SPRING 2012

THE ESSENTIAL RESOURCE FOR THE DISCERNING TOWNHOUSE BUYER

Buying Over Renting Is the Smart Choice

Amazing Luxurious Amenities That Marvel

+ +

Tackling Renovations
Townhouse Scandals
COVER PHOTO
22 East 71st Street Serena Boardman, 212.606.7611 Meredyth Hull Smith, 212.606.7683 Sothebys International Realty, Page 9
A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

STAN PONTE | VANNESSA KAUFMAN

Chelsea Townhouse wiTh indoor Pool: Nestled at the crossroads of the Meatpacking, Chelsea, and West Village, this 5 story 22.5 wide townhouse is an oasis of serenity and privacy even while this vibrant neighborhood pulses with life. The focal point of the home is a 26 foot long and 8 foot deep indoor pool which is grandfathered in and cannot be built today! Beyond the pool is a sun-flooded 16 high solarium leading onto a lush south-facing garden. Wet bar and living area with sauna completes the garden level for wonderful entertaining and self pampering! $9,950,000. Web NYO0017987 STAN PONTE | SVP, Associate Broker | 212.400.4109 I stan.ponte@sothebyshomes.com VANNESSA KAUFMAN | SVP, Associate Broker | 212.606.7639 I vannessa.kaufman@sothebyshomes.com EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc 38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Sothebys International Realty, Inc. is owned and operated by NRT LLC. Sothebys International Realty is a registered trademark.

ExTRAORdINARY TOWNhOUSES
Behind a discreet faade lies the rarest of town homes! Built 100 deep on the garden floor this 25 wide house has a 2 car garage and elevator. A serene entrance gallery leads to an impressive great room nearly 60 in length with a soaring solarium and private garden. The second, third and fourth levels feature a chefs kitchen, dining room with sliding glass wall leading onto a terrace, private bedroom floor, and roof deck. This one of a kind home emphasizes light, volume and privacy. $14,950,000 Web NYO0018006

Village Townhouse wiTh garage:

r en ovat i o n s

Exterior and interior photos of Ms. Cames 30 Grove Street renovation. The two smaller images are before and after.

was three times [what] I expected. Count on spending at least $200 persquare foot MORE than your architect and contractor tell you to budget for, Brett Miles, Senior Vice President and Associate Broker at Town Residential agreed. Manhattan townhouses tend to have hidden surprises, especially if the work involves excavating. Ms. Cames also said its something for which potential townhouse owners need to prepare. Have a good amounta little safety reserve left over in your budget when you start, she said. Even a restoration veteran like Ms. Cames can run into an unexpected multiweek setback. One of her Brooklyn restoration projects has been delayed by at least a month because of major floor and structural issues. The way the plumbing was donethey
22 TOWNHOUSE SPRING 2012

Count on spending at least $200 per square foot MORE than your architect and contractor tell you to budget for.
had carved out a huge chunk of the beam to set the pipes in so there was very little beam left. Also, the beams were more narrow than usual, and then there was a lot of leaking over the years which had destroyed those beams which were already completely mangled from cutting, she said. In the basement there was a crack in the lateral beam but we couldnt see how

much that had effected the other beams upstairs and it had effected them a lot. Every time a plumber touches something its $1,000 it seems, Mr. Morrissette added. But with no risk, there is no reward. Sometimes, old stuff is way cooler than new stuff. Ive always loved historic buildings because they have the most character, Mr. Morrissette said. When youre working with an old apartment or building, you automatically have this built-in coolness that never goes away. Even if you designed the place with modern everythingthe bones of the place are still there. I grew up in a little Connecticut suburban development where all the houses look the same la Edward ScissorhandsSo I guess when I finally got out, old peeling molding appealed to me.

M A N H A T T A N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A

NEW GREEN LANDMARK MANSION

West 70s | $13,995,000 | Embrace your privacy in NYC in this custom built single family townhouse. This mansion offers over 8,000 sf interior and 2,000 sf outdoor living space. 6 bedrooms, 11 baths, 10 wood burning fireplaces, steam/sauna, wine cellar, media room, a commercial elevator that services all six stories. Entertain a large function or just come home for a cozy dinner prepared in the Smallbone custom kitchen. Monitor your home from within or away with the smart house technology. Web# 1399816.

VIRTUALLY STAGED

TALIN ESHAGHOFF SARRAF

516.316.6560 | talin.sarraf @ elliman.com

FOR GUIDANCE AND INSIGHT ON ALL THINGS REAL ESTATE, PUT THE POWER OF ELLIMAN TO WORK FOR YOU. ASKELLIMAN.COM
2012 BRER Affiliates Inc. An independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

SPECTACULAR LIMESTONE MANSION

22 EAST 71ST ST: Grand and elegant 45 wide, 21,000+/- Sq. Ft. Limestone Mansion featuring a spectacular sweeping marble

staircase and soaring high ceilings. This extraordinary CPH Gilbert designed townhouse offers the discerning buyer the rare opportunity to own a Manhattan landmark with the versatility of residential or commercial use. $50,000,000 WEB:NYO0015884

SERENA BOARDMAN | Senior Vice President, Associate Broker | 212.606.7611 MEREDYTH HULL SMITH | Senior Vice President, Associate Broker | 212.606.7683 EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc 38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Sothebys International Realty, Inc. is owned and operated by NRT LLC. Sothebys International Realty is a registered trademark.

Lu x u ry co m fo rt s

Caption in this space here and here in this space right here. here in this space right here.

