What’s a rooftop worth in NYC?

“Changing roof use spawns a disproportionate amount of litigation in co-ops and condos”

New York /
Jun.June 19, 2016 03:00 PM

Manhattan has some great public parks, but there is nothing like a bit of privacy in the outdoors now and then. And that’s why losing access to your building’s rooftop can be so devastating – while also diminishing your apartment’s resale value.

A Chelsea resident recently wrote to the New York Times complaining that their co-op board had closed off the building’s roof in order to get a warranty on the new roofing. The troubled resident writes: “My one-bedroom is valued at around $1 million; even a 1 percent drop in value would mean a $10,000 loss.”

In NYC, even slight changes can cost big bucks, and that means it can be worth fighting back. Even if the board had a good reason for eliminating rooftop access, how long residents had enjoyed access to the roof before it was closed, and how it was used, could effect the board’s authority to close it off, Aaron Shmulewitz, a Manhattan real estate lawyer, told the Times.

“Changing roof use spawns a disproportionate amount of litigation in co-ops and condos,” Shmulewitz said.

Shmulewitz recommends the residents organize and respond to the board collectively. [NYT]Christopher Cameron


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Bentley Zhao and 58-01 Queens Boulevard (New Empire Real Estate, Google Maps, iStock)
New Empire plans ambitious condo in quiet Woodside
New Empire plans ambitious condo in quiet Woodside
From left: 11 Hoyt Street and 370 Eighth Street
See clear across Brooklyn, unclothed: Buyer claims $5M penthouse
See clear across Brooklyn, unclothed: Buyer claims $5M penthouse
Rudin Management CEO Bill Rudin and 3 Times Square (Getty Images, 3 Times Square, iStock)
Rudin gets $415M refi for 3 Times Square makeover
Rudin gets $415M refi for 3 Times Square makeover
(iStock)
Bidding wars proliferate in rental market
Bidding wars proliferate in rental market
1060 Fifth Avenue (Google Maps, iStock)
Fifth Ave co-op tops another slow week for Manhattan luxury contracts
Fifth Ave co-op tops another slow week for Manhattan luxury contracts
arrow_forward_ios

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

Loading...