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
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)

Thor’s $150M loan on 597 Fifth heads to special servicing

Thor’s $150M loan on 597 Fifth heads to special servicing
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

Steve Witkoff buys waterfront Miami Beach lot for $8M

Steve Witkoff buys waterfront Miami Beach lot for $8M
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Compass CEO Robert Reffkin (Getty; iStock)

Compass eyes IPO in 2021

Compass eyes IPO in 2021
arrow_forward_ios

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

Loading...