The childrens playroom at Superior Ink.

since most just face across the street, said Wolf Jakubowski, Senior Vice President, Managing Director and licensed associate real estate broker at Brown Harris Stevens. Our listing at 103 Riverside is a real exception since it faces directly onto Riverside Park. The last single family with such views sold on 107th and Riverside Drive in 2007 for over $15,000,000. Although its true that the exterior views matter, its whats on the inside that counts. What could be more spectacular than having your very own indoor pool? According to Senior Vice President and Associate Broker at Sothebys International Realty, Stan Ponte, not much. Our exclusive at 232 West 15th Street, featuring a one-of-a-kind, 8-foot-deep, 30foot long indoor pool, has caught the attenThe wine cellar at 45 East tion of buyers all over 74th Street is ideal for that the world, he said. oenophile townhouse buyer. Mr. Ponte, did however, have another unique option. Even though it might not be as extravagant as an indoor pool, its still music to every New Yorkers ears: a garage! Our exclusive at 196 West Houston is the epitome of the New York saying, You never know what lies behind the faade of buildings. Not only is this property beautifully renovated, but it includes a rare feature: a two-car garage. Brett Miles, Senior Vice President and associate broker at Town Residential calls their new townhouse listing at 45 East 74th Street one of the most beautifully finished homes ever to come to market. The cellar, often neglected and used for storage, has been converted into a state-of-the-art spa. There is a 29 x 16 Bisazza Mosaico tile lined saline pool with a waterfall and skylight from the garden above. Its humidity controlled so that the water doesnt evaporate.

Adding a pool, gym or theatre provides the luxury of convenience to any townhouse.
In addition to the pool, theres a dry sauna large enough for four as well as a wet sauna wrapped in Travertine. A fitness center offers health conscious city dwellers private, unlimited access to Techno Gym equipment. Residents can also de-stress with a glass of wine from the temperature controlled, fully-stocked wine cellar. There are few townhouses that will be able to compete with these luxuries. Mr. Miles said. We concur; its hard to argue with that. Prospective buyers want the convenience of the best amenities without sacrificing the elusive privacy provided by townhouses. Customized residences such as the ones detailed here, offer just that. Buyers throughout the city covet townhouses, and for those lucky enough to have the purchasing power, townhouses with unique and luxurious amenities are an ideal combination of extravagance, privacy and convenience.

14 TOWNHOUSE SPRING 2012

m a r k e t r ep o rt

TOWNHOUSES RETAIN VALUE WITH STRONG DEMAND

Deciphering the Market | By Erica Martin

T
6

HE TOWNHOUSES ORIGINAL connotation is that of wealth and splendor. In the 1700s, English landowners bought buildings in cities that had small plots so that they could fit in urban spaces, but which boasted many floors and luxurious interiors. Residents could be at the center of the buzzing cultural life of a city without giving up their lavish standards of living. Today in New York City, townhouses can be less exclusive and vary in style and location, but they remain a niche market, according to Doug Bowen,

Senior Vice President of CORE. Mr. Bowen is optimistic about the state of the townhouse market. Because townhouses attract a specific clientele, they maintain a more steady level of competition no matter the state of real estate in the rest of the city. Townhouses are becoming slightly more affordable. However, those that have an aura of history, whether its because of their locations, styles or former owners, continue to sell for monumental sums. Last year a townhouse mansion that the Vanderbilts once owned at 16 East 69th Street sold for $48 million. More recently, Truman Capotes former townhouse in Brooklyn Heights sold for $12 million. Buildings like these illustrate the importance

TOWNHOUSE SPRING 2012

Lu x u ry co m fo rt s

Residents at Superior Ink can enjoy the complexs screening room.

Amenities beyond your wildest dreams

Annie Cusick
a city where you cant even walk down the street without seeing a brand new high rise with promises of the ultimate luxurious conveniences and amenities you wont find anywhere else, real estate companies and home investors are constantly having to come up with new and unique ways to attract prospective buyers. Enter the next big concept in New York real estate: townhomes with unique, condo-like amenities. Long sought after, townhouses are experiencing a market reinvention. Townhouses attract a very different clientele, said Lisa Simonsen, Senior Vice President and

IN

head of the Simonsen Group at Prudential Douglas Elliman. People who desire the privacy of a townhouse do not want the intrusion of a doorman and other people living in their building they want the freedom to create a living space that suits their personal needs without the restrictions of a board. Its true, most townhome buyers tend to value privacy and control over their entire building, but that doesnt mean the concept of additional luxury and convenience is lost on them. Adding a pool, gym or theatre provides the luxury of convenience to any townhouse, affirmed Ms. Simonsen. And its clear shes not the only one in the New York real estate world who feels this way. Listings for these unique townhomes

with added amenities are showing up more and more frequently. West Village residential complex Superior Ink, for example, offers beautiful, historically inspired townhomes strategically positioned adjacent to their condominium building on Bethune Street. This way, townhome owners enjoy the privacy and fulfillment of owning their own home, without having to sacrifice convenience. Developed by Related Companies and located opposite Hudson River Park, the Superior Ink Condominium set record sales for downtown. The complex has a bevy of amenities ranging from a 24-hour concierge and doorman and state-of-the-art fitness center to a childrens playroom and private screening room for films. Many notable New Yorkers swooped in for the kill

SPRING 2012 TOWNHOUSE 11

Different language. Different food. Different customs. An HSBC mortgage can make you feel right at home.
If youve 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 assistance for international borrowers with qualifying visas, fixed and ARM options featuring our best rates,1 and a special closing cost credit. Just a few of the many benefits available with HSBC Premier. Are you ready to live life without boundaries? Stop by your nearest branch, call 888.662.4722 or visit www.hsbcpremierusa.com/mortgage.

To be eligible for a Premier mortgage, you need to maintain a Premier relationship and a minimum of $100,000 USD (or equivalent) in qualifying personal and/or commercial deposit and investment balances with HSBC in the U.S. or your home country. Interest rate may increase per the terms stated in your adjustable rate note, and for both xed and adjustable rate Premier Deluxe Mortgage options in the event you cease to maintain the requirements stated above. Discounts and loan amounts depend on specic programs and may require certain Premier balances, reserves, equity and automatic payment from a Premier Checking account. United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other ling obligations with respect to their U.S. and non-U.S. accounts including, for example, Form TDF 90-22.1 (Report of Foreign Bank and Financial Accounts (FBAR)). U.S. persons should consult a tax adviser for more information. Mortgage and Home Equity products are offered in the U.S. by HSBC Bank USA, N.A. and are subject to credit approval. Borrowers must meet program qualications. Programs are subject to change. Geographic and other restrictions may apply. Equal Housing Lender. Deposit products offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. 2012 HSBC Bank USA, N.A.

