exactly what
they offered 19th century’s
aristocracy: a way to
preserve the privacy and
autonomy of the country
home while providing
access to the excitement
and pleasure of the urban
landscape.
“It’s a different way
of living,” says Corcoran
SVP and Director of
Townhouses, Tom Wexler.
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TOWNHOUSE EXCLUSIVES
 “You can really be
alone in your house,”
adds fellow Corcoran SVP,
Rose Ann Nielsen.
Loneliness itself is a
luxury in New York. But
townhouses, which boast
unique turn of the century
plaster and woodwork
details, make it stylish too.
“It’s a unique piece of
history you can call your
own,” says Nielsen. And
often the townhouse
owner’s lot of New York
City history comes with
thoughtfully proportioned
interiors and
architecturally important
facades, says Sotheby’s
broker Louise Beit.
In a city now
defined by high-profile
glass condominiums,
townhouses have quietly
remained a Manhattan
favorite; in part because
they are ingrained in our
collective understanding
of success in the city.
“Townhouses have
scarcity value because
they’re no longer
produced,” explains
Brown Harris Stevens SVP
John Burger. There will
always be a developer
ready to supply the
market with glass towers
but the supply of pre-
war townhouses stays
small and fixed, even
as demand grows. The
scarcity value lends
the properties a hefty
price tag and an air
of exclusivity. For this
reason, Stribling broker,
Linda Melnick, says that
townhouse shoppers tend
to be their own group of
clients and are unlikely to
4
consider apartments or
co-ops.
“There has always
been a certain type of
person who understands
townhouses are in limited
supply and has always
coveted a townhouse,”
agrees Nielsen. Yet the
properties also appeal
to recent New York
transplants, allowing them
to carry on the single-
family home experience
in the city, she says.
Townhouses have
endured as a New York
status symbol because
they allow owners the
utmost freedom. Luxe
New York apartments
often come with stuffy
co-op boards, strict
regulations about
renovation and decoration
and nosy neighbors.
“The co-op approval
process can be invasive.
Your future neighbors
look at your tax returns,”
says Wexler. According to
Beit, other co-op boards
require double the cost
of the apartment in liquid
assets.
Townhouse ownership
is an independent and
private kind of ownership
called “fee simple,”
explains Burger. Fee
simple ownership gives
the title-holder total
control over the building
and the land as opposed
to the co-op member’s
shares or the apartment
owner’s lease. Fee simple
control allows owners
to re-imagine the floor
plan of their apartment
asdjhkasd
to suit virtually any
need. Rose Ann Nielsen
 TOWNHOUSE EXCLUSIVES

JUST OFF FIFTH AVENUE: 80th Street. Grand, very wide, rich in historic
details, 5 stories, prestigious block, 14’ ceilings. $18,500,000 WEB:NYO0017305

