Parking, storage, and bike rooms are three of the most sought-after amenities in NYC condos. Other examples include gyms, social spaces, and outdoor areas.
Anyone who has tried to fit all their belongings into an NYC apartment or spent an hour searching for Manhattan parking knows why condo buyers treasure these amenities. In this post, we explain how much they cost, how they factor into condo deals, and where to find the newest NYC condos.
The typical NYC parking space is 153 square feet, though some are a bit more compact at 145 square feet.
Prices range widely, from $250,000 or more in Manhattan to $10,000 in less dense areas of Brooklyn and Queens.
But the price of parking spots also depends on the caliber of the building. In many luxury buildings in Brooklyn and Manhattan, $130,000 to $150,000 is standard pricing, which equals $850 to $980 per sq ft.
A parking spot may also come with common charges and taxes that typically total about $150 per month.
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Storage spaces vary greatly in size, from as little as 12 sq ft to as large as 120. The average smaller storage space may be 20 to 30 sq ft. On the larger side, they vary from about 75 to 100. Most are on the smaller side of this range.
Unsurprisingly, storage valuation varies, mostly according to size. Prices range from $4,000 to as much as $160,000. In luxury condos, the typical storage price varies from $15,000 to $50,000.
A developer may also license storage instead of offering it for outright purchase. This means the buyer may rent storage space for something like $20 a month. When a buyer purchases parking or storage outright, the amenity is deeded.
New York City passed a zoning amendment in 2009 that required new buildings with 10 apartments or more to provide a bicycle space for every two units. That means condo buyers looking at new properties can certainly expect bike storage to be among their amenities.
But older buildings may create their own bike rooms, possibly out of general storage space, to compete with newer rivals. Experts say adding bike rooms to a building typically fuels resident enthusiasm for the greener mode of transport.
The price for bike storage can vary from $5 to $50 per month. The typical price is $12 to $15 per month.
How developers and buyers approach NYC condo amenities
Condo buyers should negotiate the price of NYC condo amenities when looking to make a deal. In a buyer’s market, developers will often sell these assets for a discount in order to close a deal.
For example, say a sponsor, or developer, has a parking spot on their hands priced at $60,000 to $100,000. In a buyer’s market, they might anticipate that they will not get a buyer to pay the full price. As a result, they will let it go for something like $20,000 to $40,000. The sponsor may even tack it on for free.
The same goes for storage. Developers may expect to get $5,000 to $10,000 for a spot worth $30,000. They may even give it up for free to get a deal done.
Remember that this apparent discount on NYC condo amenities is not only good for buyers. Sponsors may project that they will have to give up the parking spot for a discount, so doing that at the time of the deal makes them look particularly generous when their move is actually calculated in advance. Both parties win, but buyers should not be fooled about the motive here.
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Top photo courtesy of 1080 Lorimer.