A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

Fall 2011

In New York Townhouses
COVER PHOTO 149 EAST 38TH STREET LOUISE BEIT, 212.606.7703 SOTHEBY’S INTERNATIONAL REALTY, PAGE 5

Antique Charm

Townhouse listed by Brown Harris Stevens with antique charm accents.

Editors’ notE
Dear readers, New York has been called the city that never sleeps. Well, in this economy, The Observer is seeing people push harder than ever. Traffic cops are whistling at cars in the rain. Teachers are staying to work after hours at school. And in real estate, the deals are cutting—and fast! The townhouse market is one largely untouched by the ebb and flow of business on Wall Street. Those brokers and buyers participating in the townhouse real estate market know the one factor in their business that never changes: location location location. In this issue, we examine the charm behind period homes, and why people who buy them see mystery instead of misery in the refurbishing process. We also look at mixed-use townhouses and try to understand the interesting investment opportunities behind them. We sat down and had a chat with Adrienne Neff and Paula Del Nunzio, one a talented interior designer and the other an experienced, top-performing townhouse broker. And, of course, we give you The Observer’s take on the overall state of the townhouse market with some analysis. We hope you enjoy. —Observer Townhouse editors

Emilia FErrara

pEtEr lEttrE

managing Editor
StEphEn duFFy

photo Editor
laurEn drapEr

Contributing WritEr
Sonia SamuEl

art dirECtor
robyn WEiSS

Contributing WritEr
tylEr ruSh

aSSoCiatE publiShEr
kathErinE dESpagni

DaviD Paler

produCtion dirECtor
liSa mEdChill

advErtiSing Coordinator
bEtty lEttErman

advErtiSing produCtion

SEnior dirECtor, advErtiSing SalES

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townhouse

Lo ui s E B E i t

120 East 70th strEEt

120 EAST 70TH STREET: Superb, architecturally important neo Federal style 6 story townhouse in beautiful condition, located on one of the most celebrated blocks on the Upper East Side. Approximately 10,000 sq. ft., 16 rooms, 11’ ceilings, 9 bedrooms, 9 baths, 3 powder rooms, staff room, 8 fireplaces, 3 terraces, elevator, garden. Offered at $27,750,000. WEB: NYO0016387

Louise Beit, Senior Vice President, Associate Broker | 212.606.7703
EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc
38 EAST 61ST STREET, NEW YORK, NY 10065
Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

Townhouse markeT conTinues To swell
As other markets suffer, The Observer gives its analysis to one doing well • By Emilia Ferrara
ownhouses in New York are as hard to come by as parking spaces. The market is priceless because of the high demand and low number of townhouses: the appeal never dies because no more townhouses are being built. Indeed, most townhouse sales this year were in excess of $16 million. According to Stan Ponte of Sotheby’s International Realty, “The trend currently is toward houses that have been owned for a generation and are in need or a full renovation. As the townhouse market recovered from the financial crisis
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Often, charm and architectural uniqueness bring buyers to a townhouse. The facade at 16 East 95th Street.

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and subsequent slow down of the real estate market, it was the newly renovated houses that sold first.” Having to do a renovation, says Mr. Ponte, is often too big a risk for most purchasers given issues of cost and time. Mr. Ponte explains that townhouses continue to be in high demand because of five main factors: “limited supply, as they are not building any more; privacy and control of ‘owning the land’ with no co-op or condo boards to answer to or applications to fill out; relative value for space and number of bedrooms; unlimited financing options; and lower relative taxes.”

Despite the factors that change other real estate deals, “Townhouses are inherently rare as there is very limited available inventory in many of the submarkets around Manhattan,” explains David Kornmeier, Vice President and Director at Brown Harris Stevens. “By submarkets,” Kornmeier continues, “I mean the hundreds of small neighborhoods that make up Manhattan and the different types of homes available within each area. Any product that is unique within these submarkets receives a great deal of attention from buyers and often obtains a very good price.”

This market has so many variables, but Kornmeier remembers one story in particular. “For example, I had a small 3,700 square foot townhouse for sale in the West 70s mid-block. It was the only vacant building under $4M from 59th Street - 90th Street. Because of the lack of this product, I was able to procure 14 offers on this house and achieved the asking price.” This is exactly the type of success that is fueling the Townhouse market’s uprise. “This general concept can be applied to any part of Manhattan” says Kornmeier. “Depending on the competition within a particular submarket, one should be

townhouse

getty images

Loui s E B E i t

149 East 38th strEEt

149 EAST 38TH STREET: Behind a flamboyant Dutch Revival style façade of an historic 1902 carriage house, lies this brilliant 3-story contemporary interior united by a soaring spiral staircase. Built 25’ x 100’, the carriage house has been used as a residence, art gallery, artist’s atelier, event space, non profit organization, and for Woody Allen’s film, “Whatever Works”. Offered at $13,950,000. WEB: 0017803

Louise Beit, Senior Vice President, Associate Broker | 212.606.7703
EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc
38 EAST 61ST STREET, NEW YORK, NY 10065
Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

‘The Trend, currenTly, is Toward houses ThaT have been owned for a generaTion and are in need of a full renovaTion.’
Stan Ponte, Sotheby’s International Realty
able to push values and obtain top dollar with proper positioning.” Though townhouses continue to be in high demand because of their rarity, Michael Moran has varied experiences. The Prudential Douglas Elliman broker says that it generally takes longer for them to sell. “Typically homes tend to stay on the market longer than co-ops and condominiums even at the same price point,” Mr. Moran. “A properly priced and properly marketed townhouse usually takes approximately twice the amount of time to come to a fully executed contract.” After the townhouses are acquired, private patios, multi-floor living space, and secluded nature brings the townhouse dweller much needed ease. Louise Beit from Sotheby’s International Realty explains that the typical townhouse style in Manhattan is a neo-federal brick facade and given their luxurious amenities, the positivity in the market is here to stay. “Due to the rising prices of real estate,” says Ms. Beit, “co-op boards have stricter requirements wherein the purchaser must usually have two times liquid purchase price after purchase have become impossible to meet for some purchasers who are opting for townhouses.” As any suave New York businessman will know, the townhouse is a first mover commodity. There are even some local government loopholes that can make them attractive. “Townhouses often bypass board social requirements for residents, and can be sold or purchased without the intense board scrutiny involved in the purchase of co-op.” Unfortunately some purchasers will realize that the increased freedom gained board is virtually outweighed by numerous limitations regarding the architectural landscaping of exterior of a townhouse. Never the less, someone looking to have a pain free closing deal should purchase a townhouse. “Townhouse closings can occur more quickly than co-op or condo closings due to management and board requirements,” says Ms. Beit.