Know

what property is worth before you buy.

LivingThere.com
Find out how much properties have sold for.
Livingthere has historical sales information for all Midtown buildings. For free. Livingthere is the smarter way to search for real estate. LivingThere.com is a new real estate search site for New York City. Search our comprehensive listing database of Manhattan, Brooklyn & Queensproperties. Research past sale prices for free. Save, share and discuss searches on your own personalized dashboard. LivingThere.com the smarter way to search.

Townhouses tell stories that fascinate us all.

-Doug Bowen

161 State Street, Brooklyn Heights

$3,300,000
Located in New York Citys first Historic District, this townhouse is on the market for the first time in 50 years. The areas 1965 Designation Report speak volumes about the neighborhood and its properties; As seen today, interspersed by stately churches, the houses represent an almost unchanged community as originally built. Historically, preservation equals value and is reflected in the steady growth of townhouse prices.

7 Saint Marks Avenue, Park Slope

Sold

270 Sterling Place, Prospect Heights

Sold

36 Bedford Street, Greenwich Village

$6,375,000

Please feel free to contact me via email: dbowen@corenyc.com or phone: 646-247-0822.

a d d i r ecto ry
LOUISE BEIT, SOThEByS InTErnaTIOnaL rEaLTy A Senior Vice President, Associate Broker, of Sothebys International Realty and one of Manhattans most successful brokers, Louise was ranked in The Wall Street Journals top 50 brokers across the United States, and is one of the top 10 performing brokers in her firm. Louises impressive sales record includes selling two townhouses totaling $44,000,000, within 10 days of each other, and achieving the highest sale price, of $32,000,000, in Manhattan last year for a townhouse. louisebeit.com, 212.606.7703, Louise.beit@sothebyshomes.com SOThEByS InTErnaTIOnaL rEaLTy rOgEr ErIckSOn has been a top producing broker in Manhattan for over 20 years with sales in excess of a billion dollars. For the 3rd consecutive year, he has been recognized by The Wall Street Journal, REAL Trends and lore Magazine as one of the Top 100 Agents in America by Sales Volume, currently ranked as the #4 agent in the nation. The prior year he was ranked as the #1 agent in Manhattan. www.roger-Erickson.com

FrEd WILLIamS joined Sothebys International Realty in 1997 and became a Senior Vice President, Associate Broker after five years and was among Sothebys International Realtys top ten producers in 2011. He specializes in townhouse and building sales, drawing on his rigorous professional discipline and breadth of experience. His experience as an architect greatly enhances his ability to evaluate and analyze properties objectively, and explain market variables and property conditions clearly and reliably to prospective sellers. For more information, visit sothebyshomes.com

vannESSa kaUFman joined Sothebys International Realty in 2009. Over the last two years, Vannessa and her team have ranked in the top 50 amongst the countrys top 1,400 teams. Her dedication to the real estate profession during the most challenging economic climate in a generation has served her and her clients very well. For more information, visit sothebyshomes.com

ThE nExT ISSUE OF TOWnhOUSE IS On STandS nOvEmBEr 7Th

FOr mOrE InFOrmaTIOn, cOnTacT rOByn rEISS aT 212.407.9382 Or rrEISS@OBSErvEr.cOm

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

28 TOWNHOUSE SPRING 2012

staNFord white MaNsioN oN FiFth aVeNUe East 70s/Fifth. Brilliant scale and unparalleled details within approximately 15,225 square foot limestone mansion. Direct Central Park views from every room. Exceptional and rare. $49M. Web#1264274

aN artistic iNVestMeNt Fifth Avenue/80s. Extraordinary full-floor corner cooperative on Fifth and 88th, overlooking Guggenheim, Central Park, Reservoir. Over four bedrooms, 11-foot ceilings, requires full renovation. $10M. Web#1546061

architectUre as art Meticulously sourced expert renovation of a 21 foot wide townhouse. Central Park views from roof garden, limestone faade, elevator, over six bedrooms. $23M. Web#1228425

new york city

the hamptons

pa l m b e a c h

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.

PaULa deL NUNZio

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

No other New York broker has this track record.

the dUPLex at 998 FiFth aVeNUe Fifth Avenue/80s. Extraordinary scale in only Stanford White co-op on Fifth. Massive living room and formal dining room, huge kitchen with two pantries. Washer/dryer. Four bedrooms plus library. Three wood burning fireplaces. Exquisite living. $20M. Web#1735509

Paula represented the seller in the $53 million dollar sale of 4 East 75th Street, The Harkness Mansion, which still remains the record for the highest price paid for a townhouse in New York. No one else has sold 49 townhouses since 2006, for a total value of over $741 million. Paula has closed 19 townhouses measuring 25 feet or wider. Paula holds the record for the highest price paid for a 25-foot wide home with the $37.5 million dollar closing of 18 East 80th Street.

the art oF gracioUs LiViNg East 60s/Lexington. Expertly sourced renovation of a 20 foot wide townhouse. Elevator, staff suite, stunning roof garden, twostory atrium, modern systems. Superb. $29.95M. Web#1275251

ageLess desigN, eNdUriNg VaLUe East 70s/Lexington. Skillful renovation of approximately 5,960 townhouse on prime East 71 block. Four outdoor spaces, elevator, five wood burning fireplaces, six bedrooms, six full baths, two half. Elegant and grand. $12.2M. Web#1225490

In her 20 years as a townhouse specialist, Paula Del Nunzio has sold 88 townhouses.

restoratioN at the osborNe Restored and renovated co-op. 136 ceilings and dramatic windows in living room, four wood burning fireplaces, Poggenpohl chef s kitchen, cebtral air conditioning. Two bedrooms, library, three and one-half baths. Expertly finished. $6.9M. Web#1067608

new york city

the hamptons

pa l m b e a c h

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. All rights to content, photographs and graphics reserved to Broker. Equal Housing Opportunity Broker.

