Owning a Townhouse in the city is a dream come true for some. It's really the closest thing to owning your own home in a city of high rises and apartment houses. A townhome requires more care and patience than a condo or coop, but owning one can be very satisfying. Whether you want a single-family townhouse or multi-family townhouse where you can receive rental income, you can find a selection of them in the search below.
Townhomes in NYC are in limited supply, so expect to pay for the luxury.
In 2018, the median sales price stood at $5.2 million. This price is a 53.1% increase in ten years. Prices vary by neighborhood, with Upper West Side townhouses selling at a median price of $3 million versus $7.4 million on the Upper East Side. On the UES, townhouses that are located within 1 to 2 blocks from Central Park can be $20 million and more.
The average width of a townhouse in NYC is 18 to 20ft—the wider the townhouse, the more valuable it is. Anything narrower than this is considered hard to sell. Townhouses wider than 25ft are considered “trophy properties,” or mansions.
There are two classes of residential property in New York City, which are taxed differently. Townhomes fall under Class 1 (residences with one to three units).
Townhomes are taxed at a rate of 20.919% of the assessed value.
The market value is based on the recent selling prices of comparable properties in the area, plus the size and other amenities. For Class 1 homes, the assessed value is based on 6% of the market value. The assessed value of a Class 1 home cannot rise more than 6% in a single year, or more than 20% over five years.
Brownstones are merely a type of townhouse. Townhouses are multi-story urban houses that are attached or detached (but usually detached). They’re built close to the street and sized similarly to the surrounding properties.
A brownstone is distinguished by the color of its facade, which is a reddish-brown colored sandstone.
Owning a brownstone in Manhattan is a privilege, but renovating one is an ambitious project. They’re versatile investments, but they’re often more than a century old and will need updates.
Expect to spend at least $300 per square foot when gutting and renovating a brownstone. Often, brownstones differ from other NYC living in sheer size—an average of 3,200 square feet. This can mean spending close to $1 million or more on renovations.
Yes. You definitely should hire a broker when purchasing a townhouse. The Manhattan real estate market is competitive and complex. For buyers, especially buyers of townhomes, this process can be extremely stressful. Financial constraints can present even more hurdles.
A buyer’s broker can make a world of difference when buying a home. First, you’ll get unbiased representation. A broker can also offer tips on NYC properties and help you facilitate a sale more quickly.
No single neighborhood in New York will have everything you want, but they each have something unique to offer. However, when it comes to single family homes, the Upper East Side & Upper West side are the most popular ones.
Here are some of the few most popular places to buy a townhome in the city.
The Lower East Side has a reputation of being a hip neighborhood for young, upwardly mobile New Yorkers. The neighborhood has a vibrant nightlife, but also offers local institutions and a good amount of immigrant history for those looking for variety.
Nolita, which stands for “North of Little Italy,” is a quaint neighborhood jam-packed with culture. You’ll find boutiques, restaurants, and galleries abound as you walk the city streets.
Originally inhabited by Italian immigrants, many descendants of these immigrants still live in Nolita. There’s also a mix of young professionals and families who are attracted to the quiet, community-feel of the neighborhood.
Located on Manhattan’s far west side, the Meatpacking District was once mostly home to the meatpacking plants and factories that lent the neighborhood its name.
In the 1900s, boutiques began to move in, and soon young professionals followed. Now, you’ll see a nice mix of co-ops, townhouses, and newer high-rises. This area has quickly become one of the most sought after neighborhoods in the city.
If you’re not from the city and you’re missing trees, consider Gramercy. The neighborhood is known for its ivy-covered brownstones surrounded by gorgeous greenery and gardens in the front.
Gramercy is a quiet neighborhood that’s popular for both families and young professionals looking for an easy commute. While most of the buildings are older, some modern developments have popped up over recent years.
According to the Leslie Garfield 2019 Yearly Review, buyers in NYC seem more decisive than they did in the previous year. Sellers are beginning to accept offers that accurately reflect the new realities of the market.
Based on this trend, and without the addition of any negative external events, the market should become more balanced. In the report, Garfield anticipates increased volume and decreased inventory, creating more market competition.
On the Upper West Side, for example, ten properties were under contract at the end of 2019, with inventory slowly declining. This indicates that buyers and sellers are more likely to be on the same page about pricing. This trend will allow for an increase in transaction volume in 2020.
If you’re looking to buy, an NYC townhouse can be an excellent option. By working closely with a real estate broker, we’re confident you’ll find a home in one of the current NYC townhouses for sale.
The right agent will walk you through the process of purchasing your home. Our team provides a variety of services, but we specialize in highly-personalized First-Class service. We stress quality over quantity and believe in building strong personal relationships with our clients.
Let us be your trusted advisor when buying or selling an investment property or your primary home. Get in touch today with us to get started.