A typical brownstone is rich in color either in Brooklyn or Manhattan.

A welcoming living room at 104 Prospect Park West, a Corcoran listing.

A modern interior at this Sotheby’s International Realty’s listing excites the space in 26 East 73th Street.

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TOWNHOUSE 11-2011.indd 6

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jessica buchman; Getty imaGes

seR ena boaR dma n

I m p e c c a b ly R e n ovat e d Gold coast townhouse

16 WEST 12TH STREET: Impeccably renovated 25’ brownstone ideally situated in the heart of Greenwich Village. Encompassing 8,100 square
feet, this unique townhouse represents a very successful melding of traditional architectural details and contemporary finishes. Designed in 1845, the house has undergone a complete renovation. The grandly scaled residence is distinguished by soaring ceiling heights, well proportioned rooms and a graciously ascending staircase. The Double Parlor Living Room boasts two wood burning fireplaces and three floor to ceiling French doors which flood the room with sunlight. Beyond there is a state-of-the-art eat-in Kitchen with wood burning fireplace. The Dining Room opens onto the lush and verdant Garden and is ideal for grand entertaining. The house includes a spectacular full floor Master Suite with a Dressing Room, Study and two large Baths. There are also three additional bedrooms with baths and a double staff room/guest suite. Other features include a wonderful top floor loft with skylight, two terraces, an elevator and a sophisticated security system. Co-exclusive. $21,000,000. WEB: 0017766

Serena Boardman

T 212.606.7611 | serena.boardman@sothebyshomes.com

EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc
38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

A PERIOD HOME
Landmark and historic townhouses grow in popularity
By Sonia Samuel and Emilia Ferrara

has New York charm

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lthough each townhouse in New York has its own charm and beauty, period homes are a hot commodity. “Many potential buyers,” says Olga Neulist of Sotheby’s International Realty, “are looking for period townhouses that they can revive and restore to their original glory.” A period home is defined by the most experienced brokers as either a historically landmarked house or a townhouse whose interior and architecture reflects the style of a Georgian or Federalist original home. Several important historic events have happened in these New York townhouses, making a history bu who wants to buy a period home very intrigued. Alexander Hamilton, the former treasurer of the United States, was shot and fatally wounded by Aaron Burr on the Jersey Shore, but came to rest during his final hours in a beautiful west village townhouse only steps from the very popular restaurant the Waverly Inn. “These historic homes,” says Jason Karadus of Town Real Estate, are always found together, “and often are surrounded in neighborhoods by other 19th century homes creating an old-world charm that is unusual for a city that is everchanging.” A snapshot of one of these historic tree-lined blocks can be found in Greenwich Village,

The townhouse on Fifth Avenue purchased by Mexican billionaire Carlos Slim for $44 million.

Chelsea, the Upper West Side or Harlem, and they all convey, according to Mr. Karadus, “a sense of timelessness and nostalgia that’s hard to find. That snapshot could be from 1890 or today—with not much di erence. With everything moving so quickly around us, and constantly evolving, I think it’s

calming for someone to live in a house on a street that seems to be stuck in time—if you’re lucky enough to find and a ord one.” Michael Moran of Prudential Douglas Elliman says that it is generally costly to renovate landmarked or historic homes in the city.

Nevertheless, artists or history bu s tend to gravitate toward having the desire to renovate because they find the project invigorating. “There is a huge preservationist movement,” says Jana Angelakis of Citi Habitats. “And also there are a lot of people who are looking to keep these properties kept for themselves.” “Like a fine piece of art, townhouses in New York are rare and will always go up in value,” Mr. Moran continues. “A landmarked home certainly increases the value of neighboring homes, however a buyer should be aware of the challenges, expenses and frustration that one goes through during a renovation.” Ms. Neulist says that buyers willing to take on the challenge of owning a landmarked home can come from around the world. The typical demographics of townhouse residents in New York are a mixture of various factors. “Independent minded professionals,” says Louise Beit of Sotheby’s International Realty, “not wanting to comply with the financial requirements or rules of a co-op,” is one common characteristic of a townhouse purchaser. It also seems that those with aesthetic taste invest in period homes. “Their buyers are usually people with architectural or design inclinations. People who love to do a restoration, not necessarily a gut

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TOWNHOUSE

RO G E R E R I C K S O N

GRAND & WIDE

StEpS fRom 5th AvE

ELEGANT 5 STORY MANSION: This 23 foot wide house is located on a prime block, 80th Street between Fifth and Madison Avenues, and is a stone’s throw from Central Park, museums, galleries and shops. It is in excellent condition and offers the flexibility of both residential and commercial zoning. 7,500 sq ft ±. $18,500,000. WEB: 0017305

ROGER ERICKSON

SENIOR MANAGING DIRECTOR | T 212.606.7612 | www.roger-erickson.com

EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc
38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

there is, ‘a sense of timelessness and nostalgia that’s hard to find.’
Jason Karadus, Town Real Estate
removal are interested in period homes,” says Ms. Neulist. Also, Ms. Beit notes large families needing space and value tend to opt for townhouses. This case may technically arise in parents whose children attend the upper east side private schools. “High profile professionals who want to make an important statement with grand entertaining rooms, media room, fully equipped home offices, fitness room, wine cellar, and garden” are those interested in period homes. The general townhouse market has grown so that period homes have increased in value as well. “The townhouse market has only appreciated the historic townhouse value,” says Ms. Neulist. Although Ms. Beit cannot reveal too many of the particulars, one period home in particular has struck her fancy. “It is a lovely Victorian brownstone,” she says, “wherein the exterior and interior seems to renovated with such exactness and authenticity to replicate the turn of the century victorian period.” Those looking to emphasize the aesthetics of accurate interior design might opt to buy a period home. But they will have to be patient. “I do not believe there are enough period homes on the market,” says Ms. Beit, revealing that those interested may not win the prize. Some period homes can be found in neighborhoods that have a particular history they owe to the city. But Ms. Angelakis says it’s more likely to be strolling on the Upper West Side and to spot one accidentally. They’re really all over the place. Technically, because they’re landmarks, they can’t be torn down,” says Ms. Angelakis. “Homes that still retain original detail and woodwork do have a high level of popularity,” explains David Kornmeier, Vice President and Director of Brown Harris Stevens. “However, as the age of the original detail increases, it be10

This Brown Harris Stevens listing at 163 East 64 Street is Federalist style with blue and white accents.

