The Observer's Townhouse - Fall 2010 | Brooklyn | Apartment

A SpeciAl AdvertiSing Supplement to the new York obServer

Fall 2010

Cover photo
Massive Westside townhouse, Fred Williams, Svp, Associate Broker, Sotheby’s International realty

266 West end Ave.

The latest townhouse data on sales prices provided by

212.606.7737

BY KAT STOEFFEL

A timeless pallette of black and white.

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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.

TOWNHOUSE EXCLUSIVES

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“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 prewar 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

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 singlefamily 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 to suit virtually any need. Rose ann Nielsen

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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

200 Eleventh Avenue.

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remembers townhouses with custom-built sound stages, swimming pools, basketball courts and theaters. some owners elect to update the centuriesold 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

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 steinberg, estimates you spend twenty to thirty percent less per square foot on a townhouse than you do on an apartment. Brokers agree that single-family ownership maximizes the value of a townhouse and fulfills the purpose intended at its construction. since inventory is always limited, today’s buyers are willing to take over a

property that had been formerly converted into apartments and simply wait for the leases to expire. however, Linda Melnick warns that those renovations are often more expensive and more time-consuming than anticipated. Likewise, townhouse owners take comfort in the fact that they can always lease out a garden apartment in periods of financial straits.

One of the most underestimated benefits of living in a townhouse is its location. although it varies property to property, most townhouses occupy the quieter streets off the big avenues in tree-lined neighborhoods like Turtle Bay, the West Village and Chelsea. “On rows of townhouses, where all the buildings are only five to six stories high,

the aspect is more humane,” says Louise Beit. The proportions give the blocks a residential, community feel. “some townhouse blocks have block parties, block associations; they decorate their houses for trick-or-treaters.” says Tom Wexler. For New Yorkers, luxury means never having to move to the suburbs.

110 East 35th Street

An old world charmer in Brooklyn.

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 trace how the fashions 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 whitewashed 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

Original wood, plaster and fireplace.

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

In addition to making space for a growing family, buyers look to Brooklyn for a way to consolidate their home and office space. “architects, attorneys and designers might be able to operate their business out of their home,” says sheppard. The fact that professionals want to bring their jobs home to Brooklyn with them speaks to a larger trend among Brooklyn shoppers--they don’t feel their extra backyard or their parking space comes at the cost of any of Manhattan’s amenities. “Brooklyn’s really a destination for a lot of people, not just a Manhattan alternative,” says sheppard.

as Brooklyn approximates Manhattan in culture and cool, it will also have to face some of Manhattan’s problems. For one, the single family market is growing scarce, especially in the iconic neighborhoods like Park slope, Fort Greene and Cobble hill. Prudential douglas Elliman Broker Pablo Cuevas has even seen bidding wars in Greenpoint and Williamsburg. To meet the demand in Williamsburg, halstead Property LLC constructed new townhouses as part of their larger 80 Met condominium project. The townhouses, reasonably priced under $1.3 million, offer the privacy of townhouse living with all the amenities of a luxury

condominium. halstead sVP and exclusive broker, jay Overbye, adds that they offer buyers longterm assurance, too. “With an 80 Met townhouse, the condominium common charges cover all maintenance expenses. Furthermore, the 25 year tax abatement at 80 Metropolitan saves you thousands in taxes a year,” says Overbye. just like in Manhattan, the townhouse is a benchmark for shoppers-the transition from transient rental living to investing in a home. “studios and one bedrooms turn over frequently, people outgrow them. The townhouse you don’t outgrow,” says sheppard.

