Since COVID hit, New Yorkers have been itching for private outdoor space – and that demand hasn’t changed since the start of the pandemic.
Traditionally, New Yorkers are willing to pay more to get coveted private outdoor space, but that premium price has jumped drastically since COVID hit. Manhattan apartments with outdoor space were able to command higher prices even as the larger New York City sales market started to slow down.
For apartments with private terraces or balconies, sales are up almost 40% compared to two years earlier, according to the real estate data firm Marketproof. For the post-lockdown period, the median sales price for Manhattan apartments with outdoor space was $1,495,000. That’s 39% higher than an apartment without outdoor space ($1,075,000).
Similarly, Brooklyn condos and co-ops with outdoor space sold for more than units without. In the post-COVID era, the median sales price for a Brooklyn apartment with outdoor space was $950,000 – an 18% increase compared to places without outdoor space. That post-COVID median also represents a 22% jump compared to pre-COVID pricing.
As new developments pop up around the city, developers are even delivering on demand by creating spaces with landscaping, greenery, and private outdoor space already in place.
Platinum Properties Real Estate Salesperson, Emre Bozkurt has noticed the demand spike. Bozkurt’s clients went into a bidding war for one unit, paying 5% over list price to secure their bid on a property with outdoor space. “Especially after COVID, more and more buyers are looking for units with private outdoor space and terraces. My clients want to enjoy the fresh air in private, and have a space for their pets to do the same,” he says.
Platinum Properties Real Estate Salesperson, Suzanne Remy Colton has noticed the same. “There can be multiple reasons why clients may need outdoor space. Sometimes it’s because they have a pet. I also have a few clients that regularly entertain and want to grill and have dinner parties outside. With people moving back into the city from the suburbs, they are used to backyards,” she says.
If you’re looking for an apartment with outdoor space, be prepared to hunt. Suzanne added, “In this lean market, availability is difficult when people make outdoor space a must-have. It takes longer to find the perfect apartment.”
Here are some of Platinum’s favorite listings on the market right now with private outdoor spaces:
With 5,500 square feet of interior space and 2,200 square feet of private outdoor space, the triplex penthouse at 1 North Moore is truly a mansion in the sky. The residence sits atop an ultra-exclusive, boutique six-condominium building. The unit is accessed via private entrances on the seventh, eighth, and ninth floors. The entire seventh floor is wrapped by custom glass sliding doors giving you the ability to enjoy the epitome of indoor/outdoor living all at once.
Platinum Properties is proud to present Duplex Penthouse D1 at 75 Wall Street, boasting unobstructed views overlooking the East River and Brooklyn from its very own private gallery. This four-bedroom, four-and-a-half-bathroom duplex soars through the sky at penthouse level.
Welcome to 71 Reade Street which has been crafted by the esteemed Selldorf Architects to bring an elegant condominium to the heart of Tribeca. Unit 2B of this boutique and chic residence showcases highly sought-after features such as an in-unit side-by-side washer/dryer, private parking, and a private outdoor terrace with multiple access points.
If you need help with your property search or are looking to sell your property. Reach out to Platinum Properties today to help you reach your real estate goals.