Caption t/k in this space here and here in this space right here and here in this space right here.

townhouse

RO G E R E R I C K S O N

EAST 74TH STREET MAdiSon & PARk AvE

EAST 74TH STREET: Located on an exceptionally beautiful Landmark block with many single family townhouses, this architecturally significant home features many original details. From its grand entrance foyer to the parlor floor with its 12 foot soaring ceilings, this house has 14 rooms, 7 bedrooms, 6 full baths and a powder room. $15,000,000. WEB: 0017688

ROGER ERICKSON

SENIOR MANAGING DIRECTOR | T 212.606.7612 | www.roger-erickson.com

EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc
38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

A charming bedroom at 181 Washington Park, a Corcoran listing.

jessica buchman

comes more difficult and expensive to maintain and the quality erodes over time. People who appreciate original detail try to preserve what they can during a renovation.” There are particularly difficult details that can be a challenge for those of the faint of heart when it comes to refurbishing. “The marble mantles,” says Kornmeier, “pocket doors and crown moldings are the most popular items that are restored. However when renovating a property, it is sometimes not possible or too costly to save the detail, and instead the home owner chooses to build an entirely new house. Houses with original details are located throughout the city at various prices levels depending on condition, location, number of units, tenancy and other factors.” Indeed period home attractiveness will last many more generations says Mr. Karadus. “The appeal to many of historic townhouses and neighborhoods,” says Mr. Karadus, “is that they represent an ‘old New York.’ That has not changed in the past 150 years.”

Often converted to schools or cultural institutions, few are lucky to live in a period home themselves.

Grandeure abounds at 22 East 71th Street, a Sotheby’s International Realty listing. 12

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MICHAEL PELLEGRINO
A RARE FIND: This state-of-the-art townhouse is delivered
NEW after a complete and thoughtful renovation. Situated on a picturesque tree-lined block, the expansive 5-floor residence, with an elevator, has ±6,500 interior sf, 3 landscaped outdoor spaces, and well-appointed details throughout. Designed for family living, the light-filled kitchen has twin dishwashers, dual Sub-Zero refrigerators, a built-in breakfast banquette, and opens to a beautiful bluestone garden. The stunning 3rd floor master suite has 2 custom walk-in closets, a Carerra marble spa bathroom, and a spacious steam shower with a heated shaving mirror. Two indoor gas fireplaces and an outdoor BBQ make for easy and gracious entertaining. The home has Lutron lighting throughout, a Crestron sound system, 5 zones of CAC, and radiant floor heating – all which can be controlled via the Internet. For added convenience the front garden and sidewalk are also heated- making this home a pleasure in all seasons! Real Estate Tax: $35,000. $14,850,000. WEB: 0017808

161 East 80th strEEt

MICHAEL PELLEGRINO

SENIOR VICE PRESIDENT, ASSOCIATE BROKER T 212.400.8731 | Michael.pellegrino@sothebyshomes.com

EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc
38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

A traditional townhouse recieves a make over with a glass sky-roof.

Business is a butress to style in a mixed-use townhouse.

Mixed-use townhouses with coMMercial space
ny wise New Yorker knows that two heads is better than one. Any smart real estate investor knows that two renters are better than one. Mixed-use townhouses across New York are becoming hot commodities for many buyers. “The townhouses split for commercial and residential use are rare,” says Louise Beit of Sotheby’s International Realty, “especially on side streets off prime avenues in top, sophisticated residential or retail areas.”
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A

An appetizing idea comes from a union between residential and business • By Sonia Samuel and Emilia Ferrara
According to David Kornmeier, the Vice President and Director at Brown Harris Stevens, “Traditionally, a renovated single family house tends to garner a lot of interest.” Mixed-use townhouses aren’t typically what a family has in mind when interested in buying a new home. “The West Village and Greenwich Village often consistently obtain the highest average price per foot for various types of homes, says Kornmeier though, suggesting that this has not always been the case. “What unites all buyers is that they are looking for a good deal and decent value. The key is understanding the dynamics of a particular market or submarket in order to appropriately define value and position a home to become the most sought after. That being said, it is easier to obtain $3,000 plus per square foot in the Village for a finished single family townhouse than almost any other neighborhood in the City.” Still, buyers of all townhouses tend to have similarities. “Most townhouse owners value their privacy and enjoy having control over the entire building,” says Kornmeier. “Many [buyers] also appreciate having multiple outdoor gardens and terraces along with a large amount of space, and often for a lower price per square foot than in a similarly sized apartment.” This brings the location of mixed-use townhouses into question. “There are many areas that have wonderful townhouse blocks and the houses are highly sought after in those locations,” says Kornmeier. “Typically the Village, Upper East Side, Upper West Side and Gramercy Park areas tend to obtain the highest prices.” “Top selling single family houses

townhouse

david paler

M A N H A T T A N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A
©2011. Prudential Financial, Inc. and its related entities. An independently owned and operated broker member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license. Equal Housing Opportunity. omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

Charlton Street $9,000,000 Exceptionally sunny home has elegant proportions, fabulous for entertaining with formal living and dining rooms and a glorious garden. Terraces on every floor. Web# 1403345. Leslie Mason, Mng Director 212.206.2810

GLAMOROUS HOUSE AND GARDEN

West 10th Street | $10,995,000 | Greenwich Village 22 foot wide, turnkey offers 4 stories, 4 bedrooms, lush garden, terraces, roof deck. Luxury full floor master suite, new plumbing and mechanicals. Will not last. Web# 1406682. Eileen Foy, SVP 212.891.7284

MINT RENOVATED TOWNHOUSE

Sutton Pl/Sutton Sq | $12,995,000 | Positioned on a private, gated, cobblestone street off Sutton Square/ East 58th Street, this exceptional townhouse commands spectacular park and river views from every floor. Web# 1165432. Michael Moran 917.747.7643 Matthew George 917.519.0921

