In this COVID-19 era, a pocket of NYC real estate has heated up: new condos with private outdoor space.
According to Marketproof New Development research, buyers are paying the premium to get larger units with better private outdoor space and pushing up the average price per foot paid in Manhattan by 17%.
Frans Preidel, a Brown Harris Stevens agent that specializes in terraces and outdoor spaces says, “the Marketproof research shows that buyers are getting the benefits of lower overall prices, and then stepping up to get that garden or terrace that gives them fresh air.”
The good news for buyers
Nearly 25% of the new condo units currently available in NYC include private outdoor space. Marketproof New Development, which mines government filings by building developers to access 1000s of unlisted off-market properties, shows that more than 2,600 units with outdoor space are currently available. Only 10% of these are listed on publicly available listing sites.
Most outdoor space is on the more modest side of things, at less than 200 square feet of space.
All price points can come with outdoor space
Units of all sizes come with outdoor space, from small studios with balconies, to 1- and 2-bedroom garden apartments, to large 3 and 4 bedroom penthouses with wrap-around terraces and roof decks.
The floorplan below is for a penthouse at the New York Dock Building in Red Hook, Brooklyn. This unit has interior space of 3,831 square feet and a 2,720 square foot terrace above. The terrace offers expansive views of lower Manhattan, Governors Island, the Statue of Liberty, and across the bay to Staten Island and New Jersey. This property is not currently listed on public sites. The offering plan price for this unit is $5.3M.
New York Dock Building – Redhook, Brooklyn
Generally, larger outdoor spaces belong to larger units, though there are numerous studio and 1-bedroom units with more outdoor than interior space.
For example, below is a floor plan for a 639 square foot 1-bedroom unit with a 917 square foot garden and a balcony overlooking the garden. This property is in a six-unit complex called The Craftsmen, which is in Long Island City, Queens, and is listed for $1.35M.
Choosing to pay the premium
According to Marketproof research, outdoor space can result in 10-50% price premiums when compared to similar properties without outdoor space.
Of course, all outdoor space is not the same. The common types include:
So, when evaluating whether to pay the premium, there are a variety of things to consider:
- Amount of space
- Type of space
- Amount of natural light
- Privacy of the space
- Noise levels
- Proximity to parks and trees
- Presence of birds and other wildlife
- Finishes and condition of the space
- Amenities like an outdoor grill and built-in fixtures
- Access to water and the ability to grow plants or garden
- Aesthetic appeal
How to find your space
Whether you are an agent looking for a client, researching for yourself what NYC has to offer, or scaling your firm’s investment portfolio, we recommend giving Marketproof New Development a try.
By using Marketproof New Development you will be able to search both publicly listed properties and unlisted off-market properties not available on popular listing sites.
Create an account, and get a seven-day free trial.
Marketproof New Development
Top photo courtesy of 10 Lenox Ave, Brown Harris Stevens.