Supported by
Calculator
Which Amenities Are Worth the Most to New York City Buyers?
Would you pay more for a terrace, in-unit laundry — or maybe a golf simulator?
Buying a home in New York City requires an especially large financial commitment these days — the median sale prices in Manhattan and Brooklyn both hit record highs ($1.25 million and $985,000) in the second quarter of 2022. So when buyers are willing to pay even more to live in apartments and buildings with added amenities, they’re probably looking for something specific.
A recent study by StreetEasy examined the prices of more than 55,000 StreetEasy listings that sold between June 2020 and early August 2022 to find how much of a premium buyers were willing to pay for particular amenities in otherwise comparable apartments and buildings.
The data was used to determine the effect that specific amenities had on closing prices in two price brackets — under $2.5 million (90 percent of sales), and $2.5 million or more.
Interest in particular perks grew during the pandemic, and these preferences showed in the results. In the lower price bracket, buyers valued flex space (for exercising, working and going to school from home). Refrigerated storage lockers, designed to keep grocery deliveries fresh, were important to buyers in the both brackets.
Among buyers under $2.5 million, in-unit laundry topped the list, and who could argue with paying extra for that? Buyers in the more expensive bracket, that’s who. According to the study, in-unit laundry added no measurable value for them. An explanation for this and other disparities in the lists could be that many buyers in the lower bracket think of things like laundry and en suite bathrooms as special features, while buyers in the higher bracket consider them standard features. For that kind of money, you’d expect a cherry on top.
Paying for Extras
A study of 55,000 New York City home sales completed between June 2020 and August 2022 found how much of a premium buyers paid for desired amenities.
Homes Sold Below $2.5 Million
AMENITY
PREMIUM
14.1
12.3
11.8
11.0
10.9
9.4
9.4
9.0
8.9
7.5
%
In-unit washer/dryer
Gym
Pool
Children’s playroom
Doorman
En suite bathroom
Refrigerated storage
Dishwasher
Flex space
Shared patio/terrace
Homes Sold for $2.5 Million or More
AMENITY
PREMIUM
Private patio/terrace
Hot tub
Basketball court
Valet parking
Golf simulator
Pool
Shared meeting room
Refrigerated storage
Concierge service
Central air-conditioning
10.7
10.2
10.1
8.9
8.8
7.1
7.0
6.9
6.8
5.9
%
Homes Sold Below $2.5 Million
Homes Sold for $2.5 Million or More
AMENITY
PREMIUM
AMENITY
PREMIUM
In-unit washer/dryer
Gym
Pool
Children’s playroom
Doorman
En suite bathroom
Refrigerated storage
Dishwasher
Flex space
Shared patio/terrace
14.1
12.3
11.8
11.0
10.9
9.4
9.4
9.0
8.9
7.5
%
Private patio/terrace
Hot tub
Basketball court
Valet parking
Golf simulator
Pool
Shared meeting room
Refrigerated storage
Concierge service
Central air-conditioning
10.7
10.2
10.1
8.9
8.8
7.1
7.0
6.9
6.8
5.9
%
For weekly email updates on residential real estate news, sign up here. Follow us on Twitter: @nytrealestate.
How to Buy a Home
With careful research and determination, the keys to that dream house can be yours.
Start by organizing your finances and asking the right questions: Is homeownership right for you? What are the best markets for first-time buyers? And can you afford to buy a house?
From buying real estate with friends and family to owning a house before finding a spouse, people are exploring creative paths to homeownership that also make financial sense.
For most, the down payment is the primary hurdle keeping them from buying a home, but you may have options.
Are you confused by all the new mortgage gimmicks being offered by lenders? Don’t worry, our guide can help.
Buying a vacant lot offers the chance to build a home on your own terms. Here is what to know if you choose that option.
To those looking to buy property as an investment, a tenant-occupied apartment can be appealing. Weigh the pros and cons carefully.
Bad credit? No savings? There are still ways for you to buy a home.
Advertisement