Green space means more green for developers of luxury units

Some terraces trade for higher per square price foot than indoor space

New York /
Mar.March 21, 2014 11:05 AM

Developers are taking advantage of New Yorkers’ desire for green space by maximizing the amount of “outdoor living” a space offers — and then charging a premium for it.

Luxury condominiums tend to sell for a higher price if they include a terrace, the New York Times reported. Downtown luxury condos that come with terraces sell for an average of $8.3 million. By comparison,  apartments in the same area without terraces sell for an average $6 million, Manhattan-based Vanderbilt Appraisal told the Times.

The industry has responded by upping the cost per square foot of outdoor space. Terraces used to be worth 20 to 50 percent of the interior square footage — but now, they’re equal in value or are priced higher per square foot than inside the apartment, according to the paper.

At Alexico Group’s jenga-like 56 Leonard Street, for example, which was designed to give each unit an outdoor space, a duplex penthouse with about 1,200 square feet in terraces recently went into contract for $47 million, about $6,000 per square foot, as previously reported. Other developments selling decks at a premium include Witkoff Group’s 150 Charles Street and Walker Tower at 212 West 18th Street[NYT]Angela Hunt


Related Articles

arrow_forward_ios
Condo board looks to evict buyer of heavily discounted 1MDB penthouse
Condo board looks to evict buyer of heavily discounted 1MDB penthouse
Condo board looks to evict buyer of heavily discounted 1MDB penthouse
Manhattan contract activity picks up as discounts grow
Manhattan contract activity picks up as discounts grow
Manhattan contract activity picks up as discounts grow
The Woolworth Building at 233 Broadway (Getty)
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
Walker Tower at 212 West 18th Street (iStock; Courtesy JDS, Core NYC)
Condo board can’t stop sale of 1MDB penthouse at $33M discount
Condo board can’t stop sale of 1MDB penthouse at $33M discount
Walker Tower at 212 West 18th Street with in-contract buyer Ron Vinder (left), and prior owner Khadem al-Qubaisi (right) (Images from JDS Development, Morgan Stanley, Pixabay)
Walker Tower board fights “low-ball” sale of 1MDB-linked penthouse
Walker Tower board fights “low-ball” sale of 1MDB-linked penthouse
Walker Tower at 212 West 18th Street (Courtesy JDS, Core NYC)
Walker Tower condo board opposes heavily discounted sale of 1MBD unit
Walker Tower condo board opposes heavily discounted sale of 1MBD unit
Sheldon Silver (Credit: Getty Images)
Sheldon Silver’s conviction for real estate scheme is upheld
Sheldon Silver’s conviction for real estate scheme is upheld
10 Madison Square West (Credit: StreetEasy, iStock)
Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment
Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...