BREATHTAKING VIEWS

West Village Gem $5,995,000 Handsome 5 story, 2 family house on favorite block. 3 bedroom owner’s triplex and highincome rental unit, Could easily be delivered vacant. Excellent condition. Great garden. Web# 1400473. Leslie Mason, Mng Director 212.206.2810

HORATIO STREET LANDMARK

Tribeca | $5,250,000 1826 landmarked Federal on cobblestone mews away from the bustle of the city. Currently two duplexes, easy conversion to single family residence. Six wood burning fireplaces. Web# 1268064. Debra Kameros 212.242.6800 Susan Weiner 212.598.3196

A HOUSE IN TRIBECA

Commerce Street $4,975,000 1829 sun-filled single family has most sought after qualities in a Village house. Located on enchanting street with 2 bedrooms, 2.5 baths, 4 fireplaces, lovely garden and handsome original detail. Web# 1378780. Leslie Mason, Mng Director 212.206.2810

HISTORIC FEDERAL

Greenwich Village $6,800,000 Behind a historic façade awaits an extraordinary light filled artist’s residence. Open, modern, and utterly private, perfect for quiet contemplation and elegant entertaining. Web# 1333488. Leslie Mason, Mng Director 212.206.2810

BEAUTY ON BEDFORD STREET

18 FT WIDE BROWNSTONE GEM

West 80s | $4,350,000 | This distinctive, ideally-located turn-of-the-century 18 ft wide Brownstone is a rare gem that awaits your special touch. 4 stories plus basement, terrace and private yard. Web# 1340528. Jason Tames 212.350.8590

Harlem/West 122nd Street | $2,395,000 | Totally renovated by noted architect, 5 bedrooms, 3 baths, two half baths. Exquisite mill work, chef’s kitchen, professional appliances, central air, roof deck and garden. Web# 1369947. Susan Sperber 212.891.7068 Timothy P. Buckley 212.350.2236

LANDMARK 1885 TOWNHOUSE

ELLIMAN.COM

The scene outside Dominique Strauss-Kahn’s New York abode, with a small business inside.

usually have elevators and full floor master bedroom suites,” says Kornmeier, making the amenities more interesting. “Another key factor is an appropriately large and generous kitchen positioned correctly within the house.” The economy does not really seem to have a hold on the mixeduse townhouse apartment. “Although the economy is causing some unease,” continues Kornmeier. “Uniquely positioned townhouses still sell very well and in some cases, new sales price records have been set. Notable recent examples of this are the sales of multiple single family homes on the Upper West Side that sold recently for right around $19M when the previous record sales price for an UWS single family house was $15,750,000.” But if you manage to stumble upon one of these diamonds in the rough the benefits can be quite rewarding. “An owner can do whatever they want, they can own the whole townhouse and rent out part of it for professional use,” says Mitchell Hall from Corcoran. They can take two or three floors as their own, they can take one apartment and rent out the others, there’s a lot of possibility in it. I had a buyer purchase a brownstone in Brooklyn and it was mixeduse. The ground floor was set up for
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professional use, he was buying because he wanted to live in it, but the rent [from the ground floor] helped cover his mortgage and expenses,” says Hall. “These mixed-use townhouses are hot because the commercial space rents for higher price than a residential space and the property is a good investment since it is rare,” says Ms. Beit. Jimmy Choo was privy to this real estate secret, his shoe boutique located on east 51st street between Madison and Fifth avenues is part of a classic mixed-use New York town house. “Some clients are looking for income producing property,” says Olga Neulist of Sotheby’s International Realty, “and therefore rent out part of the house to a commercial tenant or residential tenant who could cover all the house’s expenses.” However, mixed-use townhouses aren’t for retail alone, Mr. Hall told The Observer, “A doctor’s office in a brownstone that would be one of the best uses of it. It’s usually a ground floor apartment, ideally there’s a separate entrance. My dentist is in brownstone—I normally see professional use like doctors, dentists or psychiatrists, usually they have a floor and a separate entrance.” Hall continues with a chuckle, ‘You don’t really want to

‘Beyond paying the mortgage, a lot of times there is not a huge profit, But there is growth over the years.’
Mitchell Hall, Corcoran
have to go through the building upstairs to an office.” Mixed-houses, even if unprofitable, are still great self-sustaining properties, especially when held onto over time. “Beyond paying the mortgage, a lot of times there is not a huge profit, but there is growth over the years. Rents are going to continue to go up, so the value of the whole property is going to continue to go up,” Hall continues. The Corcoran realtor suggests the absence of townhouses in the Upper East Side is a common misconception. “The Upper East Side, you don’t see them on main Avenues like Park or Madison because those are big buildings, but when you go on the side streets like Lexington, you’ll see brownstones, usually they’ll be ground floors below, you’ll have to go down the steps, a lot of those are businesses, doctors, dentists, law firms, even a little real estate firm.” Ground floor real estate firms are an easy investment for a mogul looking to diversify their portfolio. “A property can be purchased by an owner or user, which makes it an excellent investment,” says Ms. Beit. “A 4,000-square-foot, three level commercial space off Madison Avenue in a prime Upper East Side location, in need of renovation, can rent for as much as $400,000 per year,” she says. Still “in my experience,” Kornmeier says, “most people that purchase townhouses as a residence typically favor more residential locations, such as the charming tree lined streets and uniform rows of townhouses.” There are many factors that will stay at play. “Houses that are mixed-use are not usually on these types of blocks and tend to sell as an investment, or to a buyer that intends to occupy the commercial space. I have had a few clients who were quite interested in retail cash flow and did not mind living above commercial space in a busier location,” Kornmeier continue. “But, in these cases, they expected to pay a reduced price per square foot.”

townhouse

STAN HONDA/AFP/GeTTy ImAGeS

M A N H A T T A N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A
©2011. Prudential Financial, Inc. and its related entities. An independently owned and operated broker member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, and its related entities, registered in many jurisdictions worldwide. Used under license. Equal Housing Opportunity. changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

292 WEST 4TH STREET

West Village | $7,400,000 | Marvelous 20 ft Italianate on favorite West Village street. Currently 5-bedroom triplex and 1-bedroom garden apartment with gorgeous original detail in every room. Web# 1367794 Leslie Mason, Mng Director 212.206.2810 Jan Hashey, Mng Director 212.206.2804

