One could argue that at city prices, every NYC apartment is luxury. While price tag does play a role, there’s a lot more to luxury apartments than money. Find out what is considered a luxury apartment in Brooklyn and other NYC boroughs.
Price and More
Platinum Properties Sales Director, Melissa True said, “Luxury sales are a unique subset of the New York City residential market, consisting of the top 10 % of apartment sales by price, excluding townhouses. That is the actual definition of the luxury market, making it a moving target and very subjective based on market conditions.”
With that in mind, True added, “There are other factors that contribute to the conversation around luxury; identifying items that are actually a luxury living in NYC.”
Those other factors include space, location, and amenities.
True’s words were confirmed by a report on Millennials upgrading to luxury apartments for rent in Manhattan and other areas. The report made it clear that their concept of luxury wasn’t linked only to the price. For a younger generation looking for service, it’s all about the whole package of amenities offered by luxurious West Village apartments and other prestigious areas in New York City.
A Closer Look at the Other Factors
The other factors mentioned by True are important when it comes to buyers’ and renters’ understanding and expectations of luxury apartments in Brooklyn and other neighborhoods. Let’s take a closer look at them:
Space meets money when it comes to luxury apartments in NYC. According to True, “Our average price per square foot is amongst the highest in the country, if not the world, making every square foot more valuable and therefore a luxury!”
True said, “I would argue it’s all about location, but for a property to tout its location as a luxury, it has to be among the elite prestigious locations in NYC.” Those locations include sections of streets, such as some of the apartments for rent on Manhattan’s Fifth Avenue, especially on Central Park, and the penthouses on Charles Street, as well as entire zip codes. Tribeca apartments are a great example of luxury homes in a location that commands a higher price point.
“In the new development condo era boom which continues strongly today, amenities have become a key point of differentiation,” said True. In the past, a doorman was enough for some apartment buildings to be labeled “luxury,” but things have come a long way since then. Now, luxury amenities can include a doorman as well as anything and everything from in-house spas and private wine cellars to on-site concierge services, private gyms, and indoor heated lap pools.
Questions to Ask Before Taking the Plunge
If you’re looking at renting a luxury apartment in Brooklyn, or any other area in New York, there are a few questions you should ask – and get answered – before taking the plunge and signing the lease.
Is the location convenient? – Ask yourself if all the amenities and high rent are worth being a few avenues away from the nearest subway line. If you commute to work, is the location worth it?
Is the gym/pool access included in the rent? – If the onsite gym isn’t included in your rent, you’ll need to factor in the extra cost. If you need to pay extra, are the contract terms flexible?
What’s the cellphone service like? – If the apartment is in a high-rise building, you might have signal problems a few dozen stories up. Ask if the building offers a solution, such as a base station and a broadband network.
Platinum Properties can help you find a luxury NYC apartment that meets your needs. Contact us today.