FRED WILLIAMS

EAST 68TH STREET TOWNHOUSE OFF MADISON

Classic six story house with elevator, 22 (+/-) wide and 11,000 S.F. (+/-), on an outstanding block with neighboring mansions. Currently 12 apartments gently used and impeccably maintained, the house will be delivered vacant and ready to transform into a magnificent and spacious single family residence. $21,000,000 WEB:NYO0018052

FRED WILLIAMS | Senior Vice President, Associate Broker T 212.606.7737 I fred.williams@sothebyshomes.com EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc 38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Sothebys International Realty, Inc. is owned and operated by NRT LLC. Sothebys International Realty is a registered trademark.

SC A N DA LS

Not so Sly: Mr. Stone loses his townhouse.

IF THESE WALLS COULD TALK

Courtney Love duked it out in court with her landlord, Donna Lyon, earlier this year. Ms. Lyon claimed that the singer set the 19th century townhouse on re, ruined the dcor and then fell behind on two months rent. Ms. Love originally rented the

Michael Ewing

divulges on New Yorks most tantalizing townhouse gossip

Love Me Not

landmark West Village townhouse last February for $27,000 a month or $324,000 for the year and ran into some complications in the eleventh month. Ms. Lyon asked for the judge to evict Ms. Love on the basis that a candle set a curtain on re in the master bedroom and destroyed hand-nished walls. Ms. Lyon also claims that Ms. Love did not pay rent for the last two months for a total delinquency of $54,000. The judge ruled in favor of Ms. Loves motion to dismiss the case. Ms. Love left the apartment on February 14, per lease terms, and planned to move to a new downtown apartment.

Chopped to Pieces

The winner of Food Networks Chopped, Jackie Lee, wanted to take Goldman Sachs partner Timothy Kingston to the chopping board last month. Ms. Lee claimed that construction at Kingstons 48 West 75th townhouse was obstructive. Ms. Lee demanded that Mr. Kingston pay for alternative accommodations during construction. Mr. Kingston declined but installed soundproong, air purication and even hired a cleaning crew.

Ms. Love strikes a pose.

Ann Curry, the face of the Today Show, has been in and Sly Stone, the musiout of court for the past eight cian and songwriter most years over her townhouse on the notably known for his role in Upper West Side. Ms. Curry just developing soul, funk and psywanted to renovate the home, but chedelic music, has lost ownerAnn Curry has managed to annoy several of ship of his townhouse at 40 isnt smiling her neighbors. Bond Street. now. It started years ago when neighMr. Stone bought the bors led a lawsuit against the TV townhouse in 2008 for journalist for dangerous, unsafe and ille$7,560,506, but nancial trouble gal construction on her rooftop addition. put it back on the market for The suit claimed that there was exces$7,500,000 this past summer. sive noise and dust, 7a.m. start times and A lien for $6,868,664 was weekend work which disturbed everyone set against the building. The nearby. Allegedly, the construction forced brewing lawsuit between Mr. one 25-year tenant to move out after a Stone and his ex-manager year of the conditions. stated that the former It didnt help last summer when a manager overstated the homeless man was kicked o the propperformers assets. Meanwhile, the apartment erty. The man, who remained unnamed, claimed to have squatted there on and slipped into foreclosure o for the past year. He o ered to take and was sold to a private care of the townhouse in return for livLLC with a Connecticut address for ing in it. $4,500,000. Ms. Curry lives in Gramercy with her The townhouse, TH4, is now on the family and the renovations on their Upper market again through Corcoran for West Side townhouse remain unnished. $6,500,000.

Stone Cold

Curry Commotion

32 TOWNHOUSE SPRING 2012

CHARLEY GALLAY/GETTY IMAGES; PATRICK MCMULLAN

r en ovat i o n s

Corcoran Group Senior Vice President Tatiana Cames sees Brooklyns Clinton Hill, Fort Greene, Bed-Stuy and Crown Heights as having the most up-side for townhouse investors looking to renovate.

18 TOWNHOUSE SPRING 2012

ROGER ERICKSON

74TH TOWNHOUSE | EAST MADISON AV ENUE OFF

Historical townhouse situated on East 74th St between Madison and Park Avenues. Grand and gracious, it offers amazing space on its 5 floors plus basement. Incredible original details and woodwork, important block. $15,000,000. WEB: NYO0017688

ROGER ERICKSON | Senior Managing Director, Associate Broker T 212.606.7612 I roger.erickson@sothebyshomes.com | www.roger-erickson.com EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc 38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Sothebys International Realty, Inc. is owned and operated by NRT LLC. Sothebys International Realty is a registered trademark.

r en ovat i o n s

Before and after shots depicting two of Mr. Morrissettes New York residences. Top: His gut renovation of a townhouse on South Oxford Street in Brooklyns Fort Greene. Below: Mr. Morrissettes former loft in Soho, which was featured in The New York Times after being renovated.