20 CHARLES STREET

West Village | $7,950,000 | RENTED. 20 ft townhouse, beautifully proportioned with South-facing garden, 5-6 bedrooms, original detail, wide pine floors, 8 fireplaces, terrace off the master bedroom. Web# 1373098. Jan Hashey, Mng Director 212.206.2804 | Leslie Mason, Mng Director 212.206.2810

256 WEST 4TH STREET

West Village | $5,300,000 | Little West Village jewel. 15 ft four story single family townhouse built in 1877 in late French Second Empire style, retains much of its original detail. Web# 1352720. Jan Hashey, Mng Director 212.206.2804

70 JANE STREET

Far West Village | $5,950,000 IN CONTRACT. Rarely do houses become available with this sense of warmth and family enjoyment. Surprisingly spacious and open for a 15.8 ft house. South facing garden, original wood floors. Web# 1322806. Jan Hashey, Mng Director 212.206.2804 Steve Halprin 212.206.2803

62 BANK STREET

West Village | $7,050,000 | SOLD AND CLOSED. 22 ft wide Federal immaculately renovated on one of the Village’s most sought-after blocks. South-facing garden. Web# 1367656. Frank Arends, SVP 212.321.7166 Jan Hashey Mng Director

JAN HASHEY, MANAGING DIRECTOR
212.206.2804 | jhashey@elliman.com

ELLIMAN.COM

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Q&A

the beauty within
Adrienne Neff brings style and grace to New York homes for all, plus stories of the craziest clients

O: What would you say was your favorite job? AN: Well I’m working on one job just now and the client loves everything, she just says ‘yes, do it all’. That’s always a designer’s favorite dream to get that kind of response. O: What colors trends are really popular at the moment? AN: I’m really into pale grays and aubergine. Moody atmospheric colors. O: What texture trends are popular? AN: A lot of people want to feel like they are kind of living in a museum or an art gallery. One trend is that everyone wants everything to be super, uber modern. They want everything covered in glass, and steel, and marble. O: Who in the public eye—if anyone—would be close to a modern day muse, whose style would you maybe try to transcend? AN: I guess Hugh Jackman. He is a really sexy, charismatic actor, who gives his all in every performance. He dresses well and doesn’t seem like he takes himself too seriously. O: Where do you shop? AN: Everywhere and anywhere.

By Stephen Duffy

D

ecorating your townhouse may seem like a great, carefree challenge, but getting what’s in your head into existence can be an extremely frustrating experience. With this in mind The Observer talked to Manhattan townhouse interior designer, Adrienne Neff, to get the inside track on what’s trending right now. The Observer: Tell me about your background? Adrienne Neff: I’ve been on my own since 2004, before that I worked for a number of high end interior designers and antique dealers. Then I took a graduate program with Sotheby’s auction house, concentrating on American fine and decorative arts. I received a merit scholarship so that was a terrific introduction to the world of antiques and design. O: What would you say was the worst job you ever worked on? AN: I have one crazy story, I was renovating somebody’s bathroom and I told her that during the renovation you’re going to want to move out of the apartment because there’s going to be no shower, no toilet, we’re basically demoing everything. She said “Oh yes, I know, I understand, but I want to continue to live in the apartment.” So the contractor did the demo and the poor guy came into work one day and he found a glass full of urine sitting in the middle of the bathroom. And she expected him to put it somewhere, but there was nowhere to put it so he didn’t quite know what to do.

Princess Grace and cool tones lend an accent to rooms designed by Adrienne Neff.

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townhouse

131 EAST 64th STREET EXTRAORDINARY 7 BEDROOM SINGLE FAMILY TOWNHOUSE WITH POOL FOR INQUIRIES PLEASE CONTACT JED H. GARFIELD 212-371-8200 EXT. 28

Designer Adrienne Neff uses pale greys and neutral tones with accents of purple.

When I was little I really loved thrift stores. Of course now I love auction houses and galleries. I found inspiration in museums, but I’d buy anything anywhere. O: Would you ever shop for clients in a thrift store? AN: No. Not really. What you used to get in the thrift store back in the 80’s was great stuff from the 40’s, 50’s and 60’s. Now what you get is more junky. O: Do you still enjoy shopping? AN: Oh absolutely. O: Are you an impulsive buyer? AN: Yeah, I just recently took a trip to Japan and I bought a lot of things over there in Kyoto, they were really special and unique. Whenever I travel I seem to buy a lot of things, but try and make sure they are unique. O: What’s the last thing you bought? AN: I bought some beautiful hand blocked papers in Kyoto, which were made by a company that makes the wallpaper for the Imperial Palaces. O: Whats the next thing you’ll buy? AN:I have on my idea board this Sung Dynasty ceramic, it’s Chinese and beautiful, so if I had $700,000 I would get that. O: Favourite store in the city? AN: I love Liz O’Brien gallery, she’s a friend and a mentor. She’s an antique’s dealer with a fantastic eye, she always finds new and beautiful things. O: Has the economic situation affected the spend power of your clients? AN: In 2008, everything just kind of stood still when the market crashed in September. That’s when I decided to design my own line of wallpapers, I was able to concentrate, sit down, figure out the designs and how to make a business out of it. So that was a great opportunity to go in a different direction creatively and also have another business in development. The first six months of this year have been very busy, then during the summer when the whole debt ceiling crises was in discussion things were slow, but now they’ve picked up again.

