Living in New York City comes with a premium, and most of us are used to sacrificing space for living in the hottest neighborhood or a building with incredible amenities.
However, if you like hosting parties in your apartment for more than 10 people or doing group yoga sessions in your living room, then space could be your number one priority.
While neighborhoods that are a bit further out, like Inwood (upper Manhattan) or Flushing (Queens), will give you more space for less, there are a few other strategies you can try to save cash. We’ve put together a list of the types of apartments that will give you more space for less money.
A First-Floor Apartment
Everybody’s reaching higher, literally, so a first-floor apartment could come at a discounted rate. The difference between the first and second floor could be as high as 15 percent, appraiser Jonathan Miller from Miller Samuel told BrickUnderground.
When you move up another floor, you’re looking at another 10 percent increase, according to Miller. This tells us that the difference between a first-floor home and one on the third floor is as high as 25 percent.
Naturally, this is reversed for walk-up buildings.
This leads us to another good point, opt for a walk-up if you’re looking to get more space for less. Plus, your legs are going to be seriously toned within a few months of living in a fifth-floor walk-up.
If you can live without an elevator, you could score a discount of up to five percent per floor, compared to an elevator building. This means the higher you go, the less you’ll pay for your apartment.
A perfect example for this is Apartment 4B at 199 Humboldt Street. The ultra-modern, fourth-floor walk-up is a condo with low common charges, three private outdoor spaces, and boasts over a thousand square feet.
“At $775,000, this is a total steal for someone who isn’t afraid of stairs,” says listing agent Tyler Whitman, Head of The Whitman Team at Triplemint.
A Post-War Apartment
While a pre-war apartment, with its high ceilings, hardwood floors, and delicate moldings, has an unbeatable charm to it, an apartment in a post-war building will be more affordable.
As the name suggests, post-war apartments were built after World War II during a housing shortage, so they’re usually less extravagant and have simpler finishings. Therefore, they’ll give you more space for less!
Compared to apartments in new development buildings, where you typically pay for luxurious building amenities and floor-to-ceiling windows and sacrifice on space, post-war apartments come with larger rooms and larger living areas.
If you’re looking to spend less than $700,000, you’ll love this alcove studio that comes with a dressing room and western exposures. “A lot of early post-war buildings have the most generous floor plans,” explains listing agent Peter Sommer.
A doorman is undeniably great, they’ll receive your packages for you and act as an added layer of security. However, if you’re looking to get more space for less, opt for non-doorman buildings.
You could get a spacious studio in a pet-friendly, elevator building on the Upper East Side for as little as $2,300. You won’t mind opening the door for yourself when you get to live in this condo with private outdoor space.
Homes with an open-plan layout often attract more interest. This means that you’ll have an open kitchen that seamlessly flows into the living room and dining area.
However, if you prefer a traditional set up that features a closed-off kitchen and separate living room, dining room, and bedrooms, you could save some serious cash. Economics 101 teaches us that high demand increases price and vice versa. So if you choose to live in an apartment that doesn’t adhere to the latest layout trends, you’ll be a savvy saver.
Lots of Roommates
You’re not in college anymore and you don’t have to share a room with three other people. However, consider sharing your apartment with several people. The more roommates you have, the less rent you’ll pay per person.
You can get a three-bedroom apartment in the East Village for $5,500, for example. If the apartment has a good layout that allows for privacy and boasts a nice living room, this could be an incredible deal. Also, keep in mind that not everybody will be home at the same time, so you’ll get to enjoy a large apartment for less.
If you’re flexible enough to cut down on some amenities or try a different apartment layout, you might be able to double your available space for the same amount of money. Consult an expert agent and let them know that you’re ready to make sacrifices; some of which won’t even feel like sacrifices when you’re hosting your next dinner party.