\”Halstead Property’s Louise Phillips Forbes went a step further, saying that on a price-per-foot basis townhouses are significantly undervalued in New York City. Compared with the Novogratzes’ asking price of $3,000 a foot, nearby condos range from $3,750 to $4,450 a foot.
“What [my clients] can get in a co-op or condo is nowhere near what you can buy, on a square-footage basis, in a townhouse,” Forbes said.
“There’s been a run on our luxury market,” Forbes said. “These [condo] developments have captured massive numbers, and that market momentum has magnified these numbers in the differentials tremendously.”
Brown Harris Stevens’ Paula Del Nunzio, who said townhouses are a “fantastic bargain,” predicted that prices for single-family homes in Manhattan would continue to rise.
“There will come a time when a house will cost $100 million, or $5,000 a foot, and nobody will blink,” she said.\”