February 16, 2017

  • NYC Apartment Buildings Raising the Bar with High-End Amenities

By our partners at Platinum Properties

When you’re shopping for a new apartment in the city, you’ve likely already been subjected to the horror stories of people fighting over units or having to bring cash to showings to secure something on the spot. It’s hard to imagine that buildings in New York have any difficulties around occupancy, or have to fight over tenants at all. Everyone’s just lucky to get in an apartment in the city that never sleeps, right?

That may seem logical and even possible in some buildings or neighborhoods, but you may be surprised by just how hard New York property owners are working to “keep up with the Joneses” in attracting tenants to their residences. While it’s unlikely the cost of living in a luxury apartment in NYC will go down any time soon, you can be certain that buildings will be ramping up their amenities to set them apart from the competition.

So, what does this mean for renters? It could mean private yoga studios, dog parks or art studios – for no extra cost to you. Nothing in life is truly free, though, right? You still have the hefty price tag that comes with the new apartment you’ve just rented – and often these buildings consider the excessive amenities justification for annual hikes in rent.

Impressive amenities have become especially important for older buildings competing for tenants as new high rises pop up across Manhattan, Long Island City and the New Jersey waterfront. These new buildings can boast central air, granite countertops, brand new appliances, vaulted ceilings, in-unit washers and dryers, and sound proofing of walls and floors. Unfortunately, the older yet more classic New York buildings are limited in the upgrades they can provide without changing the entire structure of these sometimes-historic residences.

It’s more than just the property managers taking note of the competitive landscape. Owners of apartments in co-ops across the city worry about their units maintaining value as transportation improves, development increases, and new buyers move farther out for the extra perks. Specific decisions and investments need to be made to attract the new market of buyers looking to make a lasting investment.

To hold their own against new development, older buildings are coming up with unconventional ways to turn dated interiors into dream amenities. An Upper East Side co-op purchased a doctor’s office just off the lobby to make it the building’s gym facility. Another co-op in the same area reduced the size of its laundry room to accommodate bike storage racks. Further downtown at Trump Plaza, the super’s once two-story apartment is now the building’s fitness room. The president of the building’s co-op board also mentioned that there were discussions of a wine cellar and more storage space.

Even the newer buildings are jumping on the amenity band wagon. A development in Brooklyn provides access to a music rehearsal space, art studio and art gallery. A new Manhattan high rise provides an NBA regulation-size basketball court and a pet spa for their residents. Other buildings are offering libraries, billiards, yoga studios, private tea pavilions, private pools, and movie theaters. While the older buildings are improving their amenities, the newer developments always seem to be a step ahead.

So, whether you’re looking for a new development or a classic New York apartment, this market is creating no shortage of amenities and perks. The exorbitant rent that comes with living in the city is an easier pill to swallow when you can brag about your in-building yoga studio. The amenity competition is a game where everyone wins!

More Articles From Living in NYC

  • How to Flip an Apartment in NYC

    Flipping – we’re not talking about gymnasts, we’re talking about real estate. As depicted on the HGTV show “Flip or Flop” (featuring the recently-divorced-but-still-flipping Tarek and Christina El Moussa), house flipping is an attractive pastime for peopl

  • St. Paul's Chapel NYC: A History

    The oldest church in Manhattan, St. Paul’s Chapel functioned originally as a “chapel of ease” for Episcopal parishioners who were not able to get to the main church at Trinity Church—a 0.3 mile (or 7 block) walk away. The chapel was built in 1766 and is a

  • What To Know Before You Rent Your NYC Apartment On AirBnB

    We’re here to break down exactly what you need to know and consider before bringing in the big bucks by renting your apartment through Airbnb.

  • Union Square NYC: A History

    One of the most important intersections in the city, Union Square—located at the confluence of Chelsea, the East Village, and the Flatiron District—is a witness to the history of the city.

  • How to Find a Good Moving Company in NYC

    Let’s be honest. No one really likes moving. It’s exciting to move into a new place but the process can be a real pain. The last thing you want to worry about is a moving company damaging your belongings and property, or worse.

  • Gramercy Park NYC: A History

    At the foot of Lexington Avenue is Gramercy Park, formerly the site of a marsh (Gramercy is the anglicized version of a Dutch word meaning “Crooked Swamp”). Gramercy and the adjoining park has been the center of a high-end residential area since its creat

  • More Articles

Find the Perfect NYC Apartment or Home

Search Now

Portal YN

NYC Concerts, Theater, Sports Events

Buy Tickets

Events YN