The Townhouse Resource for Chelsea & Greenwich Village

The Journal is designed to keep you informed about all things townhouse from your local market to maintenance, history, architecture, construction, and more.

I love townhouses. I got hooked after I sold my first one in 2010. Owning a townhouse is owning a piece of NYC history, a look back in time to the 1800s and early 1900s. I’m captivated by the craftsmanship of carved marble fireplaces and stair rails, elegant decorative moldings and pocket doors, and inlaid flooring and Tiffany windows. Nothing beats the old-world artisan creations found in these homes. The quality of work and materials is hard to find today if you can find it at all. I marvel at these things every time I walk into a townhouse, entranced by the history and unique fingerprint of each one. Each one has a story - does yours?

 

For many townhouse owners violations are often out of sight, out of mind. You may have violations, complaints, and open permits on your property that you don’t know about. So why does this matter? Because it impacts your ability to sell, refinance, or undergo construction on your property which can cause months-long delays.

 

The Greenwich Village historic district was designated in 1969 and is one of the city’s oldest and largest historic districts notable for its fine architecture and role in New York City’s history as a cultural and political hub. Greenwich Village’s political activism date back to the early 1900s. The bohemian movement of the 1910s and 20s was characterized by the rejection of traditional values and an embrace of individualism and artistic experimentation. Many residents were involved in political causes such as women’s suffrage, labor rights, and anti-war activism. In the 40’s and 50’s the Village became a hub of the Beat Generation followed by the counterculture movement of the 60’s and 70’s. Residents then lead protests against the Vietnam War and advocated for civil rights. The Stonewall Riots of 1969 marked the start of the modern gay rights movement.

Greenwich Village contains a mix of architectural styles, including Federal, Greek Revival, Gothic Revival, and Italianate with the oldest buildings dating back to the early 1800s. One of the notable features of the Village is its narrow, winding streets which were designed before the advent of the automobile, some of which are still paved with cobblestones. Perhaps the Historic District Designation Report from 1969 says it best “Of the historic districts in NYC which have been designated or will be designated, GV outranks all others. This supremacy comes from the quality of its architecture, the nature of the artistic life within its boundaries, and the feeling of history that permeates its streets.” “The exceptionally fine quality of Village architecture together with its special quaintness are found nowhere else in NY” The unique blend of architecture, style and cultural significance makes it one of the most beloved neighborhoods in New York City.

 

Construction: Outside of cosmetic renovation work, you’ll most likely need approval and permits from the Department of Buildings (DOB) which will not be granted unless violations are cured and approved by the DOB causing a delay in construction
timelines.

Fines and Penalties: Open violations may result in fines or penalties.

Refinancing: If your building has an open violation associated with a serious or hazardous condition, most lenders will not permit a closing until the violation is cured and signed off by the DOB.

Selling: Potential buyers will uncover violations during their due diligence prior to going into contract. This can delay a sale’s closing by 3-6 months or turn the buyer away completely.

It’s important for townhouse owners to be proactive and check for any open violations or permits, even if they believe there are none. The NYC DOB website is a great source for trying to locate them. If an owner discovers open violations or permits, it’s essential to take prompt action. An expeditor can be a valuable resource in determining the necessary steps to get them resolved, whether it requires merely filing paperwork or a full inspection and compliance. It’s vital to correct any non-compliant violations to avoid delays in selling, refinancing or non-compliant violations.

 

The Manhattan residential real estate market saw a decline in prices last quarter as it continued to adjust from the record highs of the pandemic-era housing boom. The Federal Reserve’s campaign of aggressive rate hikes in the 2nd half of 2022 triggered a sharp decline in buyer demand which has persisted into this year. Consequently, signed contracts were down roughly 13% through April as the market faced additional challenges with recent bank failures and continued economic uncertainty.

Buyer demand surged at the end of the first quarter with March signed contracts surpassing the historic average for March. The lower end of the luxury market ($4M-10M) picked up with weekly signed contracts doubling from January to March. While buyer demand pulled back a bit last month, April still had the second-highest number of signed contracts in Manhattan this year.

The Manhattan townhouse market has followed the broader Manhattan market with more than half of signed contracts last quarter occurring in March. The median and average price for 1-4 family homes that went into contract in the first quarter were $7.2M and $9.55M respectively. There were 3 signed contracts in Greenwich Village and Chelsea with an average sale price of $7M and a median sale price of $6.1M. (Please note: contract signed prices are based on the last list price.)