New York residential developers face the challenge of what to do with ground-floor spaces, often deemed unfavorable by buyers. In a pivot away from traditional uses like medical offices, developers like Bill Caleo are converting ground floors into attractive townhouses, which include amenities like shared services, without the hassles of maintaining a full stand-alone home. These innovative spaces, often combining a first floor with additional bedrooms and facilities, provide significant appeal and are sold at premium prices, sometimes rivaling the cost of penthouses. Brokers report high buyer satisfaction with these convenient options.
"Typically people don't want to buy on the first floor. It's a hard sell," says developer Bill Caleo, a co-founder of the Brooklyn Home Company. Putting a storefront there is the best solution, but it's not always possible, whether because of local zoning, a less-than-ideal location, or the high chance of scaring away luxury buyers.
"If you sell the first floor in combination with two or three bedrooms upstairs, a rec room downstairs, a backyard, and maybe parking, suddenly it's good enough," says Caleo.
"Townhouses are amazing - they give you a lot of space and privacy, but you kind of have to grow up and take care of your house," says Tamara Abir, a real-estate agent at Compass.
Given their size, these new construction townhouses tend to be among the most expensive units in the building - often on par with the penthouse.
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