Next door neighbors are teaming up to sell their luxury apartments, illustrating NYC’s newest real estate trend: the higher demand for three-bedroom apartments and more. The “combination apartment”, in which owners sell their apartments together so the buyer can break down walls and created a “super-sized” unit, also provides for a higher profit for each individual luxury condominium or co-op owner. However, this is not simply a means to make apartments more marketable to buyers; it also falls in line with a general rule of thumb within NYC real estate, which states that unlike most other areas in the U.S., the larger the space, the more a seller can charge per square foot.
While there are a variety of factors influencing this trend, there are two main reasons for this increase in combination apartments within NYC real estate. A one bedroom that can be potentially transformed into a three bedroom often increases the buyer pool, especially if each individual unit is offered as separately as well. This falls in line with the growing desire of those searching for larger luxury apartments, especially as more and more Manhattanites choose to remain in NYC to raise their families. And even though demand has risen for “super-sized” apartments in recent years, new construction has been unable to match this desire with available supply.