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Outdoor Space: Does It Add or Detract from an NYC Home’s Sale Price?

A private terrace is a perfect place to dine, relax and entertain no matter what city you live in. In New York City, that outdoor space goes beyond entertainment space and morphs into a truly special retreat from the city’s suffocating hustle and bustle. When you step out onto your personal patio,  it can feel like you own not just your apartment but a piece of the city itself.

(Photo: VRBO)

An outdoor area is a valuable and rare feature in a New York City apartment. For one, it can significantly increase the size of your living space. I have a customer who has a 2,000-square-foot terrace, and her children bike, play ping-pong and throw a baseball out there – all without breaking anything in the apartment. This client is looking to move to get more indoor space, but it is been difficult as she can’t bring herself to give up the beautiful terrace. The good news for her, and others looking to sell properties with outdoor space, is that you will almost always get more money for an apartment with a sizable outdoor area.

One negative associated with larger outdoor spaces is that your monthly charges are likely higher than an apartment without, but it is well worth the expense, in my opinion, as it has both personal and resale benefits.

New developments almost always include outdoors spaces for residences (if not private, then public spaces). One my favorite new constructions right now is the 60-story Herzog & de Meuron-designed 56 Leonard in Tribeca (56leonardtribeca.com/site-intro/), distinctive for its cantilevered glass facade. Large outdoor spaces appear in almost all of the apartments. Herzog & de Meuron also brought the outdoors into the units with zen-like interior design and floor-to-ceiling windows. The building was 80 percent sold as of June 2013.

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