the observer's townhouse fall 2011

Fall 2011A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

COVER PHOTO149 EAST 38TH STREET

LOUISE BEIT, 212.606.7703SOTHEBY’S INTERNATIONAL

REALTY, PAGE 5

Fall 2011A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

TownhousesTownhousesIn New York In New York

Antique Charm

COVER.indd 2 10/20/11 6:36:36 PM

2 • townhouse2 • townhouse

Editors’ notEDear 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 managing Editor

StEphEn duFFy Contributing WritEr

Sonia SamuEl Contributing WritEr

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kathErinE dESpagni advErtiSing Coordinator

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Townhouse listed by Brown Harris Stevens with antique charm accents.

TOWNHOUSE 11-2011.indd 2 10/20/11 6:24:50 PM

LouisE BEit 120 East 70th strEEt

Operated by Sotheby’s International Realty, Inc. Sotheby’s International Realty® is a registered trademark.

EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc38 EAST 61ST STREET, NEW YORK, NY 10065

Louise Beit, Senior Vice President, Associate Broker | 212.606.7703

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

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4 • townhouse

As other markets suffer, The Observer gives its analysis to one doing well • By Emilia Ferrara

Townhouse markeT conTinues To swell

T 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 mil-lion. According to Stan Ponte of So-theby’s International Realty, “The trend currently is toward houses that have been owned for a genera-tion and are in need or a full reno-vation. As the townhouse market recovered from the financial crisis

and subsequent slow down of the real estate market, it was the new-ly 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 town-houses continue to be in high de-mand because of five main fac-tors: “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 bed-rooms; unlimited financing options; and lower relative taxes.”

Despite the factors that change other real estate deals, “Town-houses are inherently rare as there is very limited available inventory in many of the submarkets around Manhattan,” explains David Korn-meier, 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 buy-ers and often obtains a very good price.”

This market has so many vari-ables, but Kornmeier remembers one story in particular. “For ex-ample, I had a small 3,700 square foot townhouse for sale in the West 70s mid-block. It was the only va-cant 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 mar-ket’s uprise. “This general concept can be applied to any part of Man-hattan” says Kornmeier. “Depend-ing on the competition within a par-ticular submarket, one should be

Often, charm and architectural

uniqueness bring buyers to a

townhouse. The facade at 16 East

95th Street.

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LouisE BEit 149 East 38th strEEt


EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc38 EAST 61ST STREET, NEW YORK, NY 10065

Louise Beit, Senior Vice President, Associate Broker | 212.606.7703

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

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6 • townhouse

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 ex-periences. 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 town-house usually takes approximately twice the amount of time to come to a fully executed contract.”

After the townhouses are ac-quired, private patios, multi-floor living space, and secluded nature brings the townhouse dweller much needed ease. Louise Beit from So-theby’s International Realty ex-plains that the typical townhouse style in Manhattan is a neo-federal brick facade and given their luxuri-ous 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 where-in the purchaser must usually have two times liquid purchase price af-ter purchase have become impos-sible to meet for some purchasers who are opting for townhouses.”

As any suave New York business-man will know, the townhouse is a first mover commodity. There are even some local government loop-holes that can make them attrac-tive. “Townhouses often bypass board social requirements for resi-dents, 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 free-dom gained board is virtually out-weighed by numerous limitations regarding the architectural land-scaping 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 man-agement 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.

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‘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

A modern interior at this Sotheby’s

International Realty’s listing

excites the space in 26 East 73th Street.


seRena boaRdman Impeccably Renovated Gold coast townhouse


Serena Boardman T 212.606.7611 | [email protected]

EAST SIDE MANHATTAN BROKERAGE | sothebyshomes.com/nyc38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661

16 WEST 12TH STREET: Impeccably renovated 25’ brownstone ideally situated in the heart of Greenwich Village. Encompassing 8,100 squarefeet, 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 roomsand a graciously ascending staircase. The Double Parlor Living Room boasts two wood burning fireplaces and three floor to ceiling French doorswhich flood the room with sunlight. Beyond there is a state-of-the-art eat-in Kitchen with wood burning fireplace. The Dining Room opens ontothe 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

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8 • TOWNHOUSE

A lthough each town-house in New York has its own charm and beauty, peri-od homes are a hot commodity. “Many

potential buyers,” says Olga Neu-list of Sotheby’s International Re-alty, “are looking for period town-houses that they can revive and restore to their original glory.”

