Where fantasy meets realty.
The seclusion of a private home with the privileges of a full-service building seem to be the most sought-after living arrangement in the constantly moving and claustrophobic New York City. This arrangement is now becoming a tangible realty with the new townhouses adjacent to the multi-unit service-packed building in new residential developments.
A common problem with townhouse living is the constant upkeep for the homes appearance in addition to the lack of necessary security for city life - such as a doorman to accept packages when no one is home. While the buyer of a townhouse is likely to be in a similarly priced market as those in the market for full-service buildings. The average price of a Manhattan townhouse was $5,888,837 at the close of 2014. However, unlike the full-service buyer, the townhouse buyer cannot secure both privacy and the services desired.
New developer of luxury construction are responding to this demand with a new style of residential building.
For instance, Robert A.M. Stern's building at 20 East End Avenue includes 43 units and three townhouses built into its base. 10 Sullivan, a new condo in Soho, includes four townhouses around the corner from the main tower - each containing at least four bedrooms, a basement and two private outdoor spaces. While these townhouses offer privacy for tenants they often provide even more square footage and bedrooms than an individual building unit, something which is high demand in today's market.
Developers building in Brooklyn are also responding to the demand for privacy without the required upkeep of an entire house. Brownstones, commonly located in the residential neighborhoods of Park Slope, Cobble Hill and Carol Gardens in the outer borough, are being converted to condos - allotting only one or two floors of the larger townhouses to each buyer. Residents are granted a semi-private experience with more solitude than normal coops or condos but without the high price tag of an entire townhouse.
With this high demand for a more suburban home that includes conveniences suited for city life, it will be exciting to see the fresh innovation developer bring to the market.
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