apartments are selling at over $2,000 per square foot in these areas. However, you can find luxury finished townhouses at levels well under that, averaging around $1,800 per square foot. Raw townhouses are often found under that at under $1,000 per square foot. Investors seeking to replicate Ms. Cames mind-boggling success need only look to an outer borough. In fact, thats what Ms. Cames is doing herself. She has two restoration projects in Brooklyn where she thinks the numbers work a lot better. She suggests that future homeowners and real estate investors look there as well. I like Clinton Hill, Fort Greene, BedStuy, Crown Heights. Thats where Im seeing the most upside right now, Ms. Cam20 TOWNHOUSE SPRING 2012

es said. You have tremendous cap rates in some of these neighborhoods and in resalethe values are increasing still tremendously from one year to another because the neighborhoods are developing so quickly. But delving into a townhouse restoration project isnt a decision to be made lightly. Its a process that requires focus, attention to detail and organization. Sloppiness and laziness will almost inevitably lead to longer turnaround times, missed problems, more expenses or could even cause the whole deal to fall through and your almost-home to disappear. Having the right people is crucial as well. Really do your due diligence on the architect and general contractor. Designbuild firms can also streamline the pro-

cess, Doug Bowen, Senior Vice President and Associate Broker at CORE, said. Just as you would get competitive bids from a plumber or an electrician, you want to do your homework on the person who you are entrusting to captain your ship for a multimonth to multi-year long process. Most importantly, choose someone who you think will be fun to work with. Even the most careful planning and research doesnt account for everything. Cost never stops being a surprise, Billy Morrissette, a seasoned investor whos owned, restored and lived in historic townhouses and lofts in NYC, as well as properties in Los Angeles, said. I just re-did a friends small bathroom in the Lower East Side, and even picking the lowest cost items we could, the price

a d d i r ecto ry
Paula Del NuNzio has specialized in townhouses, penthouses, and townhouse equivalent spaces for over 20 years. Since just 2006, Paula has closed over $741 million in only her 49 townhouse sales, and concluded 5 sales over $40 million, including the record sale of the Harkness Mansion at 4 East 75th Street for $53 million dollars. Paula has sold 89 townhouses in her career for a total value of approximately $1.5bn in volume. For more information, visit www.bhsusa.com

For nearly a century, PRuDeNTial DouglaS ellimaN has been recognized as a leader in the residential real estate industry. With more that 3,500 agents and over 60 offices from Manhattan to Montauk, the companys reach is surpassed. Prudential Douglas Elliman offers 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 youre in the Manhattan, Brooklyn, Queens, Westchester or Long Island, including the Hamptons and North Fork, there is a Prudential Douglas Elliman office and agent ready to assist you in any of your real estate needs. Please contact 1.800.ellimaN or visit elliman.com

Specializing in the marketing of premier residential properties, CoRe offers comprehensive real estate solutions for buyers, sellers, investors and developers. Headquartered in New York City, CORE is a dynamic, boutique brokerage informed by expertise and driven by innovation. COREs team of accomplished professionals specializes in all neighborhoods of Manhattan, as well as Brooklyn, where Senior Vice President, Doug Bowen, is a borough specialist. For more information on our services please visit www.corenyc.com.

TaliN eSHagHoFF SaRRaF comes from a world of International Market Research, Public Relations and Real Estate Management where she specialized in pricing and promotions. After completing her MBA she has published several articles in leading international business journals regarding shifting markets and capitalizing on those changes. Over the past 16 years she has been a Real Estate Professional for top tier living. Her discretion, loyalty and dedication and market knowledge is much appreciated among her clientele. Talin is Real Estates best kept secret referred among the citys most affluent residents and investors.

62 BeTHuNe STReeT is the last Superior Ink townhouse available for sale. Designed by Robert A.M. Stern Architects, LLP and developed by Related Companies, this exceptional home is a unique townhouse offering historically inspired architecture and the opportunity to customize ones own interior finishes while enjoying access to the unparalleled services and amenities of the renowned Superior Ink Condominium. Featuring over 4,800 square feet of grand living space and over 1,600 square feet of private outdoor space- all just steps from Hudson River Park, 62 Bethune includes an interior elevator, private indoorparking garage access and use of all Superior Ink Condominium amenities, services and staff. For more information or to schedule a viewing, call 212.488.0012 or visit somethingsuperior.com.
30 TOWNHOUSE SPRING 2012

TowN is a Manhattan-based real estate services firm specializing in luxury sales, rentals and new development marketing. Our representatives are leaders in the industry who are recognized for their in-depth market knowledge and focus on high-level customer service. Founded in 2010 by an experienced team of industry leaders, Town has quickly emerged as a dynamic and respected brand in New York real estate. Its founding members are a close-knit group of innovators with formidable track records in all aspects of residential real estate. For more information, please visit www.townrealestate.com

The Privacy You Desire The Conveniences You Need

62 Bethune Street Superior Living in the West Village
This exceptional home is the last Superior Ink townhouse available for sale. Designed by Robert A.M. Stern Architects, LLP and developed by Related Companies, 62 Bethune Street enjoys all the amenities of the renowned Superior Ink Condominium.

Townhouse Features & Amenities:

4,865 square feet of grand living space- architect/decorator ready 1,642 square feet of outdoor space private backyard garden and rooftop terrace 7 bedrooms, 6 full baths and powder room Wood burning fireplaces, Interior elevators Interior access to Superior Ink Garage and all amenities Pre-wired infrastructure for Smart Home and video answering service provided by Superior Ink concierge

priced at $14 million. For more information or to schedule a viewing, call 212.488.0012 or visit somethingsuperior.com.

Superior Ink Condominium

Sponsor: Bethune West Associates, L.L.C., c/o The Related Companies, L.P., 60 Columbus Circle, New York, New York 10023. The complete offering terms are in an Offering Plan available from Sponsor. File No. CD07-0293.

