PHOTO BY ADAM KANE MACCHIA, DESIGN BY LAUREN A BALKIN DESIGN
TOWNHOUSESWe love working with townhouses! Each townhouse has its own story and embodies a piece of New York history. But buying or selling a townhouse is not like buying or selling an apartment, because it requires a unique skillset. Clients really benefit from a broker with architectural, engineering, construction, and townhouse- specific expertise.
Townhouse owners and buyers tend to cherish their independence and privacy. They prefer avoiding co-op board scrutiny (who doesn’t?), doorman surveillance, and abiding by lengthy alteration agreements. Additionally, townhouses offer the most square footage per dollar, making them ideal for those seeking ample space.
FACTORS THAT DRIVE VALUE IN A TOWNHOUSE
Width. Research shows that the houses under 20’ wide sell for approximately 70-80% of the price per SF of houses over 20’ wide. Why? Wider houses have both grander and more gracious proportions, often provide more light, and offer more flexibility in the layout. Narrow houses allow only two rooms per floor, one in the front and one in the back, and limit circulation space.
Light. Some houses are bright and sun-drenched, but many are not. Natural light is always very desirable.
Meaningful Outdoor Space. No one purchases a townhouse without thinking of the garden. In our experience, the most valuable gardens are ground-floor gardens surrounded by other townhouses rather than taller buildings, or terraces and roof decks which can get very hot.
Condition. Unlike in a co-op or condo, a townhouse owner is responsible for the structure, foundation, roof and mechanical systems of the house. Houses which have been completely renovated - including the structure and mechanical systems - are the most valuable, and it is the broker’s job to make sure buyers understand work that has been completed but is not visible (eg steel beams, waterproofing etc).
Facade. “Brownstone” was used in the construction of row houses often built in groups, or rows, by speculative developers. Facades made out of limestone or a combination of brick and limestone, often designed in the Beaux-Arts tradition and built as a unique townhouse for an individual owner, tend to command higher prices.
Landmarks. Many houses are landmarked or in a historic district and we can verify the status of a particular property for you. If this is this case, renovations must be approved, not only the Department of Buildings but also by the Landmarks Preservation Commission (LPC). This process adds time and complexity to a renovation. A house that has already navigated this process is highly valuable, but even drawings that have already been through the approval process can also add considerable value to a home.
Zoning. Some houses have remaining FAR (Floor Area Ratio) that can be built out, for example the addition of a penthouse floor. We can advise on this for a particular property, keeping in mind that landmarks, other site limitations, or previous sale of air rights, may prevent you from using the full amount of FAR and will guide the design requirements.
Elevator. The most desirable is a house with an elevator already installed. Second is a house with a layout and width that can accommodate an elevator.
Legal status. Single-family homes are more valuable than multi-family. It is important to confirm that any home, which at one point held rent stabilized units, was legally vacated and converted to a single family.
Taxes. Adjacent houses on the same block can have very different taxes. Obviously the lower the better! We can verify the taxes for a house that interests you, as well as introduce you to attorneys who have successfully helped clients reduce their taxes.
THE BROWNSTONE: HOW IT GOT ITS NAME
“Brownstone,” a soft, pink-colored sandstone that weathers to a chocolate brown, was used in the construction of row houses before the pre-war apartment buildings became a fashionable alternative to single family homes. Brownstone was cut from brownstone quarries close to New York. It became popular as a less costly alternative to marble, granite or limestone, and was admired as a shade that complemented nature. The word came to denote the name for the house itself - that is, a row house became known as a brownstone. Towards the end of the 19th Century there was a backlash against the uniformity of the brownstone facade that “coated New York like a cold chocolate sauce” (Edith Wharton, The Age of Innocence), and houses began to be built with a wider variety of styles and materials, often designed by a noted architect. It was not uncommon for new owners of brownstones to replace the facade entirely (something that would not be allowed today in a historic district!).