New Yorkers seriously value their private outdoor space. In Manhattan, there’s currently an 8% premium on average for private outdoor space. During the pandemic, the premium hit a whopping 14% – and even though it has dipped, it’s still holding strong at almost 10%.

According to UrbanDigs, there are currently about 8,255 listings on the market in Manhattan and only 1,714 of those have private outdoor space. While 20% of the market has an offering of private outdoor space, those offerings vary greatly from unit to unit.

Market expert Jonathan Miller and the UrbanDigs team suggest that these premiums are extremely nuanced and can command anywhere from 25 to 50 percent of the price per square foot value of the interior space – based on a variety of factors, like utility, location and the view. The usability of the outdoor space, its location, and privacy significantly impact its value.

However, sometimes bigger isn’t always better. UrbanDigs advises that extra large terraces or outdoor spaces may not proportionally increase value. For example, a 700 square foot terrace attached to a 700 square foot apartment might not fetch a higher premium compared to a 700 square foot terrace for a 3,000 square foot apartment because past a certain square footage compared to the interior square footage – you start to lose value.

How Can We Put Proper Value on Outdoor Space?

For listing agents, oftentimes, when you’re trying to sell an apartment with outdoor space, it’s hard to find an exact comparable. Therefore, it’s easier to compare the indoor space to other comps that don’t have outdoor space, and then tack on a premium for the private outdoor space after the fact.

That’s where the 25% to 50% game comes in. A smaller, updated high-floor terrace with an amazing view will fetch a larger premium than a bigger terrace with no views and no updates.

Here’s our best tip for sellers: If you have underutilized space, you may want to invest in cost-effective upgrades before listing your property to make your outdoor space as desirable as possible – so that you can achieve the highest premium, closer to 50% of the interior price per square foot.

At Platinum, our agents are experts in knowing what types of updates can help sell a property faster, for top dollar. If you have an underutilized outdoor space that you’re not sure what to do with, reach out to us! We’d love to help you get the biggest return on your investment.

Listings with Private Outdoor Space

At Platinum, we have a bunch of amazing listings – available to purchase or lease – with coveted private outdoor spaces. Take a look at some of our favorites, and let us know if you’re interested in touring any of these amazing residences: 

75 Wall Street PHD1

Everything about this duplex penthouse at 75 Wall Street is a masterpiece. The second level boasts a loggia with a large covered terrace and features a wet bar complete with a built-in Miele espresso machine just outside the loggia door. Imagine waking up, making a shot of espresso, and enjoying the fresh air and Brooklyn views – all without having to go downstairs or enter the kitchen. Easy living! 

2231 Adam Clayton Powell Boulevard PH9

This gorgeous penthouse boasts 765 square feet of outdoor space and stunning panoramic views of vibrant Central Harlem. This is the perfect place to entertain guests for an outdoor dinner party or relax with a good book. The spacious luxury penthouse is flooded with natural light, enjoying both eastern and southern exposures. 

51 Jay Street 1Q

This luxurious duplex apartment offers the perfect blend of modern sophistication and comfort. The private terrace is a serene escape from the hustle and bustle of city life, with ample space for outdoor seating and dining, it’s the perfect spot to unwind.

Mercedes House PHA 

The detached private terrace that accompanies this three-bedroom penthouse is a true oasis, providing residents with the perfect space for outdoor entertaining or simply enjoying a quiet moment in the heart of the city.

Mercedes House PHE

This stunning two-bedroom, penthouse apartment is the epitome of luxury living. The apartment also features a large private terrace, perfect for taking in the stunning views of the city.

184 East 64th Street PHA 

Penthouse A at The Gianna features 1,760 square feet of outdoor space, making it a true Upper East Side oasis. This residence boasts two private outdoor spaces including a private balcony attached to the main living area and an expansive private rooftop terrace.

311 Franklin Avenue 6A

This Bedford Stuyvesant, Brooklyn duplex features a 200-square-foot terrace with amazing views of the Manhattan skyline. The largest bedroom features a private entrance on the upper floor and resides next to the terrace. 

266 East 78th Street 17A

Liv266 features one-of-a-kind, full-floor units, each with a private keyed elevator landing for ultimate privacy and convenience. Every residence also includes its own private outdoor space, providing a peaceful retreat in the heart of the city. This boutique, luxury building has been meticulously gut-renovated from top to bottom, offering an unparalleled living experience. 

1 North Moore 

While this listing is not currently available, we couldn’t resist adding it in for fun – because it’s certainly a fan favorite. With 2,200 square feet of private outdoor space, the triplex penthouse at 1 North Moore is truly a mansion in the sky. The “piece de resistance” is the rooftop sundeck featuring an infinity-edge swimming pool and jacuzzi. Situated on the top floor, the color-changing pool has unobstructed views of downtown Manhattan as its backdrop. To top it off, the rooftop includes a 90” TV, a surround sound system, an outdoor shower, and a built-in kitchen with a Wolf grill and side burner along with a sink, ice maker, and refrigerator.

Buying or Selling with Platinum

At Platinum, our agents are pricing experts. We stay up-to-date and educated on market trends and methodologies to price your property accurately to capture top-dollar for our sellers, and ensure our buyers are paying fair prices, especially when purchasing properties with premium features like outdoor space. 

Whether it has private outdoor space or not, if you are interested in selling your property or if you’re looking for a new home, please reach out to us today to be connected with one of our trusted agents.