STUNNING TOWNHOUSE: 62nd Street. Landmark, 5 story, elevator,

lush garden, museum quality renovation. $14,500,000 WEB:NYO0017065

WESTSIDE GRANDEUR: 69th Street. Beautifully renovated, 5 story,

very close to Park & Lincoln Center. $9,000,000 WEB:NYO0017323

remembers townhouses
with custom-built sound
stages, swimming pools,
basketball courts and
theaters.
Some owners elect
to update the centuries-
old architecture with
modern or “green”
interiors. A traditional
townhouse from Henry
James’-era Washington
Square Park recently
got a modern update
from the developers
at Turett Collaborative.
They turned the entire
back face of the house
into a glass window-wall,
updated the gardens and
gave the kitchen double
height ceilings. It is now
listed at $18.9 million with
George van der Ploeg
at Prudential Douglas
Elliman.
On the Upper East
Side, Oyster Capital
Group LLC transformed
an 82nd street townhouse
into an environmentalist’s
dream home - the first
200 Eleventh Avenue.
LEED gold-certified
townhouse in New York.
It is now for sale for $6.8
million with Michael
Pellegrino at Sotheby’s
(See page 16).
Such radical
renovations are made
more feasible by the
economics of the
townhouse. The cost of a
townhouse is high, but if
you can afford it you’ll be
getting “the most bang
for your buck” says Rose
Ann Nielsen. Warburg
Executive Managing
Director, Richard property that had been One of the most the aspect is more
Steinberg, estimates you formerly converted into underestimated benefits of humane,” says Louise
spend twenty to thirty apartments and simply living in a townhouse is its Beit. The proportions give
percent less per square wait for the leases to location. Although it varies the blocks a residential,
foot on a townhouse than expire. However, Linda property to property, most community feel.
you do on an apartment. Melnick warns that those townhouses occupy the “Some townhouse
Brokers agree that renovations are often quieter streets off the big blocks have block parties,
single-family ownership more expensive and more avenues in tree-lined block associations; they
maximizes the value of time-consuming than neighborhoods like decorate their houses for
a townhouse and fulfills anticipated. Likewise, Turtle Bay, the West trick-or-treaters.” says
the purpose intended at townhouse owners take Village and Chelsea. Tom Wexler.
its construction. Since comfort in the fact that “On rows of For New Yorkers,
inventory is always they can always lease out townhouses, where all luxury means never
askjdhkasjdh
limited, today’s buyers a garden apartment in the buildings are only having to move to the
are willing to take over a periods of financial straits. five to six stories high, suburbs.
110 East 35th Street
 At times the
townhouse market can
seem a little elitist. Some
brokers say townhouses
are the only way to
live--if you can afford
to. Others say that
“apartment people are
apartment people” and
trying to convert them
to townhouses would be
hopeless. But just across
the East River, single
family homes with a
wider price range means
Manhattan’s “apartment
people” can be Brooklyn’s
townhouse people.
Brooklyn townhouses
have an architectural
vocabulary all their
own. Across the
neighborhoods one can
An old world trace how the fashions
charmer in Brooklyn. in facades changed
throughout the 19th
century; from Federal
to Italianate to eclectic.
The townhouses of
Park Slope, sheathed in
brownstone, are so iconic
that they were the most
resilient real estate market
during the bust in 2009.
“People love the
brownstone details:
ornate floors, stained
glass, pocket doors, the
high ceilings and the
decorative mouldings in
several different kinds of
wood. A lot of Brooklyn
still retains some of that
detail,” says Brown Harris
Stevens Senior Vice
President, Bill Sheppard.
One reason Brooklyn
retains so many historic
interiors is that less
money flowed into
Brooklyn than Manhattan
during the modernist
heyday of 1960s, which
left rooms white-
washed and stripped
of ornamentation.
By the time Brooklyn
was becoming heavily
gentrified in the 1970s
and 80s, neighborhood
preservation movements
encouraged homeowners
to restore the original
details.
Periods of slow
economic growth led to
apartment conversions
in many Brooklyn
townhouses. However,
some areas such as
Leffert Gardens were
zoned exclusively for
single homes.
“Those townhouses
have not turned into
243 EAST 82ND STREET

WEB:NYO0016978
Offered at $6,800,000

apartments, they’ve
barely turned over. I
know someone who is
the second owner of their
100-year-old house,” says
Sheppard. Their legacy
lends the neighborhood
a reputation for
family-friendliness and
community.
Sotheby’s broker
Karen Heyman says the
Brooklyn townhouse
is especially appealing
to young people or
growing families starting
to feel cramped in their
downtown apartments
and Dumbo lofts.
Brooklyn brownstones
offer wider rooms and
bigger gardens
“You feel like you’re in
the country. You’ve got a
backyard and sometimes
you’ve got parking, too,”
says Heyman.
Cover Photo by Evan Joseph
Original wood, plaster and fireplace.
In addition to making As Brooklyn condominium. Halstead And by the time the
space for a growing approximates Manhattan SVP and exclusive broker, properties do turn over,
family, buyers look to in culture and cool, it will Jay Overbye, adds that they might have climbed
Brooklyn for a way to also have to face some they offer buyers long- into a new tax bracket.
consolidate their home of Manhattan’s problems. term assurance, too. “A lot of people are
and office space. For one, the single family “With an 80 going in and putting up a
“Architects, attorneys market is growing scarce, Met townhouse, the lot of work--4 or 5 million
and designers might especially in the iconic condominium common dollars in renovations,”
be able to operate their neighborhoods like Park charges cover all says Heyman. Pablo
business out of their Slope, Fort Greene and maintenance expenses. Cuevas says deals are
home,” says Sheppard. Cobble Hill. Prudential Furthermore, the 25 still to be had in up-and-
The fact that Douglas Elliman Broker year tax abatement at coming neighborhoods
professionals want to Pablo Cuevas has even 80 Metropolitan saves like Bedford-Stuyvesant
bring their jobs home seen bidding wars you thousands in taxes and Crown heights.
to Brooklyn with them in Greenpoint and a year,” says Overbye. Unlike some Manhattan
speaks to a larger Williamsburg. Just like in Manhattan, real estate buyers who
trend among Brooklyn To meet the demand the townhouse is a don’t live in New York
shoppers--they don’t feel in Williamsburg, Halstead benchmark for shoppers- and use townhouses as
their extra backyard or Property LLC constructed -the transition from an equity investment, or
their parking space comes new townhouses as part transient rental living to a place to “park” their
at the cost of any of of their larger 80 Met investing in a home. money, Brooklyn buyers
Manhattan’s amenities. condominium project. The “Studios and one tend to be invested in the
“Brooklyn’s really townhouses, reasonably bedrooms turn over decades they’ll spend in
a destination for a lot priced under $1.3 million, frequently, people the townhouse and in the
of people, not just a offer the privacy of outgrow them. The community.
Manhattan alternative,” townhouse living with all townhouse you don’t Sounds like they’ll
says Sheppard. the amenities of a luxury outgrow,” says Sheppard. make great neighbors.
TWO UNIQUE HOUSES, ONE EXCEPTIONAL BLOCK