A period home is defi ned by the most experienced brokers as either a historically landmarked house or a townhouse whose inte-rior and architecture refl ects the style of a Georgian or Federalist original home. Several important historic events have happened in these New York townhouses, mak-ing 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 fi nal hours in a beautiful west village townhouse only steps from the very popular restaurant the Waverly Inn.

“These historic homes,” says Ja-son Karadus of Town Real Estate, are always found together, “and often are surrounded in neighbor-hoods by other 19th century homes creating an old-world charm that is unusual for a city that is ever-changing.” A snapshot of one of these historic tree-lined blocks can be found in Greenwich Village,

Chelsea, the Upper West Side or Harlem, and they all convey, ac-cording to Mr. Karadus, “a sense of timelessness and nostalgia that’s hard to fi nd. 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 fi nd and a� ord one.”

Michael Moran of Prudential Douglas Elliman says that it is generally costly to renovate land-marked or historic homes in the city.

Nevertheless, artists or history bu� s tend to gravitate toward hav-ing the desire to renovate because they fi nd the project invigorating.

“There is a huge preservationist movement,” says Jana Angelakis of Citi Habitats.

“And also there are a lot of peo-ple who are looking to keep these properties kept for themselves.”

“Like a fi ne piece of art, town-houses in New York are rare and will always go up in value,” Mr. Moran continues. “A landmarked home certainly increases the val-ue of neighboring homes, howev-er a buyer should be aware of the challenges, expenses and frustra-tion 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 profession-als,” says Louise Beit of Sotheby’s International Realty, “not want-ing to comply with the fi nancial requirements or rules of a co-op,” is one common characteristic of a townhouse purchaser. It also seems that those with aesthet-ic taste invest in period homes. “Their buyers are usually people with architectural or design incli-nations. People who love to do a restoration, not necessarily a gut

A PERIOD HOMEA PERIOD HOMELandmark and historic townhouses grow in popularity

By Sonia Samuel and Emilia Ferrara

has New York charm

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


ROGER ERICKSON G R A N D & W I D E StEpS fRom 5th AvE


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


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

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10 • townhouse

removal are interested in period homes,” says Ms. Neulist.

Also, Ms. Beit notes large fami-lies 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 gar-den” 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 town-house value,” says Ms. Neulist.

Although Ms. Beit cannot reveal too many of the particulars, one pe-riod 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 pe-riod.” Those looking to emphasize the aesthetics of accurate interior design might opt to buy a period home. But they will have to be pa-tient. “I do not believe there are enough period homes on the mar-ket,” 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 land-marks, they can’t be torn down,” says Ms. Angelakis.

“Homes that still retain origi-nal detail and woodwork do have a high level of popularity,” explains David Kornmeier, Vice President and Director of Brown Harris Ste-vens. “However, as the age of the original detail increases, it be-

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

there is, ‘a sense of timelessness and nostalgia that’s hard to find.’

Jason Karadus, Town Real Estate

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


ROGER ERICKSONE A S T 7 4 T H S T R E E T MAdiSon & PARk AvE


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


EAST 74TH STREET: Located on an exceptionally beautiful Landmarkblock with many single family townhouses, this architecturally significanthome features many original details. From its grand entrance foyer to theparlor 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

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12 • townhouse

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comes more difficult and expen-sive to maintain and the quality erodes over time. People who ap-preciate original detail try to pre-serve what they can during a reno-vation.”

