Discount for 1st Fl Unit in an Elevator Building?

I think it's going to depend on a lot of variables, like:
1) Amount of natural light
2) Street view v. backyard view
3) Proximity to foot traffic for the elevator
4) Amount of foot traffic (are there 5 stories above you or 25 stories?)
5) Does the unit have any unique outdoor space, like a large yard or deck?

I've seen plenty of first floor apartments that feel quite grand, but also plenty that feel like either extensions of the street or dark, forgotten storage spaces.

I could see the discount being anywhere from 0% (if the unit has desirable outdoor space) to 50% (if the unit entrance is across from an elevator serving 20 stories, has a bedroom facing the street, and no natural light because of tall surrounding buildings). There are some clever first-floor apartments that either are or feel like maisonettes that may even command a small premium if they have outdoor space and reasonable light/noise control.

And it also obviously depends if you're comparing to a second floor apartment, which may have many of the same issues, or a top-floor apartment, which probably doesn't.

lad: I realize now I should have provided more details. For this particular unit, the line has unobstructed views of a small park in a quiet, residential area of a brownstone neighborhood with very good natural light. There is no outdoor space in the building so that is no concern. You can't hear the front door open or the elevator, as they are both around a corner on the other side of the floor. The higher up units do get a peak at harbor/Manhattan views, but the 2nd or 3rd floor are generally consistent with the 1st floor in this line. I suppose it may not warrant any discount, but if basically "all things are the same" is there a general desirability for units above the 1st floor, because even if you can't necessarily hear a door or foot traffic in the lobby, it would mean higher floors have substantially less people going through it?

just comparing floor 2 versus floor 1 layout and condition being all equal. i'm guessing
a) the chance of a breakin is lower on the 2nd floor
b) probably lower # of pests (rats, bugs, etc)
c) just the fact that you feel that there is/should be a discount means others might think the same
d) any chance of flooding on 1st floor?

i've never lived on a 2nd or 1st floor tho so i'm just shooting from the hip.

In a co-op, there are typically more shares assigned the higher up you are; therefore, a built-in discount for being on a lower floor. In a 3-story brownstore where no one has a backyard or roofdeck, I don't think there'd be any significant discount since the 3rd fl owners have to climb and the 2nd fl owners have people above and below. In a larger building, I agree with Snuffles' observations and would guess that there would be a discount between 1st fl and upper fls for the disadvantages peculiar to the 1st fl. The instance where there would be no discount and could be a premium is if the 1st fl unit is in the back with a nice private backyard.

Fishermb, is this a small elevator building? You mention a brownstone neighborhood, but I'm not sure if the building itself is a brownstone or a larger building amidst brownstones.

If it is a small building, keep in mind that elevators require a good deal of maintenance and can become expensive when the cost is spread out over a small number of units. If you're on the first floor and have high maintenance/CCs that's funding an elevator for, say, 10 other units, I imagine that could have some negative impact on the value of the first floor apartment. You'd want to check to see if the first floor units have a reduced share allocation, and thus lower maintenance to account for their non-use of the elevator.

Without any more details, I'd guess that the first floor unit you describe would probably trade at a slight (max $10k) discount to a second floor unit and perhaps a moderate discount (5-10% but not more) than the top-floor apartments, depending on how high the building goes.

Thanks all for the insight.

Snuffles: It's the 1st floor but you walk up a few stairs and it's not in a flood risk area, so there's no chance of flooding.

REMom: I never realized that you could have more shares for a higher unit, I always thought it was based on square footage, but I suppose I should check into that since there's a line of units the exact same size, so if they have more shares, I'll take that into account.

lad: It's a larger building amidst brownstones. How would I be able to find out if the apartments in the same line have higher CCs even if they have the same square footage? Is that something that would be made available when requesting the co-ops financials?

To add another bit to the excellent advice you received, check that the ceiling heights is the same on all floors. All else being equal (light, views, maintenance, finishes), as long as the bottom of your windows is at least 6 feet above the sidewalk, I wouldn't expect a big discount from the second floor, as long as the street is residential and there isn't some major nuisance at street-level. Is there a bus line, or worse, a bus stop right in front? Loitering from a nearby building? Large amounts of badly managed garbage from a neighboring high-rise, or worse, your own building? You need to be especially vigilant and check the sidewalk at different times of the day and night.

>>REMom: I never realized that you could have more shares for a higher unit, I always thought it was based on square footage, but I suppose I should check into that since there's a line of units the exact same size, so if they have more shares, I'll take that into account.<<

Nope--everything from floor level to natural light to views goes into share allotment. That is why you will notice a unit on a low floor will have lower maintenance than its sun-flooded counterpart on a high floor.

The biggest difference on first and second floor is privacy. Think that is worth 20% discount relative to second floor if you are facing the street with normal traffic.

know in a walk-up, there's usually a discount the more stairs you have to climb up, but for an elevator building, what kind of discount would one factor in for a 1st floor unit, presumably because of proximity to street noise and not as good of a view

and because you don't use the elevator, so why should you pay for it