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New York

Paying up for extras

As the market tightens, buyers spend more for “add-ons” like storage and parking

A cabana at Dumbo’s 70 Washington Street ranges from $70,000 to $150,000.
A cabana at Dumbo’s 70 Washington Street ranges from $70,000 to $150,000.

From the September issue: Purchasing a New York City apartment has long been viewed as a smart long-term investment. But do optional extras — like parking spots, private storage units or rooftop cabanas — hold their value over time?

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During the real estate downturn, the answer seemed to be no, with condo developers often giving away — or deeply discounting — these extra features to lure buyers to their buildings. But as the market tightens, buyers and renters are paying higher prices for optional add-ons. Developers are responding by increasingly adding these extras into their plans for new buildings, and taking steps to make them easier for buyers to finance. [more]

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AmenitiesHousing Market