and by the time the properties do turn over, they might have climbed into a new tax bracket. “a lot of people are going in and putting up a lot of work--4 or 5 million dollars in renovations,” says heyman. Pablo Cuevas says deals are still to be had in up-andcoming neighborhoods like Bedford-stuyvesant and Crown heights. Unlike some Manhattan real estate buyers who don’t live in New York and use townhouses as an equity investment, or a place to “park” their money, Brooklyn buyers tend to be invested in the decades they’ll spend in the townhouse and in the community. sounds like they’ll 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 Stevenson, 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. and wisteria $9,900,000. WEB:NYO0016468 116 EAST 78TH STREET: Off Park Avenue. The stately 18’ wide, 5-story house is noteworthy for its Neo-Georgian façade characterized by tall French windows, wrought iron balconies, carved limestone cartouches and period ornamentation. Distinguished by open expo sures, soaring ceiling heights, 3 gas fireplaces, 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, 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 70th street and four
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mansions on East 71st street in between Madison and Park. It’s a beautiful space designed by architect aymar Embury II, full of mature oaks and gingko trees. That property asks $25.5 million. Observer: Are the gardens mostly preservations of historic spaces or have any owners repurposed the space? Del Nunzio: some owners are definitely taking unique steps to make garden areas their own. a unique

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property I co-represent at 400 West street has a rear space converted into a basketball court and movie theater. That one was designed by the Novogratz family from Bravo’s 9 by design. and at 211 East 76th street there’s a renovated modern garden which integrates natural stone into the design. That property is $7.995 million. People who are looking for townhouses have the option of modern or traditional designs of buildings and their gardens.

Paula Del NuNzio
Senior Vice President, Managing Director Licensed Associate Real Estate Broker 212-906-9207 pdelnunzio@bhsusa.com 445 Park Avenue New York, NY 10022

SiNce 2007, Paula haS SolD 42 towNhouSeS for a total value of over $650 millioN Paula haS SolD 17 towNhouSeS meaSuriNg 25 feet or wiDer rePreSeNtiNg the Seller, Paula haS achieveD the higheSt Price for a 25 foot wiDe houSe oN the uPPer eaSt SiDe aND iN greeNwich village’S golD coaSt the toP Broker at BrowN harriS SteveNS iN 2008

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

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This 82nd street townhouse is more than just another pretty facade: it’s the first LEEdcertified gold townhouse in Manhattan. awarded by the United states Green Building Council, the certification means the property is a smart investment for the ecoconscious 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
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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

89 GRAND STREET Williamsburg • $4,999,000 • A rare opportunity for a creative end user to acquire a unique mansion in north Williamsburg, or for that savvy developer with an original and visionary conversion plan. It comes with an adjacent vacant lot. Web# 1001376. Pablo Cuevas, 718.486.4492 Michal Kuras, 718.486.4401

157 BEDFORD AVENUE Williamsburg $2,190,000 Historic 3-family brick townhouse on Bedford Ave. in the prime area of North Williamsburg, with its trendy shops, restaurants, galleries. One block from L train. Web# 1298758. Pablo Cuevas, 718.486.4492 Michal Kuras, 718.486.4401

FIRST SALE IN 35 YEARS Carroll Gardens $1,999,999 • The building is 20'x48' on a 107' lot. The upper floors are configured as two duplexes. The garden apartment is a 1 bedroom with its own private garden access, hardwood floors and a well laid out kitchen. Web# 1217078. Alex Calabretta, 718.935.6125 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

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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 stewardship Council (FsC) certified. When choosing flooring, paint, cabinets and counter tops the developer had to be
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very conscious of the LEEd for homes requirements including: No-VOC interior paints and primers Low –VOC formaldehyde

insulation Water-based adhesives, sealants, caulks, foams and coatings No added ureaformaldehyde binders

when choosing the highest quality cabinetry, countertops or trim. How does this property conserve energy?

