Multigenerational housing hits NYC

TRD New York /
Sep.September 28, 2013 12:00 PM

The newest New York real estate trend to buck the typical logic of city living is nothing short of multigenerational family complexes. A handful of wealthy families are piecing together Manhattan homes where grandparents can live down the hall from their grandchildren.

“Citywide,” Leonard Steinberg of Douglas Elliman told the New York Times, “there is a trend toward much larger apartments, where families want to create a suburban scale here in the city. The very wealthy in Manhattan today look at the very wealthy in other cities like Boston and see that their friends have 20,000-foot-houses — they want the same thing here and don’t want to compromise.”

For instance, at 10 Madison Square West, a 125-unit condominium building, four separate families are putting together multigenerational homes, undeterred by the building’s $4,000 per square foot asking prices, according to the Times.

And again at the West Village’s 150 Charles, a luxury condominium, two families are each buying two units to house multiple generations of their families.

“We think it is fabulous, just a beautiful, special thing that the families will eat meals together, spend time together,” Steven Witkoff, the developer of both 150 Charles Street and 10 Madison Square West, told the Times.

However, co-op boards are not always as amiable. Due to concerns over one family controlling too many of the building’s shares, co-op boards sometimes pass rules restricting owners from acquiring more than two apartments, according to Mary Ann Rothman, executive director for the Council of New York Cooperatives and Condominiums. [NYT] Christopher Cameron

Related Articles

Steve Witkoff and 150 Charles Street

Steven Witkoff gets $33M for his penthouse at a West Village building he developed

Buyer of $10M condo at 150 Charles is Monaco-born billionaire

Buyer of $10M condo at 150 Charles is Monaco-born billionaire

155 West 11th Street #14A and Jon Bon Jovi (Credit: Getty Images)

Jon Bon Jovi sells West Village duplex

Democratic State Sen. James Skoufis (Credit: NY Senate)

Real estate agents facing subpoenas after failing to appear at hearing

From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: renderings of 1 Propect Park West, 85 Jay Street and 98 Front Street in Brooklyn (Credit: StreetEasy)

The priciest Brooklyn condo filings of 2019

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market