Which Apartment Amenities Should Buyers Care About in NYC?

• Bicycle Room

• Children Playroom

• Courtyard

• Driveway

• Garage

• High Speed Internet

• Live In Super

• New Construction

• Pool

• Storage

• Virtual Doorman

• Brownstone

• Common Outdoor Space

• Diplomats OK

• Elevator

• Green Building

• Laundry

• Lounge

• Nursery

• Receiving Room

• Subway

• Wheelchair Access

• Business Center

• Concierge

• Doorman

• Freight Elevator

• Health Club

• Laundry Services

• Maid Service

• Pied a Terre

• Roof Deck

• Valet

• WiFi

• Balcony

• Duplex

• Furnished

• Hardwood

• Light

• Marble Bath

• NO FEE

• Original Details

• Private Deck

• Room For Rent

• Sponsor Unit

• Triplex

• Wall to Wall Carpeting

• Dining Room

• Eat In Kitchen

• Garden

• High Ceilings

• Live Work

• Microwave

• One Month Free

• Outdoor Space

• Recreational Room

• Senior Housing

• Stainless Steel Appliances

• Vacation Rental

• Washer

• Dishwasher

• Fireplace

• Granite Kitchen

• Laundry In Unit

• Loft

• Multi Level

• Open Kitchen

• Patio

• Renovated

• Shares OK

• Terrace

• Walk-In Closet

• Wine Cooler

Just how important is having a washer and dryer in unit?

Having a washing machine and a dryer in the apartment is a must-have for many buyers, especially those with young children or families.

That’s because while it might be easier for a busy, single, working professional to get away with not having a washer dryer in-unit, it becomes extremely inconvenient once you add an infant or young child to the equation.

Just think about it. What will you do with your infant’s dirty diapers? Will you put them in the laundry basket and wait for your next run to the local laundromat to wash them?

In contrast, a single, busy, working professional might easily deal with not having a washer and dryer in the apartment. This type of individual may be so busy with work that he or she doesn’t have time to do their own laundry in the first place. As a result, a washer and dryer might be wasted on this type of buyer who gives all his or her laundry to the local laundromat for a “wash and fold” service.

Elevator or walk-up, does it make a difference?

One of the most common requirements buyers have is for there to be an elevator. This demand actually makes all kind of sense, especially if you’ve ever lived in both and experienced the difference between a walk-up apartment vs an elevator building apartment for yourself.

In fact, many buyers who are okay with a walk-up building will specifically demand that an apartment is no higher than the 3rd floor if the building is a walk-up.

Just think about it, though the building will be better of financially in not having to deal with elevator repairs, the convenience of having an elevator is simply hard to beat.

Any parent who has ever had to carry a stroller up the stairs will know this. Just think about it, if you buy groceries on a regular basis, wouldn’t it be nice not to have to take the stairs and haul up your bags after a long day? Or what about if you’re moving furniture?

Do you really need a doorman?

Many buyers have this idea in their head that they need a doorman building, i.e. a building that has part-time or full-time front desk staff that opens the door and accepts packages on behalf of residents.

While the ability to accept packages is very important these days given the prevalence of e-commerce, and the fact that packages occasionally require a signature for delivery, we believe it’s often a waste of the building’s budget to hire full or even part-time doormen.

For one, the idea of a doorman building is a very antiquated concept that dates from a time many decades ago when NYC was much more dangerous. It might have made sense back then for traditional buildings on the Upper East Side or Upper West Side to have doormen to help protect against any malevolent intruders, and to perhaps lend a hand in the case of harassment nearby the building.

However, the idea of needing a doorman for close-in protection in much of New York City today is preposterous, given that NYC is ranked one of the safest big cities in the world with very low crime rates.

Lastly, keep in mind that most packages won’t require a signature for delivery, and most buildings without doormen will have a vestibule where packages can be safely left.

How important is outdoor space?

Outdoor space is another common amenity that buyers often demand, whether it be private outdoor space such as a balcony or terrace, or public outdoor space such as a furnished building roof deck.

Keep in mind that having private outdoor space is relatively rare, especially if you’re looking for anything larger than a small balcony.