The seven story Townhouse at 45 East 74th Street is representative of architectural craftsmaship and design that pays homage to the classic sense of style and elegance characteristic of the historic Upper East Side. The townhouse, perfectly positioned on a prime residential block between Park and Madison Avenues, is nestled in the heart of Manhattans historic Gold Coast. Originally constructed in 1879, a century later, this spectacular home has been dramatically reinvented and technologically transformed into one of the worlds most beautiful residences. Priced at $33 Million Web ID: 935757

FRANK ARENDS Senior Vice President O: (646) 998-7416 farends@townrealestate.com

BRETT MILES Senior Vice President O: (646) 998-7427 brett@townrealestate.com

TERRY NAINI Senior Vice President O: (646) 998-7457 tnaini@townrealestate.com

TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

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Market Beat

6 10 18

Owners discover the value of townhouses where the demand remains strong

Crazy Cribs
Pools, gyms, libraries, wine cellarsthese townhouses have it all

Home Improvements
Ben Weitzenkorn discusses the process of gut renovations, landmark restorations and the benets of an upgrade

ON THE COVER
SPRING 2012 THE ESSENTIAL RESOURCE FOR THE DISCERNING TOWNHOUSE BUYER

22 EAST 71ST STREET SERENA BOARDMAN, 212.606.7611 MEREDYTH HULL SMITH, 212.606.7683 SOTHEBYS INTERNATIONAL REALTY PHOTOGRAPHY LOREN WOHL

Delightful Dcor

Buying Over Renting Is the Smart Choice

Amazing Luxurious Amenities That Marvel

24 32

What our interior design connoisseurs know that you dont

Tackling Renovations
Tonwhouse Scandals
COVER PHOTO
22 East 71st Street Serena Boardman, 212.606.7611 Meredyth Hull Smith, 212.606.7683 Sothebys International Realty, Page xx
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Last Word
Michael Ewing dishes on New Yorks townhouse gossip

LOUISE BEIT

116 EAST 70TH STREET

116 E 70TH STREET: Extraordinarily beautiful townhouse in triple mint condition located on the most celebrated block on the Upper East Side. Glorious living room with 12 ceiling, elegant library, dining room with south terrace, 5 bedrooms, chefs kitchen, elevator, and garden. Offered at $22,500,000. WEB: NYO0017310

LOUISE BEIT | Senior Vice President, Associate Broker T 212.606.7703 I louise.beit@sothebyshomes.com | www.louisebeit.com EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc 38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Sothebys International Realty, Inc. is owned and operated by NRT LLC. Sothebys International Realty is a registered trademark.

r en ovat i o n s

With a little bit of risk can come much reward

Ben Weitzenkorn
uying a townhouse is a monumental and exciting decisionespecially in New York City. The housing stock here is gorgeous, varied and historic. Townhouses tell the stories of their neighborhoods. Architectural clues reveal some surprising past uses and tenants. Owning and living in a historic townhouse is a tangible way of linking to New Yorks history. It can also be a great investment. Tatiana Cames, Senior Vice President at Corcoran Group Real Estate, bought her first townhouse in the West Village on Grove Street in 1992 forwait for ita jaw dropping $700,000. It was a combined affinity for the Village and a business savvy that attracted Ms. Cames to her Grove Street investment. The bohemian vibe and roughness of the neighborhood meant more square footage was more affordable than many other traditional Manhattan neighborhoods. That also meant the building wasnt perfect. Ms. Cames had issues getting the ruffian tenants out before she could even begin the restoration work. It was eight units and some of them were in really bad condition and the building itselfthe facade was bluethey had tried to do this New Orleans thing with blue and black and white checkered linoleum inside, Ms. Cames said. Everything was painted blue and white. It was hard to see past [with] what was done to it. But, she said, shes definitely glad she did. Quite a good investment, she commented. After living at her Grove Street address for over two decades, Ms. Cames sold it for $8.25 million last year. No, Ms. Cames cant predict the future; she just saw what looked like a smart buy and took the plunge. It was about the value. Buildings were still under a millionprobably between five and nine at that time. It was really the bottom of the market and for the same price range you could get maybe a twobedroom otherwise, Ms. Cames said. It was a time when the income could really pay a lot of the expenses. Taxes were low and obviously a mortgage on something under a millionyou could definitely absorb a lot of your expenses through renting part of the house. Thats no longer the case in the Village. That last fact is bemoaned by many who were either too young or too slow to take advantage of the real estate opportunities that, in hindsight, were no-brainers. Ms. Cames believes that in Manhattan, the deals to be had already have beenbut with a little bit of digging, Talin Sarraf, a licensed real estate salesperson with Prudential Douglas Elliman, thinks a determined buyer can eke out a great deal. Some hidden gems in Manhattan will include the Upper West Side, he said. There is also Chelsea ... Luxury
SPRING 2012 TOWNHOUSE 19

m a r k e t r ep o rt

A view of the terrace at 400 West Street from the living room.

of townhouses as cultural New York landmarks. These sales also highlight the tendency of prices to shoot upward based on the associations of a building rather than the size or quality of the building, although these properties undoubtedly finished strong in all three categories. Mr. Bowen placed them in the context of the townhouse market as a whole: These are big numbers, but outliers; the real story is in the increased demand for the stock townhouses in prime neighborhoods. Many of these neighborhoods are in Brooklyn, which Mr. Bowen calls the boom borough. Brooklyn has a much larger supply of townhouses than Manhattan does. The growth of the townhouse market in the borough shares many characteristics with the growth that the Manhattan market has seen over the past 20 years. The high selling price of the Truman Capote property, as well as Sarah Jessica Parkers and Mathew Brodericks recent move to a Brooklyn townhouse, indicate a trend of luxury townhouse sales in the borough to complement the trend

The faade of 283 East 4th Street.

