B
ob and Cortney Novogratz have built a thriving design and real estate business in New York City while raising seven children. Their latest book, "The Novogratz Chronicles," chronicles their story over the past three decades.
Their most ambitious project to date is a 197-year-old townhouse on Waverly Place, which they transformed into a stunning residence with a cool downtown touch. The couple's first home was a Chelsea townhouse in 1995, but it was condemned and needed significant renovation. They secured an interest-only loan from the seller, Joe, who essentially held onto the mortgage until they paid him in full.
The property had been chopped up into tiny rooms, but Bob and Cortney saw its original beauty and brought it back to life. They shopped for unique pieces at flea markets and found beautiful stained glass in a neighbor's backyard. Friends and family moved in as renters, and Suzanne Vega rented the entire townhouse for a significant amount.
The Novogratzes have three guiding principles for every project: buying the right property, assembling the right team, and investing in up-and-coming neighborhoods. Their first house in Chelsea was purchased before the area's transformation into a trendy neighborhood. They also renovated homes in Soho, Nolita, and the Village, often finding hidden gems under decades of grime.
The couple's success allowed Bob to give up his day job in finance, and they became semi-nomadic, buying and fixing up beautiful New York City homes with their growing family in tow. Their latest book is a way for them to share their aesthetic principles and inspire others to build the house or homes of their dreams.
The Novogratzes' portfolio includes stunning properties across the country and world, from modern buildings in Soho to rustic retreats in the Berkshires. They now focus on buying in established neighborhoods like the Upper East Side and Upper West Side, where value is higher and it's "cleaner and quieter." However, Bob admits that he may be getting older and considering their first multiple dwelling project on the Lower East Side.
Despite New York City's challenges, Bob remains a die-hard fan of the city. He believes its culture and lifestyle are unmatched, and real estate prices are at an all-time high. For those who want to live in Manhattan, there is no other place to be, he says.