Pellegrino: One of the most important considerations when building an LEEdcertified home is the creation of a good “thermal envelope,”

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The Solow Town Houses
On East 67th Street

which reduces the need for heating and cooling as well as the installation of highly efficient equipment to supply it. The hVaC system will use refrigerants such as “Puron R-410” as opposed to traditional coolants in order to minimize contributions to ozone depletion and ultimately to combat global warming. all exterior windows are ENERGY sTaRrated, thermally broken aluminum with insulated glazing packages. These windows were chosen in order to form a tight

seal which will prevent temperature variations around areas that are close to windows. Will energy efficiency and environmentally conscious construction soon be added to buyers’ lists of demands? Pellegrino: The socially responsible green building movement combined with the evolution of sustainable design products and materials will keep this evolving industry fresh and vibrant for years to come. This is the future and will make all other structures obsolete.

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Manhattan

markeT sTaTisTics provided by

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

In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In
20

Manhattan All Downtown Chelsea Chinatown East Village Gramercy Park Greenwich Village Little Italy Lower East Side Soho Tribeca West Village All Midtown Midtown East Kips Bay Murray Hill Sutton Place Turtle Bay Midtown South Midtown West Clinton All Upper East Side Carnegie Hill Lenox Hill Upper East Side Yorkville All Upper Manhattan Central Harlem East Harlem Hamilton Heights Inwood Washington Heights Fort George West Harlem All Upper West Side Lincoln Square Manhattan Valley Upper West Side

Listing Count 333 88 8 1 13 6 20 1 4 6 7 22 33 28 9 8 10 1 1 4 4 88 19 33 27 9 90 47 13 17 1 9 1 3 34 2 3 29

AverAge PriCe 8,049,148 9,078,409 5,098,125 10,000,000 4,388,076 4,500,000 11,597,000 12,950,000 8,250,000 7,266,666 12,105,714 11,720,000 5,530,575 5,550,321 3,764,333 5,017,500 7,544,000 5,950,000 13,500,000 3,400,000 3,400,000 14,208,920 12,218,421 18,091,818 13,978,148 4,866,111 1,655,971 1,490,286 2,125,692 1,371,941 1,195,000 1,385,222 999,999 4,791,666 8,809,852 8,497,500 11,146,666 8,589,655

MediAn PriCe 5,000,000 7,475,000 4,595,000 10,000,000 3,950,000 4,950,000 11,997,500 12,950,000 8,375,000 6,999,999 11,500,000 10,775,000 4,750,000 4,950,000 3,895,000 4,972,500 7,125,000 5,950,000 13,500,000 3,825,000 3,825,000 10,247,500 6,900,000 14,500,000 10,500,000 4,200,000 1,364,500 1,400,000 1,495,000 1,250,000 1,195,000 999,999 999,999 6,900,000 5,775,000 8,497,500 6,250,000 5,300,000

Brooklyn

markeT sTaTisTics provided by

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

Listing Count In Brooklyn 365 In Bay Ridge 22 In Bedford-Stuyvesant 35 In Bensonhurst 5 In Bergen Beach 2 In Boerum Hill 2 In Borough Park 3 In Brighton Beach 4 In Brooklyn Heights 5 In Brownsville 2 In Bushwick 7 In Canarsie 13 In Carroll Gardens 10 In Clinton Hill 13 In Cobble Hill 4 In Coney Island 2 In Crown Heights 13 In Crown Heights South 1 In Ditmas Park 1 In Downtown Brooklyn 3 In Dyker Heights 3 In East New York 10 In Flatbush 16 In Flatlands 14 In Fort Greene 4 In Fort Hamilton 2 In Gowanus 2 In Gravesend 10 In Greenpoint 9 In Greenwood 9 In Kensington 7 In Manhattan Beach 1 In Marine Park 14 In Midwood 5 In Mill Basin 13 In Ocean Hill 1 In Ocean Parkway 4 In Old Mill Basin 1 In Park Slope 15 In Prospect Heights 9 In Prospect Lefferts Gardens 11 In Prospect Park South 2 In Red Hook 6 In Sheepshead Bay 5 In Sunset Park 11 In Williamsburg 18 In Windsor Terrace 7