THE GEORGE ABBOTT AND KATHERINE

DODGE BROWNELL HOUSE: Built in 1927, the
only Manhattan townhouse designed by Harvey Ste-
venson, this 4-story, 18.9’-wide brownstone boasts a
grand library with 20’ ceilings and 3 wood burning
fireplaces. The garden is landscaped with mature trees
including Japanese flowering dogwood, ilex japonica
wisteria. $9,900,000. WEB:NYO0016468
and wisteria

116 EAST 78TH STREET: Off Park

Avenue. The stately 18’ wide, 5-story
house is noteworthy for its Neo-Geor-
gian façade characterized by tall French
windows, wrought iron balconies, carved
limestone cartouches and period orna-
mentation. Distinguished by open expo
sures, soaring ceiling heights, 3 gas fire-
places, an elevator, a large south facing
garden and multiple terraces. Currently
configured as 11-residential units, the
house is delivered vacant. $8,250,000
WEB:NYO0017018

Stan Ponte Robin Reardon

While walking down the tree-lined residential blocks of the
West Village or the Upper East Side at night and the windows
are glowing, it’s hard not to stop and admire the one-of-kind
interiors and historic details of townhouses. Yet one of the
townhouse’s best features remains competely out of sight to
pedestrians. Townhouse gardens provide a private sanctuary
for city-dwellers--a lovely green space protected from the
noise and spectacle of the street.
SELECT MANHATTAN TOWNHOUSES
The Observer asked
Paula Del Nunzio, Balthazar.
Brown Harris Stevens’
top broker and a New
York City townhouse
expert, to tell us a little
bit more about the
exclusive gardens.

Observer: Do you
consider garden
spaces one of the
selling points of
townhouses?
Del Nunzio:
Townhouses have a
unique architectural
history, inside and
outside, and the
outdoor spaces like
gardens, terraces and
roof decks add value
to the property. They
add square feet to
the usable property,
sometimes as many as
3 or 4 different terraces
or gardens.

Observer: In addition
to value, do gardens
add to the quality of
living?
Del Nunzio: Absolutely.
Townhouse gardens
add an outdoor space
for quiet enjoyment
and a natural, easy to
supervise play space
for young children.
Dog owners also get
the benefit of not
needing to walk to the
dog park.
Observer: Are
you showing any
properties with
remarkable gardens?
Del Nunzio: Yes.
There is a magnificent
townhouse on East
70th street, The Walter
N. Rothschild Mansion,
whose 33-foot deep
garden is part of
the famed Lehman
Gardens: The garden
span a huge area, 66’
by 103’, behind the
three mansions on
mansions on East property I co-represent
71st street in between at 400 West Street has
Madison and Park. a rear space converted
It’s a beautiful space into a basketball court
designed by architect and movie theater.
Aymar Embury II, full That one was designed
of mature oaks and by the Novogratz
gingko trees. That family from Bravo’s
property asks $25.5 9 by Design. And at
million. 211 East 76th Street
there’s a renovated
Observer: Are the modern garden which
gardens mostly integrates natural stone
preservations of into the design. That
historic spaces or property is $7.995
have any owners million. People who are
repurposed the space? looking for townhouses
Del Nunzio: Some have the option of
owners are definitely modern or traditional
taking unique steps designs of buildings
to make garden areas and their gardens.
asjhdkdsd

70th street and four their own. A unique

14
 Paula Del NuNzio SiNce 2007, Paula haS SolD 42 towNhouSeS for
a total value of over $650 millioN
Senior Vice President, Managing Director
Licensed Associate Real Estate Broker Paula haS SolD 17 towNhouSeS meaSuriNg 25 feet
212-906-9207 or wiDer
pdelnunzio@bhsusa.com rePreSeNtiNg the Seller, Paula haS achieveD the
higheSt Price for a 25 foot wiDe houSe oN the uPPer
445 Park Avenue eaSt SiDe aND iN greeNwich village’S golD coaSt
New York, NY 10022 the toP Broker at BrowN harriS SteveNS iN 2008