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 reno-vating a property, it is sometimes not possible or too costly to save the detail, and instead the home owner chooses to build an entire-ly new house. Houses with origi-nal details are located throughout the city at various prices levels depending on condition, location, number of units, tenancy and oth-er factors.”

Indeed period home attrac-tiveness will last many more gen-erations says Mr. Karadus. “The appeal to many of historic town-houses and neighborhoods,” says Mr. Karadus, “is that they repre-sent 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.

A charming bedroom at 181

Washington Park, a Corcoran listing.

Grandeure abounds at 22 East 71th Street, a

Sotheby’s International Realty listing.


MICHAEL PELLEGRINO 161 East 80th strEEt


MICHAEL PELLEGRINO SENIOR VICE PRESIDENT, ASSOCIATE BROKER T 212.400.8731 | [email protected]


A RARE FIND: This state-of-the-art townhouse is deliveredNEW 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 landscapedoutdoor spaces, and well-appointed details throughout.Designed for family living, the light-filled kitchen has twin dishwashers, dual Sub-Zero refrigerators, a built-in breakfastbanquette, and opens to a beautiful bluestone garden. The stunning 3rd floor master suite has 2 custom walk-in closets, aCarerra marble spa bathroom, and a spacious steam showerwith a heated shaving mirror. Two indoor gas fireplaces and anoutdoor BBQ make for easy and gracious entertaining. Thehome has Lutron lighting throughout, a Crestron sound system, 5 zones of CAC, and radiant floor heating – all whichcan be controlled via the Internet. For added convenience thefront garden and sidewalk are also heated- making this home a pleasure in all seasons! Real Estate Tax: $35,000. $14,850,000.WEB: 0017808

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A ny wise New Yorker knows that two heads is better than one. Any smart real estate investor knows that two renters are bet-

ter than one. Mixed-use townhouses across New York are becoming hot commodities for many buyers.

“The townhouses split for com-mercial 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 re-tail areas.”

According to David Kornmeier, the Vice President and Director at Brown Harris Stevens, “Tradition-ally, a renovated single family house tends to garner a lot of interest.” Mixed-use townhouses aren’t typi-cally 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 Korn-meier 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 appropriate-ly 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 pri-vacy and enjoy having control over the entire building,” says Korn-meier. “Many [buyers] also ap-

preciate 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 ques-tion. “There are many areas that have wonderful townhouse blocks and the houses are highly sought after in those locations,” says Korn-meier. “Typically the Village, Upper East Side, Upper West Side and Gra-mercy Park areas tend to obtain the highest prices.”

“Top selling single family houses

An appetizing idea comes from a union between residential and business• By Sonia Samuel and Emilia Ferrara

Mixed-use townhouses with coMMercial space

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

A traditional townhouse recieves a make over with a

glass sky-roof.

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M A N H A T T A N | B R O O K L Y 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

18 FT WIDE BROWNSTONE GEMWest 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

MINT RENOVATED TOWNHOUSEWest 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

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

GLAMOROUS HOUSE AND GARDENCharlton 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

BREATHTAKING VIEWSSutton 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

LANDMARK 1885 TOWNHOUSEHarlem/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

A HOUSE IN TRIBECATribeca | $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

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HISTORIC FEDERALCommerce 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

BEAUTY ON BEDFORD STREETGreenwich 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

ELLIMAN.COM

Untitled-6 1 10/20/11 12:22:22 PM

16 • townhouse

usually have elevators and full floor master bedroom suites,” says Korn-meier, 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 mixed-use townhouse apartment. “Al-though 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 fam-ily 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 re-warding. “An owner can do whatev-er 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 brown-stone in Brooklyn and it was mixed-use. The ground floor was set up for

professional use, he was buying be-cause 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 prop-erty,” says Olga Neulist of Sotheby’s International Realty, “and therefore rent out part of the house to a com-mercial tenant or residential tenant who could cover all the house’s ex-penses.”

