Owning a penthouse apartment in New York City is a dream come true for many. These top-floor apartments offer amazing views, tons of privacy, and are often one of a kind, which automatically adds to their resale value. However, with the recent luxury development boom, there are plenty of lower-level upscale condos in the city – so is buying a penthouse apartment still worth it? Read on for an overview of the pros and cons of buying a penthouse apartment – and living in one.
Why you would buy a penthouse
Most penthouse apartments come with unobstructed panoramic views and floor-to-ceiling windows to emphasize these views even more. Yes, other apartments might have gorgeous views, but they often can’t compete with the ones from the highest floor.
Another perk of penthouses is the peace and privacy that accompany them. Top-floor apartments are quieter compared to other apartments, as they never come with upstairs neighbors and are further away from the street noise. Even if there’s more than one penthouse on the floor, the private terraces that surround the units still provide a sense of privacy.
Speaking of terraces, the outdoor space that most often comes with a penthouse is for many New Yorkers the main reason for even considering one. Having a private outdoor space in a busy city is just a dream for many – but buying a penthouse makes this dream come true!
Because of a penthouse’s advantages, they tend to sell for about 5 to 10 percent more compared to apartments that are situated lower in a building, and the prices of penthouses remain relatively stable as they are usually less affected by market volatility.
Why you might not want to buy a penthouse
A penthouse apartment can come with a little more risk, as it’s more susceptible to the elements because the apartment is situated right beneath the roof of the building. Potential issues for a penthouse apartment can include storm damage or ice damming – plus, you’ll be the one liable in case of any overflow of tubs or sinks. No more chances to blame your upstairs neighbors!
The downside of being on the top floor and thus close to the roof is that construction workers need to access the roof once in a while – meaning workers will walk around on your terrace or even in your home. In NYC, buildings are required to conduct facade inspections every few years and most buildings also have their water towers and other systems situated on the roof, which require some maintenance as well.
So now that you know everything about buying a penthouse apartment in New York City, the next step is to find one! Click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties! We’re standing by to help you through every step of the real estate process, whether that’s buying or selling a home, guiding your rental search, or anything in between.