at home oN the huDSoN miNt aND moDerN reNovatioN hiStoric treaDwell maNSioN
West Village. Co-Excl. Brilliantly conceived East 70s/Third Avenue. Excl. Five-story 60s.East. Excl. Renovated Treadwell Farms
townhouse with 2-car garage, 7,180+/-SF inside, townhouse. Elevator to all floors, garden, Townhouse. 4 outdoor spaces. 5BR, 6.5 bath plus
and Hudson River views. Basketball court, roof parlour terrace, MBR terrace, roof garden, 5BR staff suite. 12’3” ceilings in living room. Warm
terrace, sun-filled and unique. plus staff suite. Gorgeous, bright, and turn-key. and elegant home.
$18.95M. WEB# 1019737 $7.995M. WEB# 1129664. $9.5M. WEB# 1084987.
ld

ld

ld
o

o
s

a Perfect locatioN ageleSS DeSigN DiamoND iN the rough

East 60s/Fifth Avenue. Excl. New limestone and
brick facade! 50’ from Central Park. 6 floors plus
garden, 5 terraces, elev, architect ready, approx.
13,000SF.
CLOSED in 2010 FOR $19.66M.
Village Gold Coast. Excl. Classic and modern
finishes. 8,100+/-SF, stunning light, 30’ garden,
5 wood burning fireplaces, 13’ ceilings in living
room and kitchen. Staff suite. Irreplaceable.
CLOSED IN 2010 FOR $15.35M.
Carnegie Hill. Excl. Best block in Carnegie Hill.
20’ x 55’ plus extension on 4 floors. 5,980+/-SF
townhouse with 11’9” ceilings. Bright and ready
for renovation.
CLOSED IN 2010 FOR $7.5M.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and
marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.
 This 82nd street townhouse is
more than just another pretty
facade: it’s the first LEED-
certified gold townhouse in
Manhattan. Awarded by the
United States Green Building
Council, the certification
means the property is a
smart investment for the eco-
conscious shopper, as well as
the price-conscious one. It uses
almost 45% less energy than
the average townhouse and is
eligible for environmental real
estate tax credits. The five-story,
five-bedroom property was
16
renovated by luxury townhouse
developer Oyster Capital
Group LLC and is now for sale
through Sotheby’s for $6.8
million. The Observer caught up
with Sotheby’s broker Michael
Pellegrino about the property.
How long has this property
been in development?
Michael Pellegrino: The
developer, Oyster Capital Group
LLC, purchased the property
towards the end of 2007. It was
totally razed and excavated.
They completely rebuilt the
structure. It wasn’t finished until
early 2010.
What was the developer’s
vision for 243 East 82nd
Street?
Pellegrino: They set out to
blend the classic single family
New York City townhouse
with energy efficiency and
reduce the impact on the local
environment. The goal of this
particular project was to create
a high-end green townhouse
which is extremely aesthetically
pleasing but also drastically
enhances indoor air quality and
 157 BEDFORD FIRST SALE IN 35
AVENUE YEARS
Williamsburg Carroll Gardens
$2,190,000 $1,999,999 • The
Historic 3-family building is 20'x48' on
brick townhouse on a 107' lot. The upper
Bedford Ave. in the floors are configured
prime area of North as two duplexes. The
Williamsburg, garden apartment is
with its trendy a 1 bedroom with its
shops, restaurants, own private garden
89 GRAND STREET galleries. One access, hardwood
Williamsburg • $4,999,000 • A rare opportunity for a block from L train. floors and a well
creative end user to acquire a unique mansion in north Web# 1298758. laid out kitchen.
Williamsburg, or for that savvy developer with an original Pablo Cuevas, Web# 1217078.
and visionary conversion plan. It comes with an adjacent 718.486.4492 Alex Calabretta,
vacant lot. Web# 1001376. Pablo Cuevas, 718.486.4492 Michal Kuras, 718.935.6125
Michal Kuras, 718.486.4401 718.486.4401 917.838.4140

ONE OF A KIND SINGLE FAMILY TOWNHOUSE
Williamsburg • $1,999,999 • Luxurious Northside
Williamsburg home with penthouse feel for buyers
who demand the very best. 4 bedrooms, 2.5 baths,
open living and dining, full basement. Featuring a
spectacular view of NYC skyline. Web# 1274793.
Erica Sullivan, 718.486.4415 I 917.921.7885
51 KENT AVENUE
Williamsburg • $1,888,000 • Massive mixed-use
corner property, located in the most active sector of
Williamsburg, where several condominium projects will
bring a multitude of residents and potential customers
within short distance. Web# 1160180. Pablo Cuevas,
718.486.4492 I Michal Kuras, 718.486.4401
A PLACE TO CALL HOME
Prospect Heights • $1,414,000 • Renovated 3-family
on prime Prospect Heights block. Lower duplex and
upper rental unit. Extra deep lot on beautiful tree-lined
street. Close to Prospect Park, Brooklyn Museum,
Botanic Gardens, restaurants, shopping and 2/3 train to
Manhattan. Web# 1298437. Scott Klein, 718.840.2020

