Through the Roof
Today in the New York Times an article came out speaking to the possibility of roof expansion. This is such a smart use of space and generating income for a building. Personally, I have been trying to get this underway at my own Co-op. In my findings there are a few roadblocks with air rights, the amount of unsold shares and recreating the offering plan as well as assessing new maintenance amounts. A friend in Chelsea is also trying to get this started in his building.
In my opinion it would do nothing but add value to the building and allow the top floor tenants to not only increase their living space but generate income for these "stalled" corporations where money always seems to be an issue!
Article:
IN the classic New York City real estate dream, the sleeper discovers a room, maybe an entire wing, that he or she never knew existed. Then, just as the exhilaration of the newfound space starts to settle in, the dreamer awakens to crashing disappointment.
But for some New Yorkers, the dream is not so far-fetched, because they can build those illusory rooms on the rooftops of their own buildings. Squeezed by rising maintenance costs and in search of new sources of income, dozens of small-to-midsize co-ops and condos across the city are looking to their rooftops — the latest frontier for cashing in on every available inch of space — and are opting to sell building rights to top-floor residents or to other apartment owners.
The owners of the top-floor apartments pay for the chance to expand their apartments into duplex penthouses and to create roof decks with panoramic city views. The buildings, in turn, get money to pay for major projects like replacing the elevators or remodeling the lobby, as well as additional monthly income through higher maintenance or common charges as a result of the new space.
“We’re seeing more of this now, and it’s simply because the value of space has become so dear and rooftops always were the undiscovered value in this city, the underappreciated surface,” said Tony Goldman, a developer and a restaurateur who has renovated many buildings in SoHo and the financial district.
For full article:
http://www.nytimes.com/2007/11/18/realestate/18cov.html?em&ex=1195534800&en=380d3ffeb87117cb&ei=5087%0A
In my opinion it would do nothing but add value to the building and allow the top floor tenants to not only increase their living space but generate income for these "stalled" corporations where money always seems to be an issue!
Article:
IN the classic New York City real estate dream, the sleeper discovers a room, maybe an entire wing, that he or she never knew existed. Then, just as the exhilaration of the newfound space starts to settle in, the dreamer awakens to crashing disappointment.
But for some New Yorkers, the dream is not so far-fetched, because they can build those illusory rooms on the rooftops of their own buildings. Squeezed by rising maintenance costs and in search of new sources of income, dozens of small-to-midsize co-ops and condos across the city are looking to their rooftops — the latest frontier for cashing in on every available inch of space — and are opting to sell building rights to top-floor residents or to other apartment owners.
The owners of the top-floor apartments pay for the chance to expand their apartments into duplex penthouses and to create roof decks with panoramic city views. The buildings, in turn, get money to pay for major projects like replacing the elevators or remodeling the lobby, as well as additional monthly income through higher maintenance or common charges as a result of the new space.
“We’re seeing more of this now, and it’s simply because the value of space has become so dear and rooftops always were the undiscovered value in this city, the underappreciated surface,” said Tony Goldman, a developer and a restaurateur who has renovated many buildings in SoHo and the financial district.
For full article:
http://www.nytimes.com/2007/11/18/realestate/18cov.html?em&ex=1195534800&en=380d3ffeb87117cb&ei=5087%0A
1 comment:
A very helpful entry Brian. I'm going to see about the roof rights in my building. The co-op Board has always talked about building a deck but hasn't made any progress.
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