AverAge PriCe 1,209,022 1,868,318 615,885 790,800 999,000 1,339,500 556,000 572,750 5,460,000 319,000 522,999 424,138 1,943,399 1,486,384 1,482,500 425,950 669,230 475,000 995,000 1,750,000 1,365,962 369,338 513,499 423,357 1,736,250 581,000 1,060,000 940,200 1,707,555 751,888 775,857 1,725,000 527,892 626,600 1,196,230 524,999 567,000 689,000 2,229,133 1,190,555 4,199,263 1,185,000 1,106,999 976,999 761,454 1,440,555 831,000

MediAn PriCe 780,000 899,000 609,000 718,000 999,000 1,339,500 599,000 449,000 2,500,000 319,000 530,000 430,000 1,697,000 1,399,000 1,347,500 425,950 625,000 475,000 995,000 1,850,000 898,888 382,000 399,499 427,500 1,547,500 581,000 1,060,000 644,000 825,000 695,000 799,000 1,725,000 511,500 529,000 1,199,000 524,999 552,000 689,000 2,500,000 1,200,000 879,000 1,185,000 972,000 509,000 760,000 1,485,000 799,000

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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 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

Closing Count 69 53 54 1.9% -21.7% closing count 17 12 10 -16.7% -41.2% Closing Count 10 6 5 -16.7% -50.0% closing count 12 13 15 15.4% 25.0%

Median Price 3,200,000 3,325,000 3,775,000 13.5% 18.0% Median price 5,250,000 3,825,000 5,000,000 30.7% -4.8% Median Price 4,026,200 2,328,723 3,422,500 47.0% -15.0% Median price 16,250,000 5,800,000 6,500,000 12.1% -60.0% Median Price 5,775,000 4,350,000 3,775,000 -13.2% -34.6% Median price 960,282 965,000 930,000 -3.6% -3.2%

Average Price 7,047,473 3,784,915 5,465,688 44.4% -22.4% Average price 6,947,258 5,139,167 7,534,988 46.6% 8.5% Average Price 7,730,790 2,288,501 3,432,322 50.0% -55.6% Average price 19,852,041 6,365,384 9,575,666 50.4% -51.8% Average Price 5,900,000 4,752,666 6,915,000 45.5% 17.2% Average price 1,116,917 870,843 928,547 6.6% -16.9%

ALL doWntoWn

ALL MidtoWn

closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

ALL uPPer eAst side

ALL uPPer West side

Closing Count 4 6 8 33.3% 100.0% closing count 26 16 16 0.0% -38.5%

closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3
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ALL uPPer MAnhAttAn

Brooklyn

markeT sTaTisTics provided by

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. Closing Count 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

doWntoWn BrooKLYnClosed On
Median Price 11 5 9 80.0% -18.2% Average Price 1,305,000 1,390,000 1,500,000 7.9% 14.9% 1,653,627 1,553,000 1,385,416 -10.8% -16.2% Average Price 1,540,000 2,547,500 1,848,333 -27.4% 20.0% Average Price 701,110 672,633 663,303 -1.4% -5.4% Average Price 1,860,615 1,527,906 1,722,906 12.8% -7.4% Average Price 886,428 445,412 120,000 -73.1% -86.5% Average Price 642,631 625,689 616,764 -1.4% -4.0% Average Price 705,695 622,870 581,155 -6.7% -17.6%

BrooKLYn
Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 202008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

BAY ridge

Closing Count 1,662 1,416 1,106 -21.9% -33.5% Closing Count 58 65 45 -30.8% -22.4% Closing Count 2 4 1 -75.0% -50.0%

Median Price 585,000 515,000 513,500 -0.3% -12.2% Median Price 735,000 675,000 714,000 5.8% -2.9% Median Price 1,247,500 890,000 1,312,500 47.5% 5.2% Median Price 2,512,500 1,945,000 2,050,000 5.4% -18.4% Median Price 1,170,000 1,050,000 1,400,000 33.3% 19.7% Median Price 546,000 445,000 522,000 17.3% -4.4%