CITY LIVING, COUNTRY FEEL
Park Slope • $1,250,000 • A unique 2-family with
professional space in Park Slope. Renovated owner’s
apartment features an open floor plan with modern
eat-in kitchen with granite counters and custom
cabinets, separate dining room with Tigerwood floors.
Web# 1248497. Louis Esposito, 718.935.6145
TWO-FAMILY HOME, GREAT OUTDOOR SPACE
Windsor Terrace • $1,147,000 • Semi-attached
two family with 3 bedroom, 2.5 bath owners' duplex,
central A/C, a windowed kitchen with granite counters
and stainless steel appliances, hardwood floors, and
wraparound deck. Web# 1253847. Kenneth Goldstein,
718.840.2010 I Cristina Goldstein, 718.780.8147
EUROPEAN CHARM
Carroll Gardens • $1,000,000 • This two-family home
on a quaint side street has been lovingly cared for by
the same family for generations. Zoned for PS 58, it is
three short blocks to the F and G trains and a short
walk to all the area’s wonderful shops and restaurants.
Web# 1302776. Rita van Straten, 718.780.8116

the new elliman.com

LO N G I S L A N D M A N H AT TA N B R O O K LY N QUEENS T H E H A M P TO N S THE NORTH FORK

2010
reduces the owner’s
carbon footprint. The
project was a great
success.

How did they achieve

the gold certification?
Pellegrino: Lead
architect, Daniel Frisch
was very deliberate
in choosing finishes
and materials that
were considered
“environmentally
preferable” products.
For example, stains
and treatments that do
not comply with this
philosophy were not
used. No hardwoods
were considered unless
they were Forest very conscious of insulation when choosing Pellegrino: One of
imlsdcc; krugerlive

Stewardship Council the LEED for Homes Water-based the highest quality the most important
(FSC) certified. When requirements including: adhesives, sealants, cabinetry, countertops considerations when
choosing flooring, No-VOC interior paints caulks, foams and or trim. building an LEED-
paint, cabinets and and primers coatings How does this certified home is the
counter tops the Low –VOC No added urea- property conserve creation of a good
developer had to be formaldehyde formaldehyde binders energy? “thermal envelope,”
18
 The
Solow
Town
Houses
On East 67th Street

which reduces the seal which will prevent

need for heating and temperature variations
cooling as well as the around areas that are
installation of highly close to windows.
efficient equipment Will energy efficiency
to supply it. The and environmentally
HVAC system will conscious
use refrigerants such construction soon be
as “Puron R-410” as added to buyers’ lists
opposed to traditional of demands?
coolants in order to Pellegrino: The socially
minimize contributions responsible green Luxurious Elevatored Duplex and Triplex Rentals
to ozone depletion and building movement with Private Garden and Woodburning Fireplace
ultimately to combat combined with the
global warming. evolution of sustainable www.solowresidential.com
All exterior windows design products and 212.249.8971
are ENERGY STAR- materials will keep this
rated, thermally evolving industry fresh Member

broken aluminum and vibrant for years to Equal Housing Opportunity SOLOW BUILDING COMPANY
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packages. These and will make all other
windows were chosen
in order to form a tight
structures obsolete. Solow • Job # 27028_Monthly Ads
New York Observer Magazine
P1_Oct 18
4:15PM
Half Pg Vertical_No Bleed
3.5”x9.5”_Color
 market statistics
provided by

Manhattan
TOWNHOUSE SALES
Townhouses, houses or buildings with an address (as of 10/07/2010)

Listing Count Average Price Median Price

In Manhattan 333 8,049,148 5,000,000
In All Downtown 88 9,078,409 7,475,000
In Chelsea 8 5,098,125 4,595,000
In Chinatown 1 10,000,000 10,000,000
In East Village 13 4,388,076 3,950,000
In Gramercy Park 6 4,500,000 4,950,000
In Greenwich Village 20 11,597,000 11,997,500
In Little Italy 1 12,950,000 12,950,000
In Lower East Side 4 8,250,000 8,375,000
In Soho 6 7,266,666 6,999,999
In Tribeca 7 12,105,714 11,500,000
In West Village 22 11,720,000 10,775,000
In All Midtown 33 5,530,575 4,750,000
In Midtown East 28 5,550,321 4,950,000
In Kips Bay 9 3,764,333 3,895,000
In Murray Hill 8 5,017,500 4,972,500
In Sutton Place 10 7,544,000 7,125,000
In Turtle Bay 1 5,950,000 5,950,000
In Midtown South 1 13,500,000 13,500,000
In Midtown West 4 3,400,000 3,825,000
In Clinton 4 3,400,000 3,825,000
In All Upper East Side 88 14,208,920 10,247,500
In Carnegie Hill 19 12,218,421 6,900,000
In Lenox Hill 33 18,091,818 14,500,000
In Upper East Side 27 13,978,148 10,500,000
In Yorkville 9 4,866,111 4,200,000
In All Upper Manhattan 90 1,655,971 1,364,500
In Central Harlem 47 1,490,286 1,400,000
In East Harlem 13 2,125,692 1,495,000
In Hamilton Heights 17 1,371,941 1,250,000
In Inwood 1 1,195,000 1,195,000
In Washington Heights 9 1,385,222 999,999
In Fort George 1 999,999 999,999
In West Harlem 3 4,791,666 6,900,000
In All Upper West Side 34 8,809,852 5,775,000
In Lincoln Square 2 8,497,500 8,497,500
In Manhattan Valley 3 11,146,666 6,250,000
In Upper West Side 29 8,589,655 5,300,000

