What size apartment sells best? In Manhattan’s real estate market, the size and resources of an apartment can be paramount. Difficult economic times means that buildings need to be marketable in order for any developers to make a true profit. Naturally, the issue rests in whether New York apartments should be large in size to suit serious homebuyers hoping to start families or reduced in size to suit out-of-town buyers seeking to live in small Manhattan condos that have just enough space to fit their needs. Interestingly, according to reports from Prudential Douglas Elliman, both of these extremes of apartments are showing marked increases in sales in recent years. It appears that varying customers truly do have varying tastes as they flock to both large Manhattan condos as well as smaller one-bedroom apartment listings.
Buyers looking for an apartment that resembles a home will likely be attracted to listings such as One57 in the Midtown section of Manhattan or Walker Tower in Chelsea, where all apartment listings are at least 3,200 square feet. These condos come with kitchens that reach 250 square feet, meant to represent a center of family life. Furthermore, these listings focus on the concept of private amenities as opposed to amenities shared by an entire building. Rather than having lounge areas and laundry rooms, the very rooms themselves have the storage needed for amenities. These private amenities further the impression that the apartment can serve as a true home, carrying a high appeal to buyers who want to create a house-like space for a family while still enjoying the benefits of a Manhattan condo.
On the other end of the spectrum, buildings such as 421 West 22nd Street in Chelsea are showing a high appeal for the pied-a-terre crowd. These condos focus on having just enough space, ranging from 850 to 1,150 square feet. Taking an opposite approach from One57, pied-a-terre units feature smaller and more discreet kitchen appliances as well as full-service building-wide amenities. This approach allows out-of-town buyers who are not invested in a home to have the proper amount of space and facilities for the time they do spend in the condo each year. While they live in the condo, they may do so in the confidence that there is a fully-staffed building and a comfortable and suitable living space to occupy.
Manhattan apartment listings are indeed doing quite well: there are enough homebuyers to satisfy the market on both large, resource-filled apartments as well as smaller sized apartments suitable out-of-town renters. New York City homebuyers can be assured that their needs can be met by both ends of the spectrum in condo size.