Furthermore, large terraces have a value of their own, even if it’s not considered indoor square footage. Even though there’s no exact valuation metric for private outdoor space, a common rule of thumb is to value private outdoor space like a private terrace at half the valuation of indoor space.

While we generally think of having private outdoor space as an overpriced luxury, it can be quite useful if for example you are a smoker and need to pop outside for the occasional smoke (presuming that your building’s smoking policy allows smoking at all per the new NYC smoking laws).

However, having public outdoor space like a common roof deck is much more common, and we think just as nice without having to really pay up for the square footage. You can just as easily throw a party on your building’s rooftop as in a private terrace or backyard.

Does the super really need to live in the building?

Occasionally, we’ll come across a buyer who really wants to have a “live-in super” in the building, perhaps because they want a handyman that they can easily call upon in case something needs to be fixed.

This essentially means the building’s superintendent lives in one of the units in the building, sometimes for free in exchange for janitorial and other services.

Whether this is ultimately beneficial for the building’s finances depends on how much the super’s salary would otherwise be vs the current carrying costs of the super’s apartment.

If the super’s salary would be quite high vs the monthly common charges and property taxes attributable to the super’s apartment, then it may make a ton of sense to have a live-in super.

Remember that for most re-sale deals, the actual cost of the super’s apartment was paid for long ago by the original purchasers of the apartment.

Does having a gym in the building matter?

Though some buyers will screen for high amenity, luxury buildings with amenities as varied as indoor pools, cinemas, spas, saunas and health clubs, it’s debatable whether having such amenities are worth the additional cost involved.

For example, just because a building has a gym in the building does not mean you will use it, or that it will be up to par compared to health clubs like Equinox. In fact, it’ll be very unlikely that your building’s gym will be anything close to your local Equinox, which you might pay for anyway just to “get out of the house.”

Why do buyers like hardwood floors so much?

Some buyers will screen for listings that advertise hardwood floors, and in fact hardwood floors is one of the most commonly advertised amenities on listings in NYC.

So why are hardwood floors so popular? Well, we think it’s because they’re the best alternative compared to what else is out there. Think about it, if you don’t have hardwood floors, what do you have?

There’s tile, parquet, carpet over concrete and so forth. However, none of these options are typically appealing to today’s home buyer. For whatever reason, buyers today prefer a clean, elegant hardwood floor vs anything that reminds them of their grandmother’s home.

Or let’s say the building doesn’t have a laundry room, well that’s less non-owner occupied space which isn’t generating common charges or maintenance fees. Plus, not having washer dryers in the building reduces the risk of water leaks, which can be major liability for everyone.

Low amenity buildings are smaller and more personal

No frills buildings with few or no amenities tend to be smaller, and by default more neighborly and personal. You’re much less likely to be living in a major apartment tower with hundreds of units.

You won’t feel like you’re living in a hotel with a bunch of strangers, and you won’t have to run into people all the time in the elevator.

Furthermore, if you do run into a neighbor, you’re much more likely to know him or her personally in a smaller, no frills building.

Do buyers have to pay more for buildings with amenities?

Not necessarily. It depends entirely on the quality of building (i.e. luxury, ultra-luxury) and the quality of the amenities. For example, there are many ultra-luxury, boutique condominiums which will sell for a higher price per square foot (PPSF) than older, larger buildings with many more amenities.

However, there will also be many ultra-luxury new construction homes in new buildings with tons of unique amenities. These properties will often trade for the highest PPSF possible, especially if located in a prime location such as waterfront Meatpacking District or Tribeca.

Do buyers have to pay a monthly fee to use amenities?

No. Building amenities such a gyms, recreation rooms and pools are typically free to use for owners. The upkeep of the building’s amenities is typically already factored into the common charges or maintenance fees that owners pay every month.

With that said, sometimes there will be a 3rd party gym, such as an Equinox, attached to the building as is the case of The Caledonia located by The Highline Park. In this case, owners may receive a discounted rate to join Equinox, but won’t automatically be able to go to the gym for free.

In case you’re curious, we’ve been told by a tenant of a unit that’s rented out in that building that they are indeed able to take advantage of Equinox membership at a discounted rate: $120 per month for only The Highline Equinox location, or $160 for all access. This compares favorably to $250 per month that most people have to pay for all access.