However, mixed-use townhous-es aren’t for retail alone, Mr. Hall told The Observer, “A doctor’s of-fice in a brownstone that would be one of the best uses of it. It’s usu-ally a ground floor apartment, ide-ally there’s a separate entrance. My dentist is in brownstone—I nor-mally see professional use like doc-tors, dentists or psychiatrists, usu-ally they have a floor and a separate entrance.” Hall continues with a chuckle, ‘You don’t really want to

have to go through the building up-stairs to an office.” Mixed-houses, even if unprofitable, are still great self-sustaining properties, espe-cially 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 ex-cellent investment,” says Ms. Beit. “A 4,000-square-foot, three level commercial space off Madison Ave-nue in a prime Upper East Side loca-tion, in need of renovation, can rent for as much as $400,000 per year,” she says.

Still “in my experience,” Korn-meier says, “most people that pur-chase townhouses as a residence typically favor more residential lo-cations, such as the charming tree lined streets and uniform rows of townhouses.” There are many fac-tors 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 contin-ue. “But, in these cases, they expect-ed to pay a reduced price per square foot.”

‘Beyond paying the mortgage, a lot of times there is not a huge profit, But there is growth over the years.’

Mitchell Hall, Corcoran

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

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M A N H A T T A N | B R O O K L Y 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

20 CHARLES STREETWest 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

292 WEST 4TH STREETWest 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

256 WEST 4TH STREETWest 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 STREETFar 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 STREETWest 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

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JAN HASHEY, MANAGING DIRECTOR212.206.2804 | [email protected]

Untitled-6 1 10/20/11 12:23:01 PM

18 • townhouse

Decorating your townhouse may seem like a great, care-free 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, Adri-enne 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 deal-ers. Then I took a graduate program with Sotheby’s auction house, con-centrating on American fine and decorative arts. I received a merit scholarship so that was a terrific in-troduction 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.

Q and AQ & A

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

By Stephen Duffy

the beauty within

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

O: What would you say was your favorite job?AN: Well I’m working on one job just now and the client loves every-thing, 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 any-one—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.


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

Garfield.indd 1 10/19/11 11:47:24 AMUntitled-6 1 10/20/11 12:23:48 PM

20 • townhouse

When I was little I re-ally loved thrift stores. Of course now I love auction houses and galleries. I found inspiration in muse-ums, 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 trav-el 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 Impe-rial 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 an-tique’s dealer with a fantastic eye, she always finds new and beautiful things.

O: Has the economic situation af-fected 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 de-cided to design my own line of wall-papers, 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 dis-cussion things were slow, but now they’ve picked up again.

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


*79991-4*

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Different language. Different food. Different customs. An HSBC mortgage can make you feel right at home.

If you’ve moved to the U.S., an HSBC Premier relationship offers everyday

banking and unique home financing solutions to help you make a smooth

transition between countries. Premier Deluxe Mortgage benefits include

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Untitled-6 1 10/20/11 12:24:50 PM

22 • townhouse

T o get the inside story on the state of the townhouse mar-ket, The Observer spoke to

Paula Del Nunzio, a top-producing broker in the city with Brown Har-ris 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 land-scape. 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 in-teresting 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 ca-reer 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 of-ten 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 town-house 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 resi-dence of any kind was actually a townhouse in which I represented the seller, which traded for $53 million.

O: Has the economy inhibited

people’s ability to renovate?PDN: People have to be very mo-tivated 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.

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

ally in the building next door [to our building]), 1,500 bottle wine cellars, gardens and several roof terraces, elevators opening in dif-ferent 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 Town-house we represent at 170 East 80 Street asking $ 35 Million is a re-markable reinterpretation of tra-ditional concepts, with the added feature of a 23’ tall indoor water-fall and all green systems.

O: If there were anything you could change in your partici-pation 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 architec-ture, excellent art and a delightful garden with magnolia trees.

