The Observer's Townhouse - Fall 2010

A SpeciAl AdvertiSing Supplement to the new York obServer

The latest townhouse data on sales prices provided by

Cover photo

266 West end Ave. Massive Westside

townhouse, Fred Williams, Svp, Associate Broker,

Sotheby’s International realty

212.606.7737

Fall 2010

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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.

A timeless pallette of black and white.

TOWNHOUSE EXCLUSIVES

BY KAT STOEFFEL


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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 pre-war townhouses stays small and fixed, even as demand grows. The scarcity value lends the properties a hefty price tag and an air of exclusivity. For this reason, stribling broker, Linda Melnick, says that townhouse shoppers tend to be their own group of clients and are unlikely to

consider apartments or co-ops.

“There has always been a certain type of person who understands townhouses are in limited supply and has always coveted a townhouse,” agrees Nielsen. Yet the properties also appeal to recent New York transplants, allowing them to carry on the single-family home experience in the city, she says.

Townhouses have endured as a New York status symbol because they allow owners the utmost freedom. Luxe New York apartments often come with stuffy co-op boards, strict regulations about renovation and decoration and nosy neighbors.

“The co-op approval process can be invasive. Your future neighbors look at your tax returns,” says Wexler. according to Beit, other co-op boards require double the cost of the apartment in liquid assets.

Townhouse ownership is an independent and private kind of ownership called “fee simple,” explains Burger. Fee simple ownership gives the title-holder total control over the building and the land as opposed to the co-op member’s shares or the apartment owner’s lease. Fee simple control allows owners to re-imagine the floor plan of their apartment to suit virtually any need. Rose ann Nielsen

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

WESTSIDE GRANDEUR: 69th Street. Beautifully renovated, 5 story, very close to Park & Lincoln Center. $9,000,000 WEB:NYO0017323

STUNNING TOWNHOUSE: 62nd Street. Landmark, 5 story, elevator, lush garden, museum quality renovation. $14,500,000 WEB:NYO0017065


remembers townhouses with custom-built sound stages, swimming pools, basketball courts and theaters.

some owners elect to update the centuries-old architecture with modern or “green” interiors. a traditional townhouse from henry james’-era Washington square Park recently got a modern update from the developers at Turett Collaborative. They turned the entire back face of the house into a glass window-wall, updated the gardens and gave the kitchen double height ceilings. It is now listed at $18.9 million with George van der Ploeg at Prudential douglas Elliman.

On the Upper East side, Oyster Capital Group LLC transformed an 82nd street townhouse into an environmentalist’s dream home - the first

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.

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200 Eleventh Avenue.

110 East 35th Street

at times the townhouse market can seem a little elitist. some brokers say townhouses are the only way to live--if you can afford to. Others say that “apartment people are apartment people” and trying to convert them to townhouses would be hopeless. But just across the East River, single family homes with a wider price range means Manhattan’s “apartment people” can be Brooklyn’s townhouse people.

Brooklyn townhouses have an architectural vocabulary all their own. across the neighborhoods one can 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 white-washed and stripped of ornamentation. By the time Brooklyn was becoming heavily gentrified in the 1970s and 80s, neighborhood preservation movements encouraged homeowners to restore the original details.

Periods of slow economic growth led to apartment conversions in many Brooklyn townhouses. however, some areas such as Leffert Gardens were zoned exclusively for single homes.

“Those townhouses have not turned into

An old world charmer in Brooklyn.

WEB:NYO0016978Offered at $6,800,000

243 EAST 82ND STREET

Original wood, plaster and fireplace.

Cover Photo by Evan Joseph

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.

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 long-term 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-and-coming 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.

Stan Ponte Robin Reardon

116 EAST 78TH STREET: Off Park Avenue. The stately 18’ wide, 5-story house is noteworthy for its Neo-Geor-gian façade characterized by tall French windows, wrought iron balconies, carved limestone cartouches and period orna-mentation. Distinguished by open exposures, soaring ceiling heights, 3 gas fire-places, an elevator, a large south facing garden and multiple terraces. Currently configured as 11-residential units, the house is delivered vacant. $8,250,000 WEB:NYO0017018

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

TWO UNIQUE HOUSES, ONE EXCEPTIONAL BLOCK

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

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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

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

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.

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Balthazar.

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 andmarketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.

Paula Del NuNzioSenior Vice President, Managing DirectorLicensed Associate Real Estate [email protected]

445 Park AvenueNew 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

at home oN the huDSoNWest 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

miNt aND moDerN reNovatioNEast 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.

hiStoric treaDwell maNSioN60s.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.

DiamoND iN the roughCarnegie 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.

ageleSS DeSigNVillage 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.

sold

a Perfect locatioNEast 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.

