Welcome to the Summer Edition of The Townhouse Journal!
Keeping you informed about all things townhouse from your local market to maintenance, history, architecture, construction, and more. In this edition I shine a light on the transformative benefits of embracing natural light in your townhouse and delve into the pulse of the townhouse market and broader Manhattan market. Additionally enjoy reading about the rich architectural details landmarked mansion in Murray Hill.
Let There Be Light!
Unless you’re lucky enough to live on a corner lot with side windows, chances are the middle of your house is lacking natural light due to the nature of its long and narrow footprint. Natural light highlights architectural features, creates visually appealing spaces and is associated with numerous health benefits such as improving sleep, mood, and cognitive performance. This is precisely why natural light enjoys broad popularity and allure, making it a worthwhile investment. Here are some tips to increase natural light in your townhouse:
- Install windows that are wider or longer, reaching to the floor.
- Alternatively, convert windows into doors that open onto a new outdoor space.
- Reconfigure the layout to create a more open floor plan, allowing more natural light to reach the center of the house. Add skylights to bring in additional light.
- Open up the rear exterior wall on the garden or parlor levels, replacing it with oversized windows or a spectacular glass wall, creating the added benefit of integrating the interior with your outdoor space.
To enhance light without major construction, consider the following:
- Choose wall finishes that reflect light. Think light creams, pastels or white with reflective paint finishes such as eggshell or satin.
- Select lighter-colored flooring and avoid dark woods that absorb light; this includes dark window frames.
- If you have brick walls use techniques like pickling or painting to maintain texture while allowing light to bounce around.
- Install large mirrors to reflect light.
Keep in mind that if you are in a historic district or have a landmarked building, you may need approval from the Landmarks Preservation Commission. Visual changes at the back of the house, unseen from the street, have a higher chance of approval since they preserve the historical character of the neighborhood. Hire an architect with landmark experience to guide you and provide insight into the likelihood of approval.
Q2'23 Market Update: Manhattan Market Rebounds From Sluggish First Quarter
The Manhattan residential real estate market had a slow start in 2023 but gained momentum in the second quarter, recovering from a steep decline of almost 40% in sales volume compared to the previous year, caused by a sharp rise in interest rates. During the second quarter, there was noticeable improvement, with sales volume increasing by 4% and the median sales price rising by 11%. Additionally, buyer activity also saw a boost with signed contracts rising by almost 22%.
Townhouse Market
The Manhattan townhouse market also experienced growth in the second quarter. Sales volume and signed contracts surpassed the general market, showing respective increases of 10.3% and 82.4%. Properties moved more briskly, as the median days on market decreased by almost 33% for properties that went into contract. However, the median sales price did decrease by 9.24%.
The downtown townhouse market, specifically, saw a significant increase in signed contracts during the second quarter, soaring by 71%. Notably, 25% of the signed contracts were in the 5 neighborhoods covered by The Townhouse Journal.
(Please note: Market information is for 1-4 family houses south of West 110th and East 96th Streets and based on public sales only.)
Historic Mansion in Murray Hill
The James G.D. and Harriet Lanier House holds a distinguished place in New York City’s architectural history, having been designated a New York City landmark in 1979 and later added to the National Register of Historic Places in 1982. Built between 1901 and 1903 by Hoppin & Koen, formerly of McKim, Mead and White, this magnificent home showcases a blend of Italianate and Second Empire architectural styles. With a width of 33 feet and a depth of 75 feet, the house stands proudly in the Murray Hill historic district at 123 East 35th Street with its eight stories, twelve bedrooms, nine baths, and three powder rooms. Its iconic facade boasts two-story ionic pilasters, an exquisite copper mansard roof, intricate stonework, ornate cornices, and a grand stone porch. Regarded as one of the finest residential works in New York City, the house spans an impressive 11,638 square feet and currently serves as a single-family residence. Recently, this architectural gem was listed on the market for a staggering $33,000,000, a testament to its timeless beauty and historical significance.