Average Price 636,459 567,889 618,497 8.9% -2.8% Average Price 749,927 739,524 700,522 -5.3% -6.6% Average Price 1,247,500 874,125 1,312,500 50.2% 5.2% Average Price 2,505,625 2,143,890 2,580,559 20.4% 3.0% Average Price 1,330,818 981,329 1,284,721 30.9% -3.5% Average Price 561,268 550,915 595,320 8.1% 6.1%

Fort greene
Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 22008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

Kensington

Closing Count 2 2 3 50.0% 50.0% Closing Count 25 15 14 -6.7% -44.0% Closing Count 13 12 16 33.3% 23.1%

Median Price 1,540,000 2,547,500 1,985,000 -22.1% 28.9% Median Price 720,000 700,000 682,500 -2.5% -5.2% Median Price 1,800,000 1,535,331 1,871,500 21.9% 4.0% Median Price 905,000 372,487 120,000 -67.8% -86.7% Median Price 677,500 700,000 655,250 -6.4% -3.3% Median Price 732,000 650,000 515,000 -20.8% -29.6%

BoeruM hiLL

PArK sLoPe

BrooKLYn heights
Closing Count 8 9 17 88.9% 112.5%

red hooK

Closing Count 7 3 1 -66.7% -85.7% Closing Count 66 66 42 -36.4% -36.4%

CArroLL gArdens
Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closing Count 11 11 16 45.5% 45.5% Closing Count 57 49 55 12.2% -3.5%

sunset PArK
Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

CLinton hiLL

WiLLiAMsBurg

Closing Count 38 27 29 7.4% -23.7%

CoBBLe hiLL
Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3

Closing Count 12 4 5 25.0% -58.3%

Median Price 1,320,000 1,697,500 2,238,500 31.9% 69.6%

Average Price 1,690,885 1,861,250 2,340,700 25.8% 38.4%

Windsor terrACe
Closed On 2008Q3 2009Q3 2010Q3 2010Q3 v 2009Q3 2009Q3 v 2008Q3 Closing Count 16 12 12 0.0% -25.0%

Median Price 765,000 701,500 692,500 -1.3% -9.5%

Average Price 866,812 670,250 753,333 12.4% -13.1%

23

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prudential Douglas Elliman is a recognized leader in the residential real estate industry. With more than 60 offices, 5 in Brooklyn, the company’s reach in unsurpassed. PDE offers its customers a comprehensive array of services including residential sales and rental brokerage and title insurance. So whether you’re in Manhattan, Brooklyn, Queens, Long Island, or the Hamptons, there is a Prudential Douglas Elliman office and agent ready to assist you in any of your real estate needs. Please visit our new website www. elliman.com to see ALL listings from Manhattan to Montauk and Brooklyn’s finest townhouses

tHe soloW toWnHouses
The Solow Townhouses on East 67th Street offer a classic townhouse lifestyle with a fusion of contemporary architecture, dramatic high ceilings and traditional luxury. Choose from a two-bedroom duplex or a threebedroom triplex townhouse. Each offers private entrance into a formal reception foyer, garden, 17 foot high ceilings, private elevator, wood-burning fireplace and marble baths. Residents also enjoy all the amenities of a full service high rise, with health club, indoor pool, valet service and 24 hour garage available. Contact the leasing office at 212-249-0303 for more information.

louise Beit sotHeBy’s internAtionAl reAlty
A Senior Vice President, Associate Broker, of Sotheby’s international realty and one of Manhattan’s most successful brokers, Louise was ranked in The Wall Street Journal’s top 50 brokers across the United States, and is one of the top 10 performing brokers in her firm. Louise’s impressive sales record includes selling two townhouses totaling $44,000,000, within 10 days of each other, and achieving the highest sale price, of $32,000,000, in Manhattan last year for a townhouse.