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townhouse

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Q&A

Paula the great
Paula Del Nunzio, Senior Vice President and Managing Director at Brown Harris Stevens, has stories galore and some dreams of her own • By Stephen Duffy

T

o get the inside story on the state of the townhouse market, The Observer spoke to Paula Del Nunzio, a top-producing broker in the city with Brown Harris Stevens for the past 20 years. With sales 96% of the listing price, there are few better placed than Paula to comment on the current state of the market. Real estate is a domain which has offered somewhat of a running visual commentary on the cities growing post-industrial landscape. And Ms. Del Nunzio has had a front row seat in its evolution of living space. The Observer: What was your most interesting sale this year? Paula Del Nunzio: The most interesting sale is always the next sale. O: Where do you think you attained your best training as a broker? PDN: That would be a long career in advertising production at Wells, Rich, Greene, and Ogilvy & Mather before real estate. That and kindergarten. O: Why do you think people love townhouses? PDN: Each house offers the owner their own private castle, as well as the most square footage for the least amount of money on a price per square foot basis. O: What do average townhouse buyers look like? PDN: We never know till they walk

in the door. Unlike cooperatives, townhouses have a varied and often international appeal. The only qualification to buy a townhouse is cash and a number of buyers are attracted to that principle. O: Where do you think the townhouse market is going next quarter? PDN: The townhouse market is characterized by lightening strikes, when a buyer finds the features they have always wanted in a residence, they buy it. The highest price ever paid for a residence of any kind was actually a townhouse in which I represented the seller, which traded for $53 million. O: Has the economy inhibited

O: What are some of your favorite features of townhouses that you’ve sold? PDN: Townhouses I’ve sold have had huge swimming pools (one designed by Paul Rudolph actu-

the highest Price ever Paid for a residence ... was actually a townhouse in which i rePresented the seller, which traded for $53 Million.
Paula Del Nunzio, Brown Harris Stevens
people’s ability to renovate? PDN: People have to be very motivated to purchase now. Value can be found in wrecks and mint condition properties so it would be difficult to say that people are resisting renovation. ally in the building next door [to our building]), 1,500 bottle wine cellars, gardens and several roof terraces, elevators opening in different directions depending upon the floor, garages, half basketball courts, roof solariums with fire-

places and terraces. O: Do you think new modern townhouse architecture is an improvement? PDN: New modern architecture brings new thinking to great ideas of the past. The Modern Townhouse we represent at 170 East 80 Street asking $ 35 Million is a remarkable reinterpretation of traditional concepts, with the added feature of a 23’ tall indoor waterfall and all green systems. O: If there were anything you could change in your participation with townhouses what would it be? PDN: I’d prefer to sell all of them instead of most of them. O: If money were no object where would you buy your townhouse? PDN: The Frick would make a nice home, as it has superior architecture, excellent art and a delightful garden with magnolia trees.

22

townhouse

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Market statistics Provided by

Manhattan
(as of 10/112011)

TOWNHOUSE SALES
Townhouses, houses or buildings
ProPerty AverAge AvAiLABLe Price in Manhattan in all downtown in chelsea in west chelsea in chinatown in two bridges in east village in Financial district in Fulton/seaport in Flatiron in Gramercy Park in Greenwich village in noho in Little italy in Lower east side in nolita in soho in tribeca in west village in all Midtown in Midtown in Midtown east in kips bay in Murray hill in sutton Place in turtle bay in beekman in Midtown west in all upper east side in carnegie hill in Lenox hill in upper east side in yorkville in all upper west side in Manhattan valley in Morningside heights in upper west side in all upper Manhattan in central harlem in east harlem in hamilton heights in washington heights
24

Brooklyn
(as of 2/26/2011)
MediAn Price 4,850,000 6,797,000 5,500,000 4,350,000 3,500,000 3,200,000 4,850,000 1,869,500 2,200,000 6,900,000 4,750,000 9,949,500 6,775,000 8,747,500 4,900,000 16,000,000 9,000,000 11,500,000 6,500,000 4,222,500 8,350,000 4,375,000 3,247,500 3,750,000 6,250,000 4,875,000 9,422,500 3,535,000 9,875,000 6,279,400 14,500,000 15,000,000 5,347,500 5,175,000 3,822,500 4,995,000 5,300,000 1,400,000 1,550,000 1,737,500 1,495,000 999,999

TOWNHOUSE SALES
Townhouses, houses or buildings
ProPerty AverAge AvAiLABLe Price in brooklyn in bay ridge in bedford-stuyvesant in bensonhurst in bergen beach in boerum hill in borough Park in brighton beach in brooklyn heights in brownsville in bushwick in canarsie in carroll Gardens in clinton hill in cobble hill in columbia street waterfront district in coney island in crown heights in ditmas Park in dyker heights in east new york in Flatbush in Flatlands in Fort Greene in Gerritsen beach in Gowanus in Gravesend in Greenpoint in Greenwood in kensington in Manhattan beach in Mapleton in Marine Park in Midwood in Mill basin in northeast Flatbush in ocean hill in old Mill basin in Park slope in Prospect heights in Prospect Lefferts Gardens in Prospect Park south in red hook in seagate in sheepshead bay in sunset Park in williamsburg in windsor terrace 2,015 68 157 84 40 12 21 23 18 50 63 156 22 30 8 4 5 54 29 46 116 52 62 16 31 14 90 24 24 21 9 6 63 39 46 146 1 1 64 10 16 6 14 16 128 40 27 21 833,566 1,085,455 582,504 842,193 839,425 2,398,916 971,571 805,217 4,999,111 391,499 577,971 483,705 1,727,045 1,237,833 2,638,750 1,582,000 507,800 576,479 1,119,155 808,280 388,742 583,911 440,439 1,908,812 454,380 975,785 783,415 1,219,250 801,750 1,168,476 1,655,222 880,314 572,852 828,174 1,284,845 443,038 399,000 785,000 1,955,154 1,518,599 1,022,800 1,415,666 1,229,857 651,812 742,454 746,674 1,361,740 957,904 MediAn Price 619,000 874,000 539,900 754,000 689,000 1,937,500 960,000 655,000 3,600,000 354,500 519,000 479,000 1,447,500 1,175,000 2,350,000 1,489,000 559,000 527,000 990,000 749,000 379,999 487,000 415,000 1,575,000 399,000 909,500 748,500 850,000 744,000 799,000 1,700,000 917,000 539,000 699,000 1,199,000 422,500 399,000 785,000 1,697,500 1,545,000 912,500 1,495,000 884,000 649,000 639,000 744,000 1,200,000 840,000

457 140 15 5 3 2 12 2 1 5 10 32 1 4 5 1 3 11 37 50 4 36 6 11 9 10 2 10 84 17 28 29 10 50 2 1 47 131 73 12 25 19