20
 market statistics
provided by

Brooklyn
TOWNHOUSE SALES
Townhouses, houses or buildings with an address (as of 10/07/2010)

Listing Count Average Price Median Price

In Brooklyn 365 1,209,022 780,000
In Bay Ridge 22 1,868,318 899,000
In Bedford-Stuyvesant 35 615,885 609,000
In Bensonhurst 5 790,800 718,000
In Bergen Beach 2 999,000 999,000
In Boerum Hill 2 1,339,500 1,339,500
In Borough Park 3 556,000 599,000
In Brighton Beach 4 572,750 449,000
In Brooklyn Heights 5 5,460,000 2,500,000
In Brownsville 2 319,000 319,000
In Bushwick 7 522,999 530,000
In Canarsie 13 424,138 430,000
In Carroll Gardens 10 1,943,399 1,697,000
In Clinton Hill 13 1,486,384 1,399,000
In Cobble Hill 4 1,482,500 1,347,500
In Coney Island 2 425,950 425,950
In Crown Heights 13 669,230 625,000
In Crown Heights South 1 475,000 475,000
In Ditmas Park 1 995,000 995,000
In Downtown Brooklyn 3 1,750,000 1,850,000
In Dyker Heights 3 1,365,962 898,888
In East New York 10 369,338 382,000
In Flatbush 16 513,499 399,499
In Flatlands 14 423,357 427,500
In Fort Greene 4 1,736,250 1,547,500
In Fort Hamilton 2 581,000 581,000
In Gowanus 2 1,060,000 1,060,000
In Gravesend 10 940,200 644,000
In Greenpoint 9 1,707,555 825,000
In Greenwood 9 751,888 695,000
In Kensington 7 775,857 799,000
In Manhattan Beach 1 1,725,000 1,725,000
In Marine Park 14 527,892 511,500
In Midwood 5 626,600 529,000
In Mill Basin 13 1,196,230 1,199,000
In Ocean Hill 1 524,999 524,999
In Ocean Parkway 4 567,000 552,000
In Old Mill Basin 1 689,000 689,000
In Park Slope 15 2,229,133 2,500,000
In Prospect Heights 9 1,190,555 1,200,000
In Prospect Lefferts Gardens 11 4,199,263 879,000
In Prospect Park South 2 1,185,000 1,185,000
In Red Hook 6 1,106,999 972,000
In Sheepshead Bay 5 976,999 509,000
In Sunset Park 11 761,454 760,000
In Williamsburg 18 1,440,555 1,485,000
In Windsor Terrace 7 831,000 799,000
21
Manhattan market statistics
provided by

TOWNHOUSE closing prices

The table below presents recorded sales data for townhouses in Manhattan. Data is fromthe third quarters of
2008, 2009, and 2010. Overall, the volume of transactions in Manhattan this past quarter has remained stable
since the prior year quarter but has not yet returned to 2008 levels. Median price rose 13.5% since last year and
18.0% since 2008.

Manhattan
Closed On Closing Count Median Price Average Price
2008Q3 69 3,200,000 7,047,473
2009Q3 53 3,325,000 3,784,915
2010Q3 54 3,775,000 5,465,688
2010Q3 v 2009Q3 1.9% 13.5% 44.4%
2009Q3 v 2008Q3 -21.7% 18.0% -22.4%
ALL DOWNTOWN
Closed On Closing Count Median Price Average Price
2008Q3 17 5,250,000 6,947,258
2009Q3 12 3,825,000 5,139,167
2010Q3 10 5,000,000 7,534,988
2010Q3 v 2009Q3 -16.7% 30.7% 46.6%
2009Q3 v 2008Q3 -41.2% -4.8% 8.5%
all midtown
Closed On Closing Count Median Price Average Price
2008Q3 10 4,026,200 7,730,790
2009Q3 6 2,328,723 2,288,501
2010Q3 5 3,422,500 3,432,322
2010Q3 v 2009Q3 -16.7% 47.0% 50.0%
2009Q3 v 2008Q3 -50.0% -15.0% -55.6%