24

roger ericKson sotHeBy’s internAtionAl reAlty
Roger Erickson has been a top producing broker in Manhattan for over 20 years with sales in excess of a billion dollars. For the 3rd consecutive year, he has been recognized by The Wall Street Journal, REAL Trends and lore Magazine as one of the Top 100 Agents in America by Sales Volume, currently ranked as the #4 agent in the nation. The prior year he was ranked as the #1 agent in Manhattan. www.Roger-Erickson.com

KAtHy HoFFMAn linBurn sotHeBy’s internAtionAl reAlty
Kathleen Hoffman Linburn, now with Sotheby’s international realty, began her real estate career in 1981 with a small Murray Hill firm. In 1985 she founded her own firm and became known as one of New York City’s premier townhouse brokers. The firm became enormously successful and was acquired by William B. May Co., where she became Director of Townhouse Sales as well as a top producer of cooperatives and condominiums.

MicHAel pellegrino sotHeBy’s internAtionAl reAlty
Mr. Pellegrino is a Senior Vice President, Associate Broker of Sotheby’s international realty and one of the most distinguished real estate brokers in New York. Consistently ranked a top sales producer, Michael specializes in townhouses and apartments. Michael’s business is client referrals and his knowledge in real estate. His philosophy: buying /selling of real estate is one of the most important experiences- investment or lifestyle choice. He uses his extensive background making it a more pleasant and profitable experiences for all.

stAn ponte sotHeBy’s internAtionAl reAlty
A Senior Vice President at Sotheby’s international realty, Stan Ponte is recognized as one of New York City’s most highly respected brokers. With 15 years of experience in New York City real estate, he specializes in the sales of distinctive properties including condominiums, cooperatives, and townhouses. Stan is often called upon to speak to other agents at the Real Estate Board of New York, Inman News Conferences and the graduate school of Touro College.

sotHeBy’s internAtionAl reAlty
The Sotheby’s international realty, East Side Manhattan office is just steps away from Central Park in one of the most desirable neighborhoods in the city. It is known for its prime Manhattan real estate, which includes some of the city’s most elegant historic and prewar homes. Our brokerage staff offers unsurpassed service to our clients. Our agents are thoroughly familiar with the neighborhoods in this area, and with all aspects of sales, including the demands of the luxury co-op market.

OUr BrOOkLYN NEigHBOrHOOD gUiDE iS ON STANDS

 November 10

For more information contact: robyn Weiss, Associate publisher, Observer Neighborhood guides phone: 212-407-9382 Email: rweiss@observer.com

25

Whether you’ve had a baby and bought a new car, or now have a teenager on the road, your insurance should keep up with your life. Call today for a free review to help you decide what protection is right for you.
BARBARA A. GRIMALDI
(212) 759 3920

227 EAST 56TH ST NEW YORK BGrimaldi@allstate.com
Appointments to fit your schedule.
Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.

BARBARA A. GRIMALDI
(212) 759 3920

Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.

UpcOMiNg TOWNHOUSE BARBARA A. GRIMALDI iSSUES 2011
Appointments to fit your schedule.

227 EAST 56TH ST NEW YORK BGrimaldi@allstate.com

Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.

227 EAST  March 2nd 56TH ST NEW YORK BGrimaldi@allstate.com  May 18th  August 31st  October 26th
Appointments to fit your schedule.

(212) 759 3920

A SpeciAl Adver tiSing Supplemen

t to the new York

obServer

Fall 2010

For more information on these upcoming magazines, please contact:

robyn Weiss, Associate publisher, Observer Neighborhood guides phone: 212-407-9382 Email: rweiss@observer.com

Massive Westside townhouse, Fred Williams, Svp, Associate Broke r, Sotheby’s Intern ational

266 West end Ave.

Cover photo

The latest townh ouse data on sales prices provided by

212.606.7737

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