A rare historic home is on the market – but who will buy?

The Van Cortlandt House is known as the oldest home in the Bronx, but a historic house on the market may date back even further. The question is, will it sell?

Finding a home in Riverdale constructed more than a century ago is hardly rare, with some neighborhoods standing as relics of a bygone era. Lightly put, most are fixer-uppers – and the Hadley House is no different. But in a real estate economy driven by land value, the demand is less for historic homes than for the residential lot beneath them.

“There is a big market for land in the area, because it's getting more and more scarce,” James Endress said, broker of the listing on behalf of Julia B. Fee Sotheby’s International Realty. “I've gotten a lot of calls [about the Hadley House] from [developers and builders] not realizing that it's a landmark house because they didn't read the description.”

He predicts the farmhouse is unlikely to go fast. He’s seeing the highest prospective homeowner demand for move-in-ready homes – a request Riverdale does not quite fit into. The neighborhood’s housing market is defined more by limited inventory than turnover.

“A lot of people that purchased [homes] stayed in them, so they’re basically generational homes,” Endress expressed. “As people age out and they unfortunately pass, their families don’t have the resources to fix up the houses so a lot of them need extensive renovations.” 

The realtor is no stranger to historic listings. Riverdale is home to one of the highest concentrations of mansions and estates, many located in the landmarked Fieldston Historic District and subject to the same preservation guidelines as the landmarked Hadley House.

Any renovations must adhere to strict guidelines set by the NYC Landmarks Preservation Commission (LPC) to ensure architectural elements remain true to the structure's original form.

“There is certain criteria that you need to meet for them to grant you a permit,” Nick Dembowski, president of the Kingsbridge Historical Society noted. “Even something as small as repainting. You'll need to prove that you're painting either like its historic colors or the same colors it had when it was landmarked in the first place.”

The organization recognized the Hadley House in 2000, praising its historical and aesthetic significance as a distinctive piece of New York City’s cultural and architectural heritage. Not only is it among the first homes in its borough, but remains one of the few surviving 18th-century stone farmhouses citywide. Portions were reconstructed and additions were made in the early 1900s, but it still retains many of its original colonial-era features.

Long before the Hadley House stood on Post Road, the land beneath it was part of Philipsburg Manor, a sprawling 52,000-acre estate acquired by English merchant Frederick Philipse I in 1693. Much of that land was leased to tenant farmers, and it’s believed one of them may have built the original stone structure that still stands today.

After the Revolution, Philipse’s descendant, a British loyalist, had the estate confiscated by the state and carved into parcels. In 1786, local farmer William Hadley purchased a 92-acre plot, including the farmhouse that would bear his name. At the time, the home followed a traditional New England saltbox design characterized by a steeply pitched roof that slopes down to a single-story rear, while the front remains two stories tall. Its two-foot-thick stone walls are mortared with lime and mud.

Hadley added a north wing in the early 1800s, but the house remained largely untouched for about a century. It wasn’t until 1915 that the structure took on its current form with a sweeping renovation by architect Dwight James Baum. He added porches, another wing, and a sense of revivalist flair—while preserving the home’s character.

Today, the Hadley House is listed on Streeteasy for $1.49 million. The 12 room dwelling features five bedrooms, 2.5 baths, a library with a wood-burning fireplace and a serene sunroom. It also features a two-car garage and expansive yard. 

But long as the existing 2,660-square-foot home remains intact, additional residences can be added to the lot the farmhouse stands on. That’s no small incentive in a neighborhood where land is increasingly complex to come by – and competition is heating up.

Described as a “step into history,” the structure still features some of its original elements, like wood beams crafted from halved tree trunks—bark still intact. 

But many of Endress’s inquiries for the property are not from prospective homeowners. With the supply for houses rather stagnant in the area, there is one type of real estate that’s in high demand – property lots, or parcels of land designated for the construction of residential homes.

​In 2023, approximately 65 percent of new single-family detached homes were built on lots smaller than 9,000 square feet, according to the National Association of Home Builders. It’s a nearly 25 percent jump from 1999, the first year this data was tracked, reflecting a significant shift toward smaller lot sizes over the past two decades. ​

He recently offloaded a lot “less than a quarter acre” on Palisade Avenue for about $370,000. Six residential lots in Riverdale are currently listed for sale on Zillow, with asking prices ranging from approximately $380,000 to $1.5 million. 

A couple of listings are marketed as prime opportunities to build custom dwellings. One is advertised as a chance to “build your dream home in one of New York City’s most desirable neighborhoods.” Others lots are construction-ready, with Department of Buildings permits already issued for one, two and three-family residences.

Although more turn-key houses are being built, the inventory of homes currently available is still far lower than Endress hoped for, despite spring and summer being the most popular buyer seasons.

“Riverdale is a special niche market, it’s kind of a hybrid city suburban living,” Endress stated. “The market doesn't move as quickly as Westchester, like there's still bidding wars everywhere.”

While he hopes to see more homes listed for sale in Riverdale, it’s unlikely to make much of a difference. With supply falling short of demand, buyers are moving to counties where move-in-ready homes are more readily available – like Westchester, despite higher taxes.