all upper east side

Closed On Closing Count Median Price Average Price
2008Q3 12 16,250,000 19,852,041
2009Q3 13 5,800,000 6,365,384
2010Q3 15 6,500,000 9,575,666
2010Q3 v 2009Q3 15.4% 12.1% 50.4%
2009Q3 v 2008Q3 25.0% -60.0% -51.8%
all upper west side
Closed On Closing Count Median Price Average Price
2008Q3 4 5,775,000 5,900,000
2009Q3 6 4,350,000 4,752,666
2010Q3 8 3,775,000 6,915,000
2010Q3 v 2009Q3 33.3% -13.2% 45.5%
2009Q3 v 2008Q3 100.0% -34.6% 17.2%
ALL upper manhattan
Closed On Closing Count Median Price Average Price
2008Q3 26 960,282 1,116,917
2009Q3 16 965,000 870,843
2010Q3 16 930,000 928,547
2010Q3 v 2009Q3 0.0% -3.6% 6.6%
2009Q3 v 2008Q3 -38.5% -3.2% -16.9%

22
Brooklyn
TOWNHOUSE closing prices
The table below presents recorded sales data for
townhouses in Brooklyn Data is fromthe third quarters
of 2008, 2009, and 2010. Overall, the volume of
transactions in Brooklyn this past quarter has dropped
21.9% since last year and 33.5% since 2008. Median price
remained relatively stable since last year but dropped
12.2% since 2008.
BROOKLYN
Closed On Closing Count Median Price Average Price
2008Q3 1,662 585,000 636,459
2009Q3 1,416 515,000 567,889
2010Q3 1,106 513,500 618,497
2010Q3 v 2009Q3 -21.9% -0.3% 8.9%
2009Q3 v 2008Q3 -33.5% -12.2% -2.8%
bay ridge
Closed On Closing Count Median Price Average Price
202008Q3 58 735,000 749,927
2009Q3 65 675,000 739,524
2010Q3 45 714,000 700,522
2010Q3 v 2009Q3 -30.8% 5.8% -5.3%
2009Q3 v 2008Q3 -22.4% -2.9% -6.6%
BOERUM HILL
Closed On Closing Count Median Price Average Price
2008Q3 2 1,247,500 1,247,500
2009Q3 4 890,000 874,125
2010Q3 1 1,312,500 1,312,500
2010Q3 v 2009Q3 -75.0% 47.5% 50.2%
2009Q3 v 2008Q3 -50.0% 5.2% 5.2%
BROOKLYN HEIGHTS
Closed On Closing Count Median Price Average Price
2008Q3 8 2,512,500 2,505,625
2009Q3 9 1,945,000 2,143,890
2010Q3 17 2,050,000 2,580,559
2010Q3 v 2009Q3 88.9% 5.4% 20.4%
2009Q3 v 2008Q3 112.5% -18.4% 3.0%
CARROLL GARDENS
Closed On Closing Count Median Price Average Price
2008Q3 11 1,170,000 1,330,818
2009Q3 11 1,050,000 981,329
2010Q3 16 1,400,000 1,284,721
2010Q3 v 2009Q3 45.5% 33.3% 30.9%
2009Q3 v 2008Q3 45.5% 19.7% -3.5%
CLINTON HILL
Closed On Closing Count Median Price Average Price
2008Q3 57 546,000 561,268
2009Q3 49 445,000 550,915
2010Q3 55 522,000 595,320
2010Q3 v 2009Q3 12.2% 17.3% 8.1%
2009Q3 v 2008Q3 -3.5% -4.4% 6.1%
COBBLE HILL
Closed On Closing Count Median Price Average Price
2008Q3 12 1,320,000 1,690,885
2009Q3 4 1,697,500 1,861,250
2010Q3 5 2,238,500 2,340,700
2010Q3 v 2009Q3 25.0% 31.9% 25.8%
2009Q3 v 2008Q3 -58.3% 69.6% 38.4%
market statistics
provided by
DOWNTOWN BROOKLYNClosed On
Closing Count Median Price Average Price
2008Q3 11 1,305,000 1,653,627
2009Q3 5 1,390,000 1,553,000
2010Q3 9 1,500,000 1,385,416
2010Q3 v 2009Q3 80.0% 7.9% -10.8%
2009Q3 v 2008Q3 -18.2% 14.9% -16.2%
FORT GREENE
Closed On Closing Count Median Price Average Price
2008Q3 2 1,540,000 1,540,000
2009Q3 2 2,547,500 2,547,500
2010Q3 3 1,985,000 1,848,333
2010Q3 v 2009Q3 50.0% -22.1% -27.4%
2009Q3 v 2008Q3 50.0% 28.9% 20.0%
KENSINGTON
Closed On Closing Count Median Price Average Price
2008Q3 25 720,000 701,110
2009Q3 15 700,000 672,633
2010Q3 14 682,500 663,303
2010Q3 v 2009Q3 -6.7% -2.5% -1.4%
2009Q3 v 2008Q3 -44.0% -5.2% -5.4%
PARK SLOPE
Closed On Closing Count Median Price Average Price
2008Q3 13 1,800,000 1,860,615
2009Q3 12 1,535,331 1,527,906
2010Q3 16 1,871,500 1,722,906
2010Q3 v 2009Q3 33.3% 21.9% 12.8%
2009Q3 v 2008Q3 23.1% 4.0% -7.4%
RED HOOK
Closed On Closing Count Median Price Average Price
22008Q3 7 905,000 886,428
2009Q3 3 372,487 445,412
2010Q3 1 120,000 120,000
2010Q3 v 2009Q3 -66.7% -67.8% -73.1%
2009Q3 v 2008Q3 -85.7% -86.7% -86.5%
SUNSET PARK
Closed On Closing Count Median Price Average Price
2008Q3 66 677,500 642,631
2009Q3 66 700,000 625,689
2010Q3 42 655,250 616,764
2010Q3 v 2009Q3 -36.4% -6.4% -1.4%
2009Q3 v 2008Q3 -36.4% -3.3% -4.0%
WILLIAMSBURG
Closed On Closing Count Median Price Average Price
2008Q3 38 732,000 705,695
2009Q3 27 650,000 622,870
2010Q3 29 515,000 581,155
2010Q3 v 2009Q3 7.4% -20.8% -6.7%
2009Q3 v 2008Q3 -23.7% -29.6% -17.6%
WINDSOR TERRACE
Closed On Closing Count Median Price Average Price
2008Q3 16 765,000 866,812
2009Q3 12 701,500 670,250
2010Q3 12 692,500 753,333
2010Q3 v 2009Q3 0.0% -1.3% 12.4%
2009Q3 v 2008Q3 -25.0% -9.5% -13.1%
23
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24
roger erickson KATHY HOFFMAN linburn
sotheby’s international realty sotheby’s international realty
Roger Erickson has been a top Kathleen Hoffman Linburn, now
producing broker in Manhattan with Sotheby’s International
for over 20 years with sales Realty,  began her real estate
in excess of a billion dollars. career in 1981 with a small Murray
For the 3rd consecutive year, Hill firm. In 1985 she founded her
he has been recognized by own firm and became known as
The Wall Street Journal, REAL one of New York City’s premier
Trends and lore Magazine as townhouse brokers. The firm became
one of the Top 100 Agents enormously successful and was
in America by Sales Volume, acquired by William B. May Co., where
currently ranked as the #4 she became Director of Townhouse
agent in the nation. The prior Sales as well as a top producer of
year he was ranked as the #1 cooperatives and condominiums.
agent in Manhattan. www.Roger-Erickson.com

