The Real Deal New York

Social amenities drive down value of apartment buildings, study finds

March 30, 2018 01:07PM

Apartment buildings with amenities like pools, fitness centers and game rooms aren’t any more valuable than their less-fun counterparts — in fact, the perks make the buildings less valuable, according to findings from Newmark Knight Frank, first reported by Bisnow. Operating these amenities hurt a building’s bottomline and tenants are often reluctant to pay extra for them, the report stated, adding that apartments with fewer social amenities sold for an average of 7.6 percent more than those with more social amenities. [Bisnow]