Condo developers find success in ground-floor “townhouse” units

June 08, 2012 09:00AM

Developers are increasingly adding townhouse components to their condominium projects, NY1 reported, and that’s boosting both their bottom line and prospective buyers’ options. “So what we are seeing is that people want the space of a house, but the amenities of a condominium,” said Halstead Property Development Marketing President Stephen Kliegerman. “So what developers have done is take the best of both worlds and combine them into one.”

In addition to meeting the demand of buyers amid a shortage of true townhouse supply, the move often improves a developer’s profits. They can charge penthouse-like prices for typically less valuable bottom floors, and, on residential blocks, don’t have to worry about finding retail tenants.

Kliegerman said new buildings are being built throughout the five boroughs with this feature and he expects the trend to continue. [NY1]