The Real Deal New York

Ground-floor pads 15% cheaper than their lofty counterparts

The units continue to be bargains compared to ones in similar condition on upper levels
November 03, 2014 02:25PM

Buyers often pay between 10 and 15 percent less money for a ground-floor New York City apartment than a comparable unit on a building’s upper levels.

Residents of first-floor apartments point to advantages such as proximity to outdoor space, security cameras and the absence of steps and elevator small talk. Jonathan Miller of real estate appraisal firm Miller Samuel told New York Magazine that those units continue to be bargains, compared to ones of similar quality regarding ceiling heights and condition on the second floor and up.

“More people can’t afford or do not want to spend the money to get upstairs,” Paul Wexler, medical and first-floor apartment specialist at the Corcoran Group, told the magazine.

A two-bedroom Clinton Hill triplex in contract – and asking $795,000 – and a two-bedroom duplex at the Casa Lofts in Williamsburg asking $865,000 are among the parlor-level units recently up for sale. [Curbed via NY Mag]Mark Maurer