7,842,141 10,218,817 7,854,666 7,000,000 3,866,666 3,200,000 6,031,666 1,869,500 2,200,000 7,679,800 8,235,000 14,275,750 6,775,000 12,948,750 7,030,000 16,000,000 7,316,666 14,867,045 9,705,135 5,332,999 9,050,000 5,421,944 3,473,333 4,717,272 7,413,333 5,574,000 9,422,500 3,525,999 15,545,754 8,795,788 17,711,071 20,894,482 5,446,500 7,358,960 3,822,500 4,995,000 7,559,744 1,550,180 1,592,789 1,887,750 1,660,840 1,183,310

townhouse

Manhattan TOWNHOUSE clOSiNg pricES
MANHATTAN Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 ALL DOWNTOWN Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 Closing Count 4 3 6 6 0.0% 100.0% 50.0% Median PriCe 5,331,250 7,250,000 3,567,500 4,575,000 28.2% -36.9% -14.2% average PriCe 6,315,625 6,914,666 7,308,549 5,065,000 -30.7% -26.7% -19.8% Closing Count 25 21 21 30 42.9% 42.9% 20.0% Median PriCe 3,450,000 4,000,000 5,370,000 4,350,000 -19.0% 8.8% 26.1% average PriCe 10,107,396 5,161,193 6,718,282 7,703,915 14.7% 49.3% -23.8% ALL MIDTOWN Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 ALL UPPER EASTSIDE Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 Closing Count 6 10 8 10 25.0% 0.0% 66.7% Median PriCe 27,394,750 7,100,000 7,700,000 9,320,312 21.0% 31.3% -66.0% average PriCe 23,789,916 6,690,000 7,991,875 16,075,062 101.1% 140.3% -32.4% Closing Count 9 4 1 3 200.0% -25.0% -66.7% Median PriCe 1,802,400 2,328,723 3,850,000 10 -100.0% -100.0% -100.0% average PriCe 7,658,100 2,285,014 3,850,000 1,533,340 -60.2% -32.9% -80.0%

The table below presents recorded sales data for townhouses in Manhattan. Data is from the third quarters of 2008, 2009, 2010 and 2011. Overall, the volume of transactions in Manhattan this past quarter increased by 43% from the prior year and has exceeded 2008 levels by 20%. Median price is down 19% since last year but up 26.1% since 2008.
ALL UPPER WESTSIDE Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 Closing Count 1 2 3 4 33.3% 100.0% 300.0% Median PriCe 7,850,000 5,100,000 5,750,000 5,850,000 1.7% 14.7% -25.5% Median PriCe 1,910,000 700,500 800,000 1,495,000 86.9% 113.4% -21.7% 19.6% average PriCe 7,850,000 5,100,000 9,200,000 6,057,500 -34.2% 18.8% -22.8% average PriCe 1,582,000 700,500 615,881 1,592,404 158.6% 127.3% 0.7% 27.7%

ALL UPPER MANHATTAN Closing Closed on Count 2008Q3 5 2009Q3 2 2010Q3 3 2011Q3 7 2011 v. 2010Q3 133.3% 2009Q3 250.0% 2008Q3 40.0% 2010Q4 v 2008Q4 25.0%

Brooklyn TOWNHOUSE clOSiNg pricES
BROOKLYN Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 BAY RIDGE Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 BOERUM HILL Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 BROOKLYN HEIGHTS Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 CARROLL GARDENS Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 Closing Count 0 2 0 1 n/a -50.0% n/a Median PriCe 0 1,168,156 0 1,443,000 n/a 23.5% n/a average PriCe 0 1,168,156 0 1,443,000 n/a 23.5% n/a Closing Count 3 1 5 2 -60.0% 100.0% -33.3% Median PriCe 3,325,000 3,050,000 3,600,000 2,887,500 -19.8% -5.3% -13.2% average PriCe 3,266,666 3,050,000 3,691,205 2,887,500 -21.8% -5.3% -11.6% Closing Count 2 3 0 1 n/a -66.7% -50.0% Median PriCe 1,674,365 1,130,000 0 3,400,000 n/a 200.9% 103.1% average PriCe 1,674,365 843,333 0 3,400,000 n/a 303.2% 103.1% Closing Count 23 26 23 16 -30.4% -38.5% -30.4% Median PriCe 665,000 611,173 685,000 904,994 32.1% 48.1% 36.1% average PriCe 730,724 794,119 763,304 1,002,825 31.4% 26.3% 37.2% Closing Count 464 410 415 291 -29.9% -29.0% -37.3% Median PriCe 490,000 430,250 450,000 490,000 8.9% 13.9% 0.0% average PriCe 582,332 503,451 546,276 654,115 19.7% 29.9% 12.3% CLINTON HILL Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 COBBLE HILL Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 FORT GREENE Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 KENSINGTON Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 PARK SLOPE Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 Closing Count 3 8 10 10 0.0% 25.0% 233.3% Median PriCe 2,850,000 892,500 1,372,500 1,738,000 26.6% 94.7% -39.0% Closing Count 5 9 4 1 -75.0% -88.9% -80.0% Median PriCe 520,000 550,000 464,500 910,000 95.9% 65.5% 75.0% Closing Count 0 3 3 0 -100.0% -100.0% n/a Median PriCe 0 2,395,000 940,000 0 -100.0% -100.0% n/a Closing Count 2 2 1 3 200.0% 50.0% 50.0% Median PriCe 1,087,500 2,678,500 1,700,000 2,619,000 54.1% -2.2% 140.8% Closing Count 2 2 2 1 -50.0% -50.0% -50.0% Median PriCe 710,250 425,005 1,005,251 1,325,000 31.8% 211.8% 86.6%

