Value of a Gym in a Cooperative

What is a small gym and how big is the building. What would be the quality of the machines. Are there weights?

I think in a large building a small gym does nothing in terms of really increasing value. I owned in lincoln towers years ago and they have a small gym in the basement of a building with hundreds of apartments. It was nice and I used it, but I would assume most went elsewhere as you are not really guaranteed a machine if everyone is trying to use the few that are there.

Also how are you paying to maintain. If you are going to charge some amount to maintain then it does not really increase value as you are paying additional money monthly or yearly for the use of the amenity.

It's cost/benefit. It'll be attractive to some buyers (my dad loves his building gym) and an unnecessary expense to others (the idea of working out in a nasty basement room is not appealing to me or most young people). The costs are construction, equipment, maintenance, possible insurance increases, security if appropriate, and the certain-to-arise issues that will arise and have to be resolved by the Board from time to time including whether to charge a membership fee. The benefits, if the gym is attractive, well-equipped and maintained, is that buyer's may be more attracted to the building and apartments may sell faster--I doubt you will see a discernable increase in sales prices, though unless this gym is something substantial and special.

A gym certainly adds value. It's one of the things every prospective buyer looks at regardless of whether they eventually use the amenity. Additionally not unusual for new owners to show off the gym to friends and relatives after moving in. You need to consider that you are making the building more enjoyable and saving some unit owners a gym fee alongside a perceived value change in the building. Both are difficult to measure. I suppose you could compare your building to a similar building with a gym to get an idea. There are no exact metrics, but if your not talking about an expensive alteration to the building, just go along with it. Everyone will be happier and unit owners will have one more reason to socialize. Plus since it's basement space you're probably not giving up very much, unless there would be a way to convert it to commercial space for dentist or doctor(Some buildings are designing egresses doing just that!)

If it's a truly useful gym (meaning a mix of enough cardio units like treadmills and ellipticals so there's never too long a wait), free weights (dumbbells graduated 1 - 50 pounds at the very least, add some machines for real use factor), and an area with exercise balls and mats for floor work, than it saves me about $150/month (+/-) in gym fees. Plus the convenience of having it in your own building and not having to go outside in the winter/snow/rain/etc. So it's value currently to me is about 2K annually.

I have a full gym-size elliptical in my livingroom. I bought it at the Gym Source years ago.
For a few thousand dollars, it's been a great investment.
I open the window behind it in the winter and put on the a/c in the summer, can do about an hour while watching t.v.

There's a good sale at Gym Source going on now.

If this is a basement, with a few treadmills and ellipticals thrown together and a bunch of free weights, there will likely be no real estate appreciation. This shouldn't stop you as the amounts may not be so much to outweight the appreciation residents have for being able to work out in their building. If we're just talking treadmills and free weights it's probably not a ton of money. The money comes from designing a really nice area with lockers, reception area, carpeting, wall paper, tv's, wiring etc....which you may not need considering this building is on the upper east side and in proximity to a number of commercial gyms.

Yes. I'd rather walk to the gym in good weather.
A pool in the building would be the best.

As a confirmed gym rat, I have yet to see any building gym that can approach my local Crunch or NYSC. I'd rather pay the $70/month for Crunch than have that money reflected in a higher maintenance for a lame-assed gym I would never use.

It's useful to people with families who can only get away for 1/2 hour or so before work, or before bed.
Gym rats... you'll never make them happy who will only see what's not being offered.