Q & A

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

Paula the great

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


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Untitled-6 1 10/20/11 12:26:09 PM

24 • townhouse

Townhouses, houses or buildings (as of 10/112011)

Townhouses, houses or buildings (as of 2/26/2011)

ManhattanTOWNHOUSE SALES

BrooklynTOWNHOUSE SALES

Market statistics Provided by

ProPerty AverAge MediAn AvAiLABLe Price Price

in Manhattan 457 7,842,141 4,850,000in all downtown 140 10,218,817 6,797,000in chelsea 15 7,854,666 5,500,000in west chelsea 5 7,000,000 4,350,000in chinatown 3 3,866,666 3,500,000in two bridges 2 3,200,000 3,200,000in east village 12 6,031,666 4,850,000in Financial district 2 1,869,500 1,869,500in Fulton/seaport 1 2,200,000 2,200,000in Flatiron 5 7,679,800 6,900,000in Gramercy Park 10 8,235,000 4,750,000in Greenwich village 32 14,275,750 9,949,500in noho 1 6,775,000 6,775,000in Little italy 4 12,948,750 8,747,500in Lower east side 5 7,030,000 4,900,000in nolita 1 16,000,000 16,000,000in soho 3 7,316,666 9,000,000in tribeca 11 14,867,045 11,500,000in west village 37 9,705,135 6,500,000in all Midtown 50 5,332,999 4,222,500in Midtown 4 9,050,000 8,350,000in Midtown east 36 5,421,944 4,375,000in kips bay 6 3,473,333 3,247,500in Murray hill 11 4,717,272 3,750,000in sutton Place 9 7,413,333 6,250,000in turtle bay 10 5,574,000 4,875,000in beekman 2 9,422,500 9,422,500in Midtown west 10 3,525,999 3,535,000in all upper east side 84 15,545,754 9,875,000in carnegie hill 17 8,795,788 6,279,400in Lenox hill 28 17,711,071 14,500,000in upper east side 29 20,894,482 15,000,000in yorkville 10 5,446,500 5,347,500in all upper west side 50 7,358,960 5,175,000in Manhattan valley 2 3,822,500 3,822,500in Morningside heights 1 4,995,000 4,995,000in upper west side 47 7,559,744 5,300,000in all upper Manhattan 131 1,550,180 1,400,000in central harlem 73 1,592,789 1,550,000in east harlem 12 1,887,750 1,737,500in hamilton heights 25 1,660,840 1,495,000in washington heights 19 1,183,310 999,999

ProPerty AverAge MediAn AvAiLABLe Price Price

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

townhouses, houses or buildings (as of 10/11/2011)

inventory average Price Median Pricein Manhattan 457 7,842,141 4,850,000in all downtown 140 10,218,817 6,797,000in chelsea 15 7,854,666 5,500,000in west chelsea 5 7,000,000 4,350,000in chinatown 3 3,866,666 3,500,000in two bridges 2 3,200,000 3,200,000in east village 12 6,031,666 4,850,000in Financial district 2 1,869,500 1,869,500in Fulton/seaport 1 2,200,000 2,200,000in Flatiron 5 7,679,800 6,900,000in Gramercy Park 10 8,235,000 4,750,000in Greenwich village 32 14,275,750 9,949,500in noho 1 6,775,000 6,775,000in Little italy 4 12,948,750 8,747,500in Lower east side 5 7,030,000 4,900,000in nolita 1 16,000,000 16,000,000in soho 3 7,316,666 9,000,000in tribeca 11 14,867,045 11,500,000in west village 37 9,705,135 6,500,000in all Midtown 50 5,332,999 4,222,500in Midtown 4 9,050,000 8,350,000in Midtown east 36 5,421,944 4,375,000in kips bay 6 3,473,333 3,247,500in Murray hill 11 4,717,272 3,750,000in sutton Place 9 7,413,333 6,250,000in turtle bay 10 5,574,000 4,875,000in beekman 2 9,422,500 9,422,500in Midtown west 10 3,525,999 3,535,000in all upper east side 84 15,545,754 9,875,000in carnegie hill 17 8,795,788 6,279,400in Lenox hill 28 17,711,071 14,500,000in upper east side 29 20,894,482 15,000,000in yorkville 10 5,446,500 5,347,500in all upper west side 50 7,358,960 5,175,000in Manhattan valley 2 3,822,500 3,822,500in Morningside heights 1 4,995,000 4,995,000in upper west side 47 7,559,744 5,300,000in all upper Manhattan 131 1,550,180 1,400,000in central harlem 73 1,592,789 1,550,000in east harlem 12 1,887,750 1,737,500in hamilton heights 25 1,660,840 1,495,000in washington heights 19 1,183,310 999,999