michael pellegrino stan ponte

sotheby’s international realty sotheby’s international realty
Mr. Pellegrino is a Senior Vice A Senior Vice President at Sotheby’s
President, Associate Broker of International Realty, Stan Ponte
Sotheby’s International Realty is recognized as one of New York
and one of the most distinguished City’s most highly respected
real estate brokers in New York. brokers. With 15 years of experience
Consistently ranked a top sales in New York City real estate, he
producer, Michael specializes in specializes in the sales of distinctive
townhouses and apartments. properties including condominiums,
Michael’s business is client referrals cooperatives, and townhouses. Stan
and his knowledge in real estate. His is often called upon to speak to other
philosophy:  buying /selling of real estate is one of the most agents at the Real Estate Board of
important experiences- investment or lifestyle choice. He New York, Inman News Conferences
uses his extensive background making it a more pleasant and the graduate school of Touro College.
and profitable experiences for all.

sotheby’s international realty

The Sotheby’s
International Realty,
our brooklyn
East Side Manhattan
office is just steps away
neighborhood
from Central Park in one
of the most desirable guide IS on STands
neighborhoods in the city.
It is known for its prime  November 10
Manhattan real estate, For more information contact:
which includes some of
the city’s most elegant historic and prewar homes. Our
Robyn Weiss, Associate Publisher,
brokerage staff offers unsurpassed service to our clients. Observer Neighborhood Guides
Our agents are thoroughly familiar with the neighborhoods Phone: 212-407-9382
in this area, and with all aspects of sales, including the
demands of the luxury co-op market. Email: rweiss@observer.com

25
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Observer Neighborhood Guides Cover photo
266 West end Ave.
Massive Westside
townhouse, Fred
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The latest townh
ouse
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Phone: 212-407-9382
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Email: rweiss@observer.com