The table below presents recorded sales data for townhouses in Brooklyn. Data is fromthe third quarters of 2008, 2009, 2010 and 2011. Overall, the volume of transactions in Brooklyn this past quarter has dropped 29.9% since last year and 37.3% since 2008. Median price increased 8.9% since last year and has remained stable since 2008.
average PriCe 710,250 425,005 1,005,251 1,325,000 31.8% 211.8% 86.6% average PriCe 1,087,500 2,678,500 1,700,000 2,363,000 39.0% -11.8% 117.3% average PriCe 0 1,854,333 1,055,000 0 -100.0% -100.0% n/a average PriCe 462,070 534,277 443,500 910,000 105.2% 70.3% 96.9% average PriCe 2,550,000 1,231,875 1,544,305 1,821,500 17.9% 47.9% -28.6% RED HOOK Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 SUNSET PARK Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 WILLIAMSBURG Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 WINDSOR TERRACE Closed on 2008Q3 2009Q3 2010Q3 2011Q3 2011 v. 2010Q3 2009Q3 2008Q3 Closing Count 8 3 7 2 -71.4% -33.3% -75.0% Median PriCe 834,000 575,000 815,000 1,149,500 41.0% 99.9% 37.8% average PriCe 924,750 663,333 891,428 1,149,500 29.0% 73.3% 24.3% Closing Count 2 2 3 2 -33.3% 0.0% 0.0% Median PriCe 687,500 726,250 427,000 617,500 44.6% -15.0% -10.2% average PriCe 687,500 726,250 575,670 617,500 7.3% -15.0% -10.2% Closing Count 5 4 2 1 -50.0% -75.0% -80.0% Median PriCe 655,000 267,193 330,050 730,000 121.2% 173.2% 11.5% average PriCe 670,999 308,599 330,050 730,000 121.2% 136.6% 8.8% Closing Count 1 1 0 1 n/a 0.0% 0.0% Median PriCe 700,000 372,487 0 572,500 n/a 53.7% -18.2% average PriCe 700,000 372,487 0 572,500 n/a 53.7% -18.2%

MArkeT STATiSTicS Provided by

TowNHouSe

25

ADVERTISING DIRECTORY
Invigorate your space with a mesmerizing rug from the ETHOS COLLECTION BY ABC CARPET & HOME. Each one-of-a-kind carpet is individually handcrafted by artisans in India using handspun recycled vintage Sari silk. The luxurious compositions are hand-knotted with extreme accuracy and precision utilizing rare knotting techniques to produce exquisite, modern renditions of antique Central Asian textiles. From abstract designs to captivating Ikat motifs infused with exotic technicolor hues, each rug is truly a masterpiece for your home. ABC Carpet & Home, 212.674.1144, www.abchome.com LOUISE BEIT, Sotheby’s International Realty A Senior Vice President, Associate Broker, of Sotheby’s International Realty and one of Manhattanís 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. louisebeit. com, 212.606.7703, Louise.beit@sothebyshomes.com

Jan Hashey, Managing Director, PRUDENTIAL DOUGLAS ELLIMAN, began her interest in New York real estate 20 years ago visiting from London where she had been a painter. “I was stunned by the scale of these exquisite volumes/ lofts which many artists occupied.” Jan has consistently led the quest for space downtown achieving record sales and industry awards annually. “Steve Halprin has worked with me for 10 years, an indispensable partner bringing financial wizardry to the team.” Please contact 1.800.ELLIMAN or visit elliman.com

In 2001 Serena Boardman started with SOTHEBY’S INTERNATIONAL REALTY and is now the youngest Senior Vice President at the firm. Since that time she has sold in excess of $800 million dollars of property and has consistently been ranked as a top producer. In 2008 the Wall Street Journal ranked Serena as the number one broker in the United States by sales volume. Serena works in the co-op, condominium and townhouse markets both on the Upper East Side and downtown. Focusing on the sale of top-tier properties, Serena’s career highlights include achieving two record price sales of $48 million and $33 million for Fifth Avenue prewar cooperatives and the sale of a landmark Park Avenue townhouse for $31.5 million. In each of these transactions, Serena represented the buyer and the seller. Serena Boardman 212.606.7611 serena. boardman@sothebyshomes.com

For nearly a century, PRUDENTIAL DOUGLAS ELLIMAN has been recognized as a leader in the residential real estate industry. With more than 3,500 agents and over 60 o ces from Manhattan to Montauk, the company’s reach is unsurpassed. Prudential Douglas Elliman o ers its customers a comprehensive array of services including residential sales and rental brokerage, retail and commercial sales & leasing, relocation, new development marketing, property management, mortgage brokerage and title insurance. So whether you’re in Manhattan, Brooklyn, Queens, Westchester or Long Island, including the Hamptons and North Fork, there is a Prudential Douglas Elliman o ce and agent ready to assist you in any of your real estate needs. Please contact 1.800.ELLIMAN or visit elliman.com

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. roger-erickson.com, 212.606.7612, Roger.erickson@ sothebyshomes.com

Jed Garfield entered the field of real estate in 1985 after receiving his BA from Skidmore College. He has been with LESLIE J. GARFIELD & CO., INC. since 1990 and acquired the firm in 2003. He is responsible for the sale of over 350 residential, commercial and institutional townhouse properties, including the sales of the most expensive townhouse in Manhattan in 1999, 2005 and 2006 as well as the most expensive sale of a townhouse on the Upper West Side of Manhattan in 2008. For more information, visit www.lesliegarfield.com

MICHAEL PELLEGRINO, Sotheby’s International Realty Mr. Pellegrino is a Senior Vice President, Associate Broker of Sothebyís 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. Michaelís 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. 212.400.8731, Michael.pellegrino@ sothebyshomes.com.

A SpeciAl AdvertiSing Supplement to the new York obServer

Fall 2011

Next issue of Townhouse Magazine on stands

In New York Townhouses
Cover photo 149 East 38th strEEt LouisE BEit, 212.606.7703 sothEBy’s intErnationaL rEaLty, PagE XX

Antique Charm

March 14th, 2012.

The SOTHEBY’S INTERNATIONAL REALTY, East Side Manhattan o ce 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 sta o ers 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. Visit us at sothebyshomes.com.

For information contact Robyn Weiss, Townhouse Associate Publisher, at 212 407 9382 or rweiss@observer.com

LE FANION brings you chandeliers, pottery, fine art, antique furniture and more. Each dazzling colorful crystal fruit chandelier, inspired by the French Kings, is unique in design and combination of colors and fruit. The whimsical pottery is simply extraordinary. Fine art, including rare prints and drawings, is also o ered. Everything in the store, including the lovely antique French Country furniture, has the essence and origin of Southern France. Get any one of these gems and it will transform your house. The store is open 7 days a week (except Sundays during the Summer) and is located at the charming corner of West 4th and Bank Streets in Greenwich Village, NYC. Tel. (212) 4638760 or go to lefanion.com for even more treasures from the South of France.

ABC introduces a new generation of carpet that is good for your home and for the planet.

Karastan® SmartStrand™ with DuPont™ Sorona ® This innovative carpet fiber is not only luxurious and durable but also mindful for tomorrow and the world we live in.

Manhattan 881 Broadway 646 602 3499 Bronx 1055 Bronx River Avenue 718 842 8770 abchome.com

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