Manhattan

cLosed on cLosing MediAn AverAge count Price Price2008Q3 25 3,450,000 10,107,3962009Q3 21 4,000,000 5,161,1932010Q3 21 5,370,000 6,718,2822011Q3 30 4,350,000 7,703,9152011 v. 2010Q3 42.9% -19.0% 14.7%2009Q3 42.9% 8.8% 49.3%2008Q3 20.0% 26.1% -23.8%

ALL DOWNTOWN

cLosed on cLosing MediAn AverAge count Price Price2008Q3 4 5,331,250 6,315,6252009Q3 3 7,250,000 6,914,6662010Q3 6 3,567,500 7,308,5492011Q3 6 4,575,000 5,065,0002011 v. 2010Q3 0.0% 28.2% -30.7%2009Q3 100.0% -36.9% -26.7%2008Q3 50.0% -14.2% -19.8%

TOWN HOUSE STREET EASY 10-31indd 24 10/20/11 3:13:08 PM

Manhattan TOWNHOUSE clOSiNg pricESThe 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. MANHATTAN

Closed on Closing Median average Count PriCe PriCe2008Q3 25 3,450,000 10,107,3962009Q3 21 4,000,000 5,161,1932010Q3 21 5,370,000 6,718,2822011Q3 30 4,350,000 7,703,9152011 v. 2010Q3 42.9% -19.0% 14.7%2009Q3 42.9% 8.8% 49.3%2008Q3 20.0% 26.1% -23.8%

ALL DOWNTOWN

Closed on Closing Median average Count PriCe PriCe2008Q3 4 5,331,250 6,315,6252009Q3 3 7,250,000 6,914,6662010Q3 6 3,567,500 7,308,5492011Q3 6 4,575,000 5,065,0002011 v. 2010Q3 0.0% 28.2% -30.7%2009Q3 100.0% -36.9% -26.7%2008Q3 50.0% -14.2% -19.8%

ALL MIDTOWN

Closed on Closing Median average Count PriCe PriCe2008Q3 9 1,802,400 7,658,1002009Q3 4 2,328,723 2,285,0142010Q3 1 3,850,000 3,850,0002011Q3 3 10 1,533,3402011 v. 2010Q3 200.0% -100.0% -60.2%2009Q3 -25.0% -100.0% -32.9%2008Q3 -66.7% -100.0% -80.0% ALL UPPER EASTSIDE

Closed on Closing Median average Count PriCe PriCe2008Q3 6 27,394,750 23,789,9162009Q3 10 7,100,000 6,690,0002010Q3 8 7,700,000 7,991,8752011Q3 10 9,320,312 16,075,0622011 v. 2010Q3 25.0% 21.0% 101.1%2009Q3 0.0% 31.3% 140.3%2008Q3 66.7% -66.0% -32.4%

ALL UPPER WESTSIDE

Closed on Closing Median average Count PriCe PriCe2008Q3 1 7,850,000 7,850,0002009Q3 2 5,100,000 5,100,0002010Q3 3 5,750,000 9,200,0002011Q3 4 5,850,000 6,057,5002011 v. 2010Q3 33.3% 1.7% -34.2%2009Q3 100.0% 14.7% 18.8%2008Q3 300.0% -25.5% -22.8%

