What's a better investment?

3rd bedroom, no doubt.

So even if it's a relatively small bedroom (8 or 9x12), versus a very large expansive kitchen (by knocking out a wall), you think the bedroom will drive a higher price at resale? Has anyone done any analysis to show the price differences? Thanks

Are you talking about opening up the kitchen to other rooms, or just having an eat-in kitchen?

Demand relative to supply is higher for 2 beds in NYC than for 3. EIK is also a very desirable feature compared to a tiny 3rd bedroom.

I think it depends on hood. I don't agree at all you'd rather have EIK vs 3rd bedrood in the upper east.

Is there already a dining area in the apartment or a plan to have a dining area (not necessarily talking about a separate room)? If so, then I would go for the third bedroom.

Already a large dining room. Option is to do open floor plan eat in kitchen (island with stools + full dining room), or create bedroom out of existing kitchen, then form a larger galley style kitchen open to dining room. This is on upper east, so Crescent22, very interested in your thoughts as you mentioned the market may be different on the UES.

Classic 6, UES, do the 3rd bedroom.
Dining room open to galley kitchen can then become "family room" /dining room open to kitchen

I am saying this despite having demolished a maid's room to create a very large eat-in kitchen. BUT, I was looking at my everyday use/enjoyment, not resale.

Definitely 3rd bedroom on UES. It's a family neighborhood, and people live and move here for the schools. 3rd bedroom is much needed for the second child and many with 3 kids live in 3br's, making the same gender kids share a bedroom.

No amazing thought here- just that the demand from families in the Upper East is high for a third bedroom, even if it's small- people with 0 or 1 kid now will buy and say it's ok to have a small bedroom for several yrs for a second kid.

Good point, thanks all!

Supply and demand. There is limited demand for the "downtown look" (read: open kitchen) in an UES apartment, particularly if pre-war. That said, there is also a lot less supply. Net-net, believe that if you execute very well you should do better than market but anything less than very well and unit will suffer on re-sale.

... that is to say 3rd bedroom is clearly safer choice.