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Jan 12

New York City Penthouses – Life at the Top

by Mary Teresa Fowler
New York City Penthouses

When developer Ian Schrager, co-creator of boutique hotels, and his partners asked the renowned architectural firm, Herzog & de Meuron, to design 40 Bond Street in New York City, they were choosing a top team. This prestigious firm had designed the Tate Modern Museum in London, the main stadium for the Olympic Games in Beijing, as well as other world-class projects. Schrager made one more top decision.

"I'm taking the penthouse," says Schrager.

Luxury Penthouses

No doubt, building owners and co-owners can have the first chance to live in the luxurious penthouses. Most owners of luxury real estate position themselves at the top. Take Donald Trump and Trump Tower – another co-developer who took the opportunity to occupy an opulent penthouse. Do you ever wonder what life is like at the top?

40 Bond Street

The penthouse at 40 Bond Street makes a sizable impression and comes with a big price tag – a reported $18.5 million. That chunk of cash will get you 6,626 square feet of interior space and 3,529 square feet of exterior space. Of course, you could choose a smaller 3-bedroom apartment for $9,950,000. You could even choose a 2-bedroom unit for the more affordable price of $4,850,000.


The apartments at 40 Bond Street have all kinds of luxurious features - Austrian smoked oak floors, Italian cabinets with smoked oak and high gloss lacquer, as well as Glacier White Corian walls, and shower floor with embossed graffiti pattern. 40 Bond Street was designed to reflect a version of SoHo commercial loft buildings. The building uses a green glass grid instead of cast iron.

Boomer hotel icon Ian Schrager is far from done

Trump Tower

Donald Trump chose an office and a penthouse in Trump Tower at 721 Fifth Avenue. Angelo Donghia designed this elegant penthouse. Even from the outside, Trump Tower is no ordinary building. Its unique look and unusual layout make an innovative statement.


Donald Trump continues to express his individuality with his choice of detailing. From the inlaid Trump Tower seal on the ramp of the entrance to 'T' stanchions and vitrines, it is hard to miss the 'Trump' connection. Developers of luxury properties tend to make their mark with extravagant buildings.

Trump Tower is full of elaborate details. Its 100-foot high atrium features a seven-storey waterfall in front of Breccia Perniche marble in gorgeous colors – peach and orange - pink and rose. Polished granite walls and brass vitrines add an extra glow.

Trump Burns Mortgage At Trump Tower

NYC Penthouses

Life at the top might cost a fair penny but many buyers are willing to pay the price for a luxurious lifestyle. Of course, if you own (or co-own) the building, occupying the penthouse makes it a more probable and personal choice. Yet developers are not the only buyers wanting to move into penthouse apartments.

Despite the recent downturn in the economy, the U.S. luxury real estate market is rebounding in fast order. Upscale markets tend to make a fast recovery from economic woes. Luxury property is seen as a smart investment in the long term.

Luxurious residences and hotels do well in major centers like New York City. Ask Ian Schrager. He just started Schrager Hotels and created two new hotel brands – one luxury model - and one less expensive brand - for those of us who can't afford the penthouse suite.

What Would Be The Best Thing About Living In A Luxury Penthouse?

Image courtesy of bilgenozturk.blogspot.com



Dec 20

Townhouse Sales – Going To Town

by Mary Teresa Fowler
Townhouse Sales

Within the US and Canada, sales of townhouses are 'going to town' (moving ahead in a vigorous manner). The term 'townhouse' has varied meanings in different countries. Historically in the UK and Ireland, 'townhouse' referred to the residence of a member of the aristocracy in a capital or major city. Famous townhouses are 10 Downing Street, residence of Prime Minister David Cameron, or Clarence House, home of the late Queen Elizabeth, the Queen Mother, and now the residence of Charles, Prince of Wales.

What are Townhouses?

Today in North America, this type of housing (either single-family or multiple-family dwellings) has a small "footprint." Usually, a townhouse is within minutes (either walking or with public transportation) of a city's business and industrial areas. Townhouses have been compared to a compromise between a condo and a regular home.

This housing category can include homes in the luxury market as well as more affordable houses. Superb examples of luxurious townhouses can be found in New York, Boston, Chicago, Toronto, Philadelphia, and San Francisco.

Why do People Buy Townhouses?

Part of the current appeal of townhouses is the wide range of prices. There is a townhouse for every budget and all age groups. Townhouses interest everyone from first-time buyers to empty-nesters who are downsizing to a smaller home. A first-time home buyer views a townhouse as an affordable alternative to a detached house. Building fees can cover issues such as snow removal, landscaping, or maintenance of the building's exterior.

Sometimes there is more demand for townhouses than can be supplied by the market. Wendy Jabusch, general manager of Hawthorne Homes, speaks about Canadian real estate and townhouses.

"Recent research shows that available townhome product -- homes started or available for pre-sale -- is only 14 per cent of the new construction market. The remaining 86 per cent of multi-family product is apartments," says Wendy Jabusch of Hawthorne Homes.

What does the Future Hold for Townhouses?

There has been a recent increase in townhouse developments. Construction starts of townhouses counted in at 250 in Calgary, Alberta during October, 2010. According to Canada Mortgage and Housing Corporation, that statistic showed the strongest month in 21 years for townhouse starts. Of course, there were fewer new townhouse constructions in 2009 because builders were working though units already in production.

Home buyers gravitate to townhouses for several reasons. Townhouses offer good value, attractive design, and lifestyle benefits. President and partner Tim Logel of Cardel Lifestyles says that he has found that townhouses have maintained their popularity since Cardel's first development in 2002. Logel is optimistic about townhouse sales in the coming year.

"I expect 2011 to be a strong year for townhome sales as affordability and the job market improves in Calgary," says Tim Logel of Cardel Lifestyles.

City homebuyers go to town

Manhattan Townhouses

New York City townhouses never lose their appeal. It is easier to get financing for a city townhouse than a NYC co-op. Generally, lenders look upon a Manhattan townhouse purchase as a wise investment. If you buy a townhouse as an investment, rental income can take care of the monthly mortgage payment.

Financing A Manhattan Townhouse

Are You Planning To Buy A Townhouse?

Image courtesy of activerain.com

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