ALL UPPER MANHATTAN

Closed on Closing Median average Count PriCe PriCe2008Q3 5 1,910,000 1,582,0002009Q3 2 700,500 700,5002010Q3 3 800,000 615,8812011Q3 7 1,495,000 1,592,4042011 v. 2010Q3 133.3% 86.9% 158.6%2009Q3 250.0% 113.4% 127.3%2008Q3 40.0% -21.7% 0.7%2010Q4 v 2008Q4 25.0% 19.6% 27.7%

Brooklyn TOWNHOUSE clOSiNg pricESThe 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.

BROOKLYN

Closed on Closing Median average Count PriCe PriCe2008Q3 464 490,000 582,3322009Q3 410 430,250 503,4512010Q3 415 450,000 546,2762011Q3 291 490,000 654,1152011 v. 2010Q3 -29.9% 8.9% 19.7%2009Q3 -29.0% 13.9% 29.9%2008Q3 -37.3% 0.0% 12.3% BAY RIDGE

Closed on Closing Median average Count PriCe PriCe2008Q3 23 665,000 730,7242009Q3 26 611,173 794,1192010Q3 23 685,000 763,3042011Q3 16 904,994 1,002,8252011 v. 2010Q3 -30.4% 32.1% 31.4%2009Q3 -38.5% 48.1% 26.3%2008Q3 -30.4% 36.1% 37.2% BOERUM HILL

Closed on Closing Median average Count PriCe PriCe2008Q3 2 1,674,365 1,674,3652009Q3 3 1,130,000 843,3332010Q3 0 0 02011Q3 1 3,400,000 3,400,0002011 v. 2010Q3 n/a n/a n/a2009Q3 -66.7% 200.9% 303.2%2008Q3 -50.0% 103.1% 103.1%

BROOKLYN HEIGHTS

Closed on Closing Median average Count PriCe PriCe2008Q3 3 3,325,000 3,266,6662009Q3 1 3,050,000 3,050,0002010Q3 5 3,600,000 3,691,2052011Q3 2 2,887,500 2,887,5002011 v. 2010Q3 -60.0% -19.8% -21.8%2009Q3 100.0% -5.3% -5.3%2008Q3 -33.3% -13.2% -11.6%

CARROLL GARDENS

Closed on Closing Median average Count PriCe PriCe2008Q3 0 0 02009Q3 2 1,168,156 1,168,1562010Q3 0 0 02011Q3 1 1,443,000 1,443,0002011 v. 2010Q3 n/a n/a n/a2009Q3 -50.0% 23.5% 23.5%2008Q3 n/a n/a n/a

CLINTON HILL

Closed on Closing Median average Count PriCe PriCe2008Q3 2 710,250 710,2502009Q3 2 425,005 425,0052010Q3 2 1,005,251 1,005,2512011Q3 1 1,325,000 1,325,0002011 v. 2010Q3 -50.0% 31.8% 31.8%2009Q3 -50.0% 211.8% 211.8%2008Q3 -50.0% 86.6% 86.6%

COBBLE HILL

Closed on Closing Median average Count PriCe PriCe2008Q3 2 1,087,500 1,087,5002009Q3 2 2,678,500 2,678,5002010Q3 1 1,700,000 1,700,0002011Q3 3 2,619,000 2,363,0002011 v. 2010Q3 200.0% 54.1% 39.0%2009Q3 50.0% -2.2% -11.8%2008Q3 50.0% 140.8% 117.3%

FORT GREENE

Closed on Closing Median average Count PriCe PriCe2008Q3 0 0 02009Q3 3 2,395,000 1,854,3332010Q3 3 940,000 1,055,0002011Q3 0 0 02011 v. 2010Q3 -100.0% -100.0% -100.0%2009Q3 -100.0% -100.0% -100.0%2008Q3 n/a n/a n/a

