Manhattan homes with outdoor space sell at 5% premium

Manhattan condos and co-ops with outdoor space sell for higher prices since March 15

New York /
Aug.August 24, 2020 02:25 PM
(iStock)

(iStock)

A private balcony or terrace in a Manhattan home has always been a perk, but in a pandemic they justify a boost in sales prices.

Condos and co-ops with private outdoor space are selling for 5.4 percent more per square foot since March 15 than they were prior to the pandemic shutting down the city, reports Bloomberg citing a data analysis by appraiser Jonathan Miller.

On the flip side, condos and co-ops without exterior space have seen a 1 percent decrease in price per square foot.

“The number one thing that people are asking for is private outdoor space,” Compass adviser Cindy Scholz told Bloomberg. “Particularly in rentals, where we have a huge inventory supply right now, the stuff that’s actually moving at a reasonable pace has private outdoor space.”

In the rental market, units with outdoor space are seeing smaller declines in asking rent, according to Bloomberg. Citing RentHop data, the publication reported apartments with outdoor terraces have only seen rents fall by 3 percent, compared to the 6 percent drop the rental listing site is seeing for units without an exterior space.

[Bloomberg] — Erin Hudson


Related Articles

arrow_forward_ios
172 Cedar Street in East Hampton LI
(Google Maps)
Huge Hamptons equestrian estate sold for $22M
Huge Hamptons equestrian estate sold for $22M
Eli Elefant and 452 5th Avenue (IAVA, Property Building Corp)
PBC nears $385M loan for HSBC tower after sale to Innovo collapses
PBC nears $385M loan for HSBC tower after sale to Innovo collapses
Molly Ringwald and Alexi Lubomirski (Getty Images, Credit Cristina Cote of The Cote Team)
Molly Ringwald’s former East Village townhouse hits market
Molly Ringwald’s former East Village townhouse hits market
27 Vandam Street, Hudson Square (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Hudson Square townhouse in contract at $15M could break area record
Hudson Square townhouse in contract at $15M could break area record
Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
Hopson nabs $156M for Midtown tower, agrees to part ways with Silverback
Hopson nabs $156M for Midtown tower, agrees to part ways with Silverback
Mayor of New York City Eric Adams (iStock/Adams via Paul Dilakian)
Mayor proposes restoring unstaffed voucher discrimination unit
Mayor proposes restoring unstaffed voucher discrimination unit
Neil Patrick Harris and David Burtka in front of 2036 Fifth Avenue (Getty Images, Google Maps)
Neil Patrick Harris sells Harlem brownstone in neighborhood record
Neil Patrick Harris sells Harlem brownstone in neighborhood record
Darien First Selectman Monica McNally and Great Island in Darien, Connecticut (Darien Republicans, Google Maps)
Fairfield County town nears private island purchase for over $100M
Fairfield County town nears private island purchase for over $100M
arrow_forward_ios

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

Loading...