Selling to direct neighbor?

You should be really happy selling for "market" price less 6% hypothetical broker fee in a timely fashion - don't overlook time value of money. No need to include brokers, just lawyers to draft the documentation. Don't be greedy if you actually want to sell, especially in this market.

To some buyers, getting a hold of the adjacent apartment is a key to their lives remaining manageable. If your family is busting at the seams, moving is an overwhelming prospect, you just can't find a three bedroom you like (very few 3 bedrooms around), etc., an adjacent apartments could be the answer. I have one friend in that situation and he's about to make his neighbor an offer so good he can't refuse it. My friend figures he's in it for the long run--10-20 years--so paying up to $100K over market value for the apartment nextdoor doesn't seem so bad. It would solve his family's space problems. The neighbor isn't planning on moving and my friend has to make it pay for the neighbor to move. Point is, pricing will be determined depending upon the circumstances. There isn't a cookie-cutter rule. Also to factor in here: well-planned joined apartments with good lay outs (avoid bizarre configurations--very, very tough to resell) are most often worth more than the sum of the two separate apartments.

You might want to get your building's architect involved to make sure you can do what you want to do. In general, vertical combinations are harder than horizontal.

Worth mentioning. Buyer should delete second kitchen for future resell purpose - although buyer may want to do this anyway for practical purposes. NYC DoB requires only 1 kitchen per apt when two are combined. If no-one files for this, then problems at re-sale. Big problems.

What happens with maintenance when apartments are combined? If it's a sum of two maintenances, one would end up with inflated monthly expenses, and resale challenges..

Check the bylaws. Upon the combination of multiple apartments, the Board could actually issue additional shares to the units that could further increase the monthly maintenance.

Looking4one. In addition to Truthmaker's. If it's a condo building, new combo requires purchase of previous common space from buildilng in addition to square footage of previous apt. foortprints. i.e. buyer acquires party wall between two apts, previously charged to the building.

I lived in a building were some shareholders combined units to stunning effect--and it also astounding monthly charges. One shareholder spent a fortune for a combination that was photographed and published in design mags, but when it came to reselling, he couldn't because the maintenance was so crushing. It just wasn't a building that lent itself to combinations because of the relatively high maintenance fees. The shareholder actually ended up slicing up the combination and selling it as two units after it languished on the market for almost a year. Yes, joint apartments yielding 3+ bedrooms can be much greater value than the sum of the parts, but only in buildings where the resulting fees will be proportionate to comparable apartments in the area.