KENSINGTON

Closed on Closing Median average Count PriCe PriCe2008Q3 5 520,000 462,0702009Q3 9 550,000 534,2772010Q3 4 464,500 443,5002011Q3 1 910,000 910,0002011 v. 2010Q3 -75.0% 95.9% 105.2%2009Q3 -88.9% 65.5% 70.3%2008Q3 -80.0% 75.0% 96.9%

PARK SLOPE

Closed on Closing Median average Count PriCe PriCe2008Q3 3 2,850,000 2,550,0002009Q3 8 892,500 1,231,8752010Q3 10 1,372,500 1,544,3052011Q3 10 1,738,000 1,821,5002011 v. 2010Q3 0.0% 26.6% 17.9%2009Q3 25.0% 94.7% 47.9%2008Q3 233.3% -39.0% -28.6%

RED HOOK

Closed on Closing Median average Count PriCe PriCe2008Q3 1 700,000 700,0002009Q3 1 372,487 372,4872010Q3 0 0 02011Q3 1 572,500 572,5002011 v. 2010Q3 n/a n/a n/a2009Q3 0.0% 53.7% 53.7%2008Q3 0.0% -18.2% -18.2%

SUNSET PARK

Closed on Closing Median average Count PriCe PriCe2008Q3 5 655,000 670,9992009Q3 4 267,193 308,5992010Q3 2 330,050 330,0502011Q3 1 730,000 730,0002011 v. 2010Q3 -50.0% 121.2% 121.2%2009Q3 -75.0% 173.2% 136.6%2008Q3 -80.0% 11.5% 8.8%

WILLIAMSBURG

Closed on Closing Median average Count PriCe PriCe2008Q3 2 687,500 687,5002009Q3 2 726,250 726,2502010Q3 3 427,000 575,6702011Q3 2 617,500 617,5002011 v. 2010Q3 -33.3% 44.6% 7.3%2009Q3 0.0% -15.0% -15.0%2008Q3 0.0% -10.2% -10.2%

WINDSOR TERRACE

Closed on Closing Median average Count PriCe PriCe2008Q3 8 834,000 924,7502009Q3 3 575,000 663,3332010Q3 7 815,000 891,4282011Q3 2 1,149,500 1,149,5002011 v. 2010Q3 -71.4% 41.0% 29.0%2009Q3 -33.3% 99.9% 73.3%2008Q3 -75.0% 37.8% 24.3%

MArkeT STATiSTicS Provided by

TowNHouSe • 25

TOWN HOUSE STREET EASY 10-31indd 25 10/20/11 3:13:32 PM

Untitled-6 1 10/20/11 12:32:06 PM

ADVERTISING DIRECTORY

LOUISE BEIT, Sotheby’s International RealtyA 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 fi rm. 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, [email protected]

ROGER ERICKSON, Sotheby’s International RealtyRoger 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, [email protected]

MICHAEL PELLEGRINO, Sotheby’s International RealtyMr. 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 profi table experiences for all. 212.400.8731, [email protected].

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.

LE FANION brings you chandeliers, pottery, fi ne 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) 463-8760 or go to lefanion.com for even more treasures from the South of France.

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

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 fi nancial wizardry to the team.” Please contact 1.800.ELLIMAN or visit elliman.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

Next issue of

Townhouse Magazine

on stands

March 14th, 2012.

For information contact Robyn Weiss,

Townhouse Associate Publisher,

at 212 407 9382 or [email protected]

Jed Garfi eld entered the fi eld 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 fi rm 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.lesliegarfi eld.com

In 2001 Serena Boardman started with SOTHEBY’S INTERNATIONAL REALTY and is now the youngest Senior Vice President at the fi rm. 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 [email protected]

Fall 2011A SpeciAl AdvertiSing Supplement to the new York obServer

Cover photo149 East 38th strEEt

LouisE BEit, 212.606.7703sothEBy’s intErnationaL

rEaLty, PagE XX

Fall 2011A SpeciAl AdvertiSing Supplement to the new York obServer

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