SPRING 2012 TOWNHOUSE

M A R K E T R EP O RT

A townhouse offers the largest amount of square feet at the lowest price per square foot of any housing available in New York.
of more desirable and perhaps affordable buildings. According to Brett Miles, Senior Vice President and Associate Broker at Town Residential, certain Manhattan neighborhoods continue to be highly coveted. The Upper East Side, especially west of Lexington and below 85th Street, and the West Village are the neighborhoods most currently in demand. The Upper West Side has also seen a rise in townhouse sales, Mr. Miles said, with proximity to the park playing a major role in the pricing. A $22 million townhouse on Central Park West recently broke the record price for the Upper West Side. Mr. Miles predicts a continued price up-tick in Upper West Side townhouses that can offer proximity to Central Park as a perk. The neighborhoods of Clinton, Hells Kitchen, Chelsea, and Murray Hill offer more moderately priced townhouses with many around $3 million. Mr. Miles explained that most of these townhouses require some renovation, but putting in the work could be well worth it in the long run. By putting in another $1-1.5 million, creating a great product and then holding on to it for four or five years, I think there is a good chance you could double your money on the right property, Mr. Miles said. Some buyers who renovate their townhouses, according to Mr. Bowen, make restorations for a nostalgic feel that recalls a luxurious history, others embark upon a completely modern makeover. According to Wolf Jakubowski, Senior Vice President and Managing Director at Brown Harris Stevens, the last year has seen an invasion of developers, many of whom are new to Manhattan real estate, buying up vacant townhouses in prime locations
8 TOWNHOUSE SPRING 2012

Superior Ink townhouses on Bethune Street.

and offering them up as new single family homes after complete interior renovations and modernizations. Some of these developers are excellent at what they do, others are lost, Mr. Jakubowski said. Architect Alexander Gorlin has called this renovation phenomenon The New American Townhouse, and although it distances townhouses from their history, a modern renovation gives buyers the best amenities and most comfortable space while maintaining the unique exterior of the house and its prime location. When it is done right, it is magical, said Mr. Bowen of modern renovations. RISE IN FOREIGN buyers has ushered in an era of globalization in the Manhattan townhouse market, according to Nikki Field, Senior Vice President at Sothebys International Realty. Ms. Field cites Russian, Chinese and Brazilian clients as those most able to outdo American buyers in terms of closing speed and offering an all cash advantage. Because the US real estate economy is still getting back on its feet, foreign buyers sometimes end up competing with each other for a desirable property. This happened most recently at 815 5th Avenue, a townhouse with a starting price of $25 million. Within a few days, a surge of offers resulted in a last and best international players shoot-out, said Ms. Field about the 5th Avenue building. The rumored Brazilian winners secured the property significantly over the asking price. Louise Beit, also a Senior Vice President at Sothebys International Realty, noted a trend of billionaires from other nations looking for townhouses in Manhattan, especially in the past five weeks. Wealthy internationals are eager to deposit liquid assets in Manhattan, Ms. Beit said. Plenty of townhouses remain available for domestic buyers, of course, but there have been some quick and competitive purchases in recent weeks. We are seeing houses sold in less than two weeks if priced accurately, on a good block and delivered vacant, said Stan Ponte, Senior Vice President and Associate Broker at Sothebys International Realty. He mentioned a high demand for single-family homes in traditional townhouse neighborhoods, which makes sense considering the trend of developers renovating townhouses for clients looking for just such properties. The demand for townhouses in more upand-coming areas, like Hells Kitchen, is also increasing. A townhouse is often considered part of the luxury real estate market, but it can be a valuable investment in terms of both monetary savings and lifestyle improvements. A townhouse offers the largest amount of square feet at the lowest price per square foot of any housing available in New York, said Paula Del Nunzio, Senior Vice President and Managing Director at Brown Harris Stevens. The opportunity for personalization and freedom that comes with owning a townhouse is also a major selling point. Townhouses attract a very different clientele, said Lisa Simonsen, Senior Vice President and head of the Simonsen Group at Prudential Douglas Elliman. People who desire the privacy of townhouses do not want the intrusion of a doorman, [or] other people living in their building. And, they want the freedom to create a living space that suits their personal needs without the restrictions of a board. In some ways, the appeal of a townhouse remains the same as it was for 18th century English noblemen; townhouses combine the convenience and cultural involvement of city living with the comfort, space and luxury that an apartment or condo may not be able to provide. Townhouses tell great stories and their history fascinates people, said Mr. Bowen. There is a romance to living in a townhouse that is undeniable.

i n t er i o r g u r u s

Mr. Santos poses in a space he furnished.

We want the interior to really reflect our clients personality. We like to give the client control.
50, after graduating from Stanford University with a double major in architecture and business. The firm offers clients the chance to discuss their ideas with the designer. For $50 you receive a 50-minute consultation session. Mr. Santos clientele is much younger than most owners of townhouses. He considers his style shabby chic but doesnt believe that interior designers are god-like. We want the interior to really reflect our clients personality. We like to give the client control. We ask how quickly they want to work and their budget. It is really about the story you want to tell. Coming into a home is like meeting someone for the first time, Mr. Santos said. Mr. Santos has a passion for vintage pieces. He has his own house painters and workers, but for the furniture he looks to several different places. These include the City Opera thrift shop, Olde Good Things, which has one of the largest inventories of unique and antique architectural items, and antique garage flea markets in Chelsea and Brooklyn. There is such a great amount of quality pieces there. For me, I think an interior is less about a specific style and more about putting together a mix of styles to keep your interior timeless. I think that is what young people appreciate, Mr. Santos said.
26 TOWNHOUSE SPRING 2012

Lu x u ry co m fo rt s
The state-ofthe-art gym at Superior Ink.

and owners now include Marc Jacobs and Hilary Swank. 62 Bethune Street, Superior Inks only remaining townhouse on the market, was designed by Robert A.M. Stern Architects, LLP and encompasses over 4,800 square feet of living space, with an impressive 1,600 square feet of private outdoor space. 62 Bethune includes an interior elevator, private indoor parking garage access and use of all Superior Ink. 62 Bethune Street offers the rare opportunity to purchase a townhouse that pays homage to the storied history of the West Village while providing a lifestyle offering modern luxuries including interior elevators, wood burning fireplaces, a private backyard

garden [and] a rooftop terrace, commented Leslie Wilson, Senior Vice President of Related Sales and Director of Sales for Superior Ink. can be difficult for some prospective buyers to pass up on the many deluxe services and amenities that most luxury condo buildings offer. Parking garages, pools, in-house fitness centers, theaters, play rooms are just a few enticements that often sway on-the-fence buyers toward purchasing a condo. Consequently, more and more townhouse real estate investors are upping the ante with incredible ameni-