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This 82nd street townhouse is more than just another pretty facade: it’s the first LEEd-certified gold townhouse in Manhattan. awarded by the United states Green Building Council, the certification means the property is a smart investment for the eco-conscious shopper, as well as the price-conscious one. It uses almost 45% less energy than the average townhouse and is eligible for environmental real estate tax credits. The five-story, five-bedroom property was

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

2010

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

89 GRAND STREETWilliamsburg • $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

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

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

FIRST SALE IN 35 YEARSCarroll 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

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

TWO-FAMILY HOME, GREAT OUTDOOR SPACEWindsor 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

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

51 KENT AVENUEWilliamsburg • $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

LO N G I S L A N D M A N H AT TA N B R O O K LY N Q U E E N S T H E H A M PTO N S T H E N O RT H FO R K

the new elliman.com

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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

very conscious of the LEEd for homes requirements including:No-VOC interior paints and primersLow –VOC formaldehyde

insulationWater-based adhesives, sealants, caulks, foams and coatingsNo added urea-formaldehyde 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 LEEd-certified home is the creation of a good “thermal envelope,”

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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 sTaR-rated, 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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Townhouses, houses or buildings with an address (as of 10/07/2010)

ManhattanTOWNHOUSE SALES

markeT sTaTisTics provided by

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

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

BrooklynTOWNHOUSE SALES


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

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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 TOWNHOUSE cLOSiNg pricES


MAnhAttAn closed On Closing Count Median Price Average Price2008Q3 69 3,200,000 7,047,4732009Q3 53 3,325,000 3,784,9152010Q3 54 3,775,000 5,465,6882010Q3 v 2009Q3 1.9% 13.5% 44.4%2009Q3 v 2008Q3 -21.7% 18.0% -22.4%

ALL doWntoWnclosed On closing count Median price Average price2008Q3 17 5,250,000 6,947,2582009Q3 12 3,825,000 5,139,1672010Q3 10 5,000,000 7,534,9882010Q3 v 2009Q3 -16.7% 30.7% 46.6%2009Q3 v 2008Q3 -41.2% -4.8% 8.5%

ALL MidtoWnclosed On Closing Count Median Price Average Price2008Q3 10 4,026,200 7,730,7902009Q3 6 2,328,723 2,288,5012010Q3 5 3,422,500 3,432,3222010Q3 v 2009Q3 -16.7% 47.0% 50.0%2009Q3 v 2008Q3 -50.0% -15.0% -55.6%

ALL uPPer eAst sideclosed On closing count Median price Average price2008Q3 12 16,250,000 19,852,0412009Q3 13 5,800,000 6,365,3842010Q3 15 6,500,000 9,575,6662010Q3 v 2009Q3 15.4% 12.1% 50.4%2009Q3 v 2008Q3 25.0% -60.0% -51.8%

ALL uPPer West side closed On Closing Count Median Price Average Price2008Q3 4 5,775,000 5,900,0002009Q3 6 4,350,000 4,752,6662010Q3 8 3,775,000 6,915,0002010Q3 v 2009Q3 33.3% -13.2% 45.5%2009Q3 v 2008Q3 100.0% -34.6% 17.2%

ALL uPPer MAnhAttAnclosed On closing count Median price Average price2008Q3 26 960,282 1,116,9172009Q3 16 965,000 870,8432010Q3 16 930,000 928,5472010Q3 v 2009Q3 0.0% -3.6% 6.6%2009Q3 v 2008Q3 -38.5% -3.2% -16.9%

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The table below presents recorded sales data for townhouses in Brooklyn Data is fromthe third quarters of 2008, 2009, and 2010. Overall, the volume of transactions in Brooklyn this past quarter has dropped 21.9% since last year and 33.5% since 2008. Median price remained relatively stable since last year but dropped 12.2% since 2008.

Brooklyn TOWNHOUSE cLOSiNg pricES


BrooKLYnClosed On Closing Count Median Price Average Price2008Q3 1,662 585,000 636,4592009Q3 1,416 515,000 567,8892010Q3 1,106 513,500 618,4972010Q3 v 2009Q3 -21.9% -0.3% 8.9%2009Q3 v 2008Q3 -33.5% -12.2% -2.8%

doWntoWn BrooKLYnClosed On Closing Count Median Price Average Price2008Q3 11 1,305,000 1,653,6272009Q3 5 1,390,000 1,553,0002010Q3 9 1,500,000 1,385,4162010Q3 v 2009Q3 80.0% 7.9% -10.8%2009Q3 v 2008Q3 -18.2% 14.9% -16.2%

BAY ridgeClosed On Closing Count Median Price Average Price202008Q3 58 735,000 749,9272009Q3 65 675,000 739,5242010Q3 45 714,000 700,5222010Q3 v 2009Q3 -30.8% 5.8% -5.3%2009Q3 v 2008Q3 -22.4% -2.9% -6.6%

Fort greeneClosed On Closing Count Median Price Average Price2008Q3 2 1,540,000 1,540,0002009Q3 2 2,547,500 2,547,5002010Q3 3 1,985,000 1,848,3332010Q3 v 2009Q3 50.0% -22.1% -27.4%2009Q3 v 2008Q3 50.0% 28.9% 20.0%

