Prices Rise for NY Apartments With a Must-Have Feature
Buyers are paying 5.4% more for Manhattan apartments with outdoor space than they did in 2020 pre-pandemic
The outdoor space at a three bedroom, two bathroom apartment at 346 E. 18th St. in Manhattan that was rented in July for $5,295 a month.
Photographer: Emily Raciti via RentHopOutdoor space is shooting up on the list of must-have priorities for buyers and renters — and they’re willing to pay more for it.
In New York City, where early coronavirus lockdowns kept residents inside cramped apartments for months, apartments with terraces in Manhattan are selling for 5.4% more per square foot than those sold this year before the pandemic lockdown, according to data from appraiser Miller Samuel Inc. That’s compared with a 1.1% drop in price per square foot for co-ops and condos without terraces.