Community Room/ Common Space - True value in $

Don't expect it to add any monetary value to your apartment.

And don't think you're going to have all of these wonderful opportunities for game nights and potlucks with your neighbors with this new "community" room.

Nor will that room be conveniently available when you want to use it. It will always be "occupied" by someone else, the rest of the "community" will not maintain it to your standards, and rather than an extension of your own apartment when you're entertaining, will always end up being this grubby room that no one really ever wants to utilize because the people with the tightest apartments (and lowest standards of cleanliness) will always use it to let the kids run free.

If you want to add real dollar value to your apartment (as well as intangible value to your life), turn that room into individual locked storage units. Already have storage units? ADD MORE. Trust me, there will be people who will always need more storage space.

By the way, 55 units is not "small" by any standard. A "small" co-op in Brooklyn would be 3-5 apartments in a brownstone.

NYCMatt makes several good points. For monetary value, there are probably better uses of the space. If the community room enhances value at all, it probably does the most for small units. I also doubt appraisers will pay much attention to it. Gyms, roof decks, playrooms, garages and storage all have established value that an appraiser can factor in when adjusting comps. Community rooms? Not so much.

Our building has a nicely-finished room (see http://newconstructionmanhattan.com/sites/default/files/imagecache/full/images/Lobby_Avonova_219_West_81st_Street_Condo_1.jpg), that gets very little use. It does show pretty well, though - it's the first thing a prospective buyer sees in the basement, on the way to the gym and playroom. It makes a better impression coming off the elevator than smelly recycling bins. But it takes work to keep the room looking good, and its value is still probably too subjective for an appraiser to credit it much.

I agree with the storage unit idea. Some upfront expense to build out the lockers but the payback period should be relatively short, and then it's an annuity for the building. Helps keep maintenance in check, which is good for everybody.

That won't show up as a line on an appraisal, but I'm not sure why it really matters.

I agree with all the above comments, especially Matt's. I've seen too many of these rooms shopping for apartments, I stopped looking at them they are so awful. Unless they are chic-ly appointed with a pool table, cable TV with ESPN and bar, and therefore can be reserved for a nice fee by residents for big parties, they are a waste at best, and usually a big turn-off because they are usually run down looking in no time.

Plus you need to consider who lives in the building. Do you even have people who throw big parties? Or a ton of little kids?

Regarding your question about value, I would research what comparable buildings do with their extra space. If all the competing apartments have a fitness room and you don't, you might want to think about that. If all competing buildings have a kid's playroom, then you might want to do that.

If there is no natural light, though, who wants to hang out there? Not many. I like the storage room idea best.

But Matt is so right, if you're not having pot-lucks now, a new room is not going to make them magically happen. Brooklyn is full of church and temple basements that you could be using right now for those pot lucks, if you were that kind of building. If you're not, then you aren't, and you won't.

I own a unit in a large (several hundred units) condo building which has an extensive suite of amenities. That's partly why I bought there, and I use the room that would probably be parallel to your community room about twice a year. Use of the room by one or two people is drop-in; use of the room by groups requires making a reservation, paying a security deposit, and paying a cleaning charge.

It is, however, served by a kitchen, so it's got a lot of functionality.

I think the value of the community room you're proposing would be determined by the details -- would you put in a refrigerator and a wet bar so it could be used for children's birthday parties? A large TV and a Blu-ray so it could be used for movie night? Wi-Fi, so it's a place for adults to work?

I've seen all of these configurations, and they do add value to a building.

Be aware, though that cleanliness and insurance are issues. Do you have a population of shareholders that's willing to bear the cost of having the room, for the lack of a better word, managed, as well as cleaned and insured?

If you do, I think it might add more value than storage units.

ali r.
{downtown broker}

West81st ... that is a drop-dead GORGEOUS room!

As Flutistic mentioned above, I will grant that it does depend on the room itself and its appointments. And I'll add -- whether it's a basement room with no windows.

One of the most gorgeous community rooms I've seen was in FiDi -- the sucker was huge, with couches, TVs, pool table ... and on the TOP FLOOR of the building, with amazing light, views, and a wraparound deck with lounge chairs that everyone was using that sunny Sunday afternoon to soak up some rays. Now THAT kind of community room I can see actually adding value to the apartments.

I'll also give a hearty "MEH" to the notion of a fitness room. There are now more NYSC and Crunch locations than there are Duane Reades; if you can't motivate yourself to walk half a block to get to the gym, a "fitness room" in your building won't, either. And people who ARE motivated to work out will find in short order that these tiny "fitness rooms" are completely inadequate for a proper workout. Not to mention -- WHO is going to keep these rooms clean (and the machines in good working order -- on a regular basis?

Hi Fluitistic has a point, as an appraiser I can say that only when comparable buildings in the neighborhood have amenities similar to your building does it give any value, otherwise a comment about the community room not given much monetary value, would suffice. Since while doing an appraisal I would have to do some research to see if it's appreciated in the neighborhood. On the other hand a storage bin that is OWNED (not rented) ALWAYS adds value.

I agree about the community rooms not being a true asset. We had one in a condo I had for many years. We only used it for a Halloween party for the children once per year. We tried adding card tables, then comfortable chairs and with book cases and a large screen TV. Still no use. When I moved, they were considering installing storage units to be rented.

I should add that we considered selling the units and charging a nominal fee for heat/lighting. However, we were told that it was a complicated process in a condo since you're converting common space to private space. I lived in another condo that had block and lot numbers for all the storage units; there were real estate taxes on the units. Maybe a coop is different.

Most co-ops don't let you OWN your storage space; it's a first-come, first-served kind of thing where you're assigned a locker and you pay monthly rent for it.

In a co-op they're just rented out to tenants, with the managing agent keeping a waiting list. A condo where they're not lots would do the same thing.

We've expanded our storage a couple of times in the last 20 years, and still have an old laundry room and a staff lounge to take over. We use one or the other for the annual meeting, which'd be all the use a community room would get.

The rentals add up. I don't remember what the total is, but mine is either $300 or $500 per year for maybe 60 cubic feet.

Thanks guys.

So, storage units = more monetary value, community room no. How about a work out room?

I am pitching the use of this space to our board, and I was asked specifically for evidence to show how using this space (vs the super using this space increases the value of our building/ apartments.

The upgrades will be about 10K, so I need to justify the cost to some of the board members.

Normally, NYCMatt, like c0lumbiac0unty and Riversider, is completely wrong. Such as that time he said the woman who fell off her balcony was responsible. https://streeteasy.com/nyc/talk/discussion/36039-stonehenge-57-balcony-death?

However, in this case, NYCMatt is 100% correct. Oddly though, he's also correct on his negative point of view on the fitness room, citing New York Sports Clubs as an alternative despite NYCMatt's problems with his credit card when he cancelled his membership.

Has anyone taken a survey of the residents to see how they would like to use the space? A health club/exercise room might be worthwhile.

I still maintain that woman was responsible for her own demise. When you play with fire, sometimes you get burned ... and you can't blame the matches.