IT

ties to match the golden standard. For New Yorker buyers requiring additional security for their home, Nikki Field, The Field Teams Senior Vice President and Associate Broker at Sothebys International Realty, recommends a townhome option with a private doorman. 20 East 65th street, a 25ft mansion divided into two super trophy homes, is incorporated as a condominium with management and services, yet offers the grand and private life style that private home owners require, she said. In addition, Ms. Field elaborates that the top unit at 20 East 65th comes equipped with an exquisite rooftop terrace. Every agent knows a spectacular view can be key to completing the sale. Views are a real rarity in townhouses

116 West 71st Street boasts its very own spa and sauna.

12 TOWNHOUSE SPRING 2012

LU X U RY CO M FO RT S

HOMES THAT HAVE IT ALL

A private pool is a big pull for buyers. Take a dip in your very own at 45 East 74 Street.

10 TOWNHOUSE SPRING 2012

M A N H AT TA N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A
2012 BRER Affiliates Inc. An independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity. changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

NEW ON THE MARKET

STUNNING TOWNHOUSE TRIPLE MINT

Far West Village | $10,900,000 | Spectacular very large apartment in historic condo loft building. 3,500 sf duplex with 18-ft ceilngs in the Salon, double row of South windows. Plus 2,215 sf open space for studio/showroom, Combined. Web# 1462901. Jan Hashey, Managing Director 212.206.2804

West 10th Street | $10,995,000 | Extraordinarily beautiful townhouse in triple mint condition, renovated to the highest standards. 22-ft wide, 4 bedrooms, 3.5 baths. Amazing garden, terraces and roofdeck. Great investment. Web# 1406682. Eileen Foy, SVP 212.891.7284

UNIQUE VILLAGE HOME

Greenwich Village West | $ 8,000,000 | Very special 1852 home located on quiet and charming street. 5-story brick townhouse. Sunny, high ceilings, 3 wood burning fireplaces, fabulous kitchen, 4 bedrooms, 3.5 baths. Bleecker Garden gem. Web# 1459262. Karen Hartnett 646.522.0688

3 RIVERVIEW TERRACE

Sutton Place | $10,000,000 | Positioned on a private, gated, cobblestone street off Sutton Square/East 58th Street, exceptional townhouse commands spectacular park and river views from every floor. Web# 1165432. Michael Moran, EVP 917.747.7643 | Matthew George, SVP 917.519.0921

MUST SEE BEAUTY

Hamilton Heights | $3,500,000 | Spectacular in every way. Grand living space, formal dining room, chefs kitchen, master bedroom suite with professionally organized dress room and spa like bath, 4.5 baths, 8 gas fireplaces, central A/C, and sound system. Web# 1455009. Michael Rosenblum 212.769.6541 | Sandy Gansberg 212.769.6548

256 WEST 4TH STREET

West Village | $5,300,000 | Little West Village jewel. 15-ft 4-story single family townhouse built in 1877 in late French Second Empire style, retains much of its original detail. Web# 1352720. Jan Hashey, Managing Director 212.206.2804 | Steve Halprin 212.206.2803

ASKELLIMAN.COM

i n t er i o r g u r u s

Mr. DHaene says his designs are always warm and comfortable.

Design tips from two of New Yorks interior design stars

By Jennifer Maas
ou may think it is about style. You may think it is about money. But, really, the renovation of a townhouse, according to several of New Yorks interior designers, is all about comfort. Francis DHaene started his own interior design firm, DApostrophe Design, in 1996. Mr. DHaene, who studied architecture in Brussels, does everything from gutting a townhouse to redesign24 TOWNHOUSE SPRING 2012

reinventing your townhouse

ing bathrooms. Though Mr. DHaene enjoys working on apartments, he loves townhouse projects because they involve an entire structure. Its a different way of living, vertical living, and it is more like a house. You dont have to take upstairs or downstairs neighbors into account. It is its own little structure, Mr. DHaene said. Mr. DHaenes style is modern contemporary and he enjoys creating in-

viting homes. He creates townhouses mostly for families. They are always warm and comfortable. The kind of houses where anybody who goes in there feels good, Mr. DHaene said. But Mr. DHaene is not the only designer in town who feels that way. Interior designer Noa Santos has his own firm, but with a creative new twist. Mr. Santos created his company, 50 for

ED I TO R S N OT E
Paula Del Nunzio, Senior Vice President and Managing Director of Brown Harris Stevens, said it best: A townhouse offers the largest amount of square feet at the lowest price per square foot of any housing available in New York. Thus sets the theme for our spring issue of Townhouse. On pages 6-8, Erica Martin explains why the market is so sturdy and why investing in a townhouse might be the smartest move a buyer can make. Amenities are limitless if your budget is sky-high. From wine cellars to indoor pools and gyms, Annie Cusick checks out how townhouse pads like 45 East 74th Street and Superior Ink are tricked out (pages 10-12). Next, Ben Weitzenkorn walks us through the extensive process of renovating a townhouse: what it entails, tricks of the trade and how it just may be less of a headache than you had assumed. Find out what the experts he spoke with had to say on pages 18-22. We opened our rolodex of interior design mavens and architects to Jennifer Maas. They gave her a little schooling; get the dcor savoir-faire on pages 24-26. Michael Ewing has the last word, delivering up a tantalizing account of drama in realty land, with our dose of townhouse scandal on page 32. There is a romance to living in a townhouse that is undeniable, believes Doug Bowen, Senior Vice President of CORE. We hope you agree! Happy Reading, Benjamin-mile Le Hay

The terrace of 116 West 71st Street.

2 TOWNHOUSE SPRING 2012