How to get more space in NYC paying less if you are purchasing an apartment
If there’s one thing New Yorkers can’t get enough, it’s space. Because of the shutdown, many people left the city and there was a sharp drop in signed contracts and new listings, as buyers, unable to see the listings in person, were left out of the market. Now is an opportune time to shop in New York and exchange for more space if you are one of the people who decided to stay in the city.
Here are some ways to take advantage of this market and get more space for your money in New York City.
1- Post war-apartments
Post war apartments might not be as romantic as pre-war buildings, neither as trendy as new developments but post-war apartments tend to be a 10–15 percent cheaper than prewar.
2- First-floor apartment
Apartments on higher floors are usually more expensive than units in lowers floors. The reason is quite simple — New Yorkers perceptions about security, privacy and street noise.
3- A less desirable location
Heading away from trendy neighborhoods and public transportation can bring you a lot more space for your money — and perhaps even a backyard?
4- Walk-ups and non-doorman buildings
For obvious reasons if you buy an apartment in a walk-up building with no doorman you will pay much less than if you were buying the same unit in a building with elevator and doorman. Below the fourth floor, you’re usually looking at a price about 5 percent less on each higher floor. Above that, it’s even more.
Beatriz Moitinho is a Real Estate Salesperson, specialized in Luxury Real Estate and a Productivity Coach at Keller Williams New York.