New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

A Buyer's Market In NYC

Posted by All Area Realty Services Team on Oct 3, 2019 3:59:27 PM

These days, we are in a buyer’s market in much of New York City and therefore, co-ops and condos need to entice buyers with amenities. Most new buildings have many amenities but older buildings are lacking amenities like gyms, dog runs and roof decks. Learn what most prospective buyers are looking for in amenities.  

iStock-658242920

Roof decks are a huge draw for buyers, especially if there is a furnished common space. Buyers want a place where they can meet people and hang out. People want to have a sense of community and having a roof deck provides an opportunity for people to meet their neighbors. When a building has a community room, it can function as a meeting place and a recreation spot for the residents. 

Buyers want a gym in their building. Older co-ops and condos do not need much space to create a well stocked gym. If there is unused storage space, it can easily be converted into a gym. 

Storage is important to potential buyers as well. Buyers want package rooms as well. They are also interested in buildings that are energy efficient and have less of a carbon footprint.

If you own an apartment in an older building, these co-ops and condos need to consider how they can make themselves more attractive to potential buyers. Ask what is in the budget and if there is space. If the building can accommodate the amenity and the residents want it, then add it to the building.   

All Area Realty Services is New York City’s leading real estate management company specializing in full-service professional property management for cooperative and condominium boards in the Manhattan area.

Topics: Buying a Co-Op, Selling a Co-Op