Buying Manhattan apartment with outdoor space
Posted by Wei Min Tan on October 29, 2021
The three key points when buying a Manhattan apartment with outdoor space are:
- Rare luxury
- Types: Balcony, Terrace, Loggia
- Premium
It’s a rare luxury
Having a nice view is a luxury but having outdoor space is a rare luxury because few apartments in Manhattan have outdoor space.
The types are balcony, terrace and loggia
Balcony – A balcony is a platform that juts out so it becomes an outdoor space an of the apartment.
Terrace – When you think of a building that has setback, where it goes in becomes the terrace or the outdoor space of the apartment at that level. A terrace is hence a lot more rare than a balcony.
Loggia – The loggia is in between a balcony and a terrace. It is more structured and more encased than a balcony but it is less open than a terrace.
Premium
When an apartment has outdoor space, the valuation is a lot higher relative to an apartment without outdoor space. This is why sometimes you see two apartments of the same size but one is more expensive. Usually it is because there’s outdoor space.
There’s a valuation methodology that we in the industry use and the bigger the outdoor space, the more valuable the apartment.
When buying a Manhattan apartment with outdoor space, it is important to note these key points.
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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