Blankwood Towers is your urb's second apartment in the game. You can unlock it by getting a certain amount of reputation.
As I said on 98th Avenue Apartment, you can buy furniture BUT BEWARE... You have to pay a $1000 rent to evil villian, Harry Snivel. If you don't pay the rent, whatever you've bought, goes away and never comes back. Also, if you spend $3000 on furniture, you'll unlock a Housecat!