BoeruM hiLLClosed On Closing Count Median Price Average Price2008Q3 2 1,247,500 1,247,5002009Q3 4 890,000 874,1252010Q3 1 1,312,500 1,312,5002010Q3 v 2009Q3 -75.0% 47.5% 50.2%2009Q3 v 2008Q3 -50.0% 5.2% 5.2%

KensingtonClosed On Closing Count Median Price Average Price2008Q3 25 720,000 701,1102009Q3 15 700,000 672,6332010Q3 14 682,500 663,3032010Q3 v 2009Q3 -6.7% -2.5% -1.4%2009Q3 v 2008Q3 -44.0% -5.2% -5.4%

BrooKLYn heightsClosed On Closing Count Median Price Average Price2008Q3 8 2,512,500 2,505,6252009Q3 9 1,945,000 2,143,8902010Q3 17 2,050,000 2,580,5592010Q3 v 2009Q3 88.9% 5.4% 20.4%2009Q3 v 2008Q3 112.5% -18.4% 3.0%

PArK sLoPeClosed On Closing Count Median Price Average Price2008Q3 13 1,800,000 1,860,6152009Q3 12 1,535,331 1,527,9062010Q3 16 1,871,500 1,722,9062010Q3 v 2009Q3 33.3% 21.9% 12.8%2009Q3 v 2008Q3 23.1% 4.0% -7.4%

CArroLL gArdensClosed On Closing Count Median Price Average Price2008Q3 11 1,170,000 1,330,8182009Q3 11 1,050,000 981,3292010Q3 16 1,400,000 1,284,7212010Q3 v 2009Q3 45.5% 33.3% 30.9%2009Q3 v 2008Q3 45.5% 19.7% -3.5%

red hooKClosed On Closing Count Median Price Average Price22008Q3 7 905,000 886,4282009Q3 3 372,487 445,4122010Q3 1 120,000 120,0002010Q3 v 2009Q3 -66.7% -67.8% -73.1%2009Q3 v 2008Q3 -85.7% -86.7% -86.5%

CLinton hiLLClosed On Closing Count Median Price Average Price2008Q3 57 546,000 561,2682009Q3 49 445,000 550,9152010Q3 55 522,000 595,3202010Q3 v 2009Q3 12.2% 17.3% 8.1%2009Q3 v 2008Q3 -3.5% -4.4% 6.1%

sunset PArKClosed On Closing Count Median Price Average Price2008Q3 66 677,500 642,6312009Q3 66 700,000 625,6892010Q3 42 655,250 616,7642010Q3 v 2009Q3 -36.4% -6.4% -1.4%2009Q3 v 2008Q3 -36.4% -3.3% -4.0%

CoBBLe hiLLClosed On Closing Count Median Price Average Price2008Q3 12 1,320,000 1,690,8852009Q3 4 1,697,500 1,861,2502010Q3 5 2,238,500 2,340,7002010Q3 v 2009Q3 25.0% 31.9% 25.8%2009Q3 v 2008Q3 -58.3% 69.6% 38.4%

WiLLiAMsBurgClosed On Closing Count Median Price Average Price2008Q3 38 732,000 705,6952009Q3 27 650,000 622,8702010Q3 29 515,000 581,1552010Q3 v 2009Q3 7.4% -20.8% -6.7%2009Q3 v 2008Q3 -23.7% -29.6% -17.6%

Windsor terrACeClosed On Closing Count Median Price Average Price2008Q3 16 765,000 866,8122009Q3 12 701,500 670,2502010Q3 12 692,500 753,3332010Q3 v 2009Q3 0.0% -1.3% 12.4%2009Q3 v 2008Q3 -25.0% -9.5% -13.1%

24

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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.

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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 three-bedroom 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.

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25

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.

KAtHy HoFFMAn linBurnsotHeBy’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.

MicHAel pellegrinosotHeBy’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.

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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.

sotHeBy’s internAtionAl reAltyOUr BrOOkLYN NEigHBOrHOOD gUiDE iS ON STANDS November 10For more information contact:robyn Weiss, Associate publisher, Observer Neighborhood guidesphone: 212-407-9382Email: [email protected]

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

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BARBARA A. GRIMALDI(212) 759 3920227 EAST 56TH STNEW [email protected]

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UpcOMiNg TOWNHOUSE iSSUES 2011 March 2nd May 18th August 31st October 26thFor more information on these upcoming magazines, please contact:

robyn Weiss, Associate publisher, Observer Neighborhood guidesphone: 212-407-9382Email: [email protected]

A SpeciAl AdvertiSing Supplement to the new York obServer

The latest townhouse data on sales prices provided by

Cover photo

266 West end Ave. Massive Westside townhouse, Fred Williams, Svp, Associate Broker, Sotheby’s International212.606.7737

Fall 2010

Lazzoni_NY OBSERVER.indd 2 06.10.2010 10:54:40

Documents

The Observer's Townhouse - Fall 2010