pros/cons of large unit in smaller unit building?
Started by NYCNovice
about 13 years ago
Posts: 1006
Member since: Jan 2012
Discussion about
I generally shy away from the biggest/nicest house in any neighborhood, preferring instead to be surrounded by either similar-sized or larger homes for all sorts of reasons. I am wondering whether these reasons translate when it comes to apartments in NYC. Accordingly, I would appreciate any input regarding pros or more likely cons of buying large unit in building comprised of relatively smaller units?
it all depends on what is the difference in size. if you are buying two 1 br combined into a 3 br in a building that only has 1 br and studios, the demographics of the building will most likely not work. if you are buying the largest apartment, due to combo or penthouse, with other units of similar bedrooms, you'll be fine.
not only does size matter, floor and view as well. For a high floor unit, you'll be paying more maintenance regardless of the size of the unit. Be careful and look at the original offering docs of the coop (if you are indeed looking at a coop). The amount of issued shares per unit is very random and can differ from even exact same floorplans on the same floor. How many shares determines your maintenance as a multiplier of a base number. Higher maintenance leads to lower priced unit for comparable unit in other buildings with lower maintenance.
If you are talking about suburban homes, then I would think that one of the prime benefits of owning a medium sized home in a neighborhood where there are much larger sized homes is that you get access to the same (probably) excellent public school as those who own more expensive homes. That doesn't apply in apartment buildings of course. I would think, however, that one advantage of owning a one or two bedroom in a building where there are many 3 and 4 bedroom units is that these homeowners want to maintain the value of their units and will spend money to keep up the building.
Clearly I need a cup of coffee as I misread your initial post. I would tend to agree that owning the largest unit in an apartment building comprised of mainly much smaller units would give me pause unless this particular apartment is one which you love and want as your home. You will be paying a larger shares of building costs than your fellow owners for the same services.
It is not the size of the unit you got but it is the proper use of space in your place.
check it this site allweekwalls.com they have a great planner for the proper arrangement of you things. They also manage a manhattan pressurized walls and room dividers new york
Obviously there are many cons to buying the largest apartment in a building with mostly smaller units.
It sounds as if you have seen such an apartment and like it. One question to ask yourself is if this apartment is far superior, for your own use and pleasure, than any other you have seen. Also, is it reasonably priced re: other places you have contemplated purchasing, and does the price reflect that the seller are aware that it is the "elephant" in the building and have adjusted the price (downward re: other apartments of the size) accordingly.
Some sellers are not aware of the negative impact of having the outlier apartment and price way too high to overcome the cons of purchasing such an apartment. Though this seems to happen most often with combined apartments
I'm not sure how ancillary it is, but the combo of multiple small units more often than most will always have a higher maintenance/owner obligation to the coop than a single large unit.
I would think that an apartment that would make you think twice is not a combined unit (which often have less than desirable features) but one that was built as a large apartment