The Market

How to get more apartment for the same price

By Lucy Cohen Blatter  | April 14, 2014 - 1:30PM

In Case You Missed It: Every so often, BrickUnderground digs through the archives to find the best advice our experts have shared through the years.

Spring sales season is officially underway, and it's time to get serious about your apartment search. This week, some not-so-obvious tips on where to find more real estate bang for your buck:

  • A first-floor apartment: On average, says appraiser Jonathan Miller of Miller Samuel, "the price difference between a second and first-floor apartment is 15 percent... and the difference in price between a first and third floor apartment can be as much as 25 percent." While you're not likely to get as much light and your view will be less impressive, it can be helpful to be on the first floor if you have a dog.
  • A postwar building: You know those 1950s-1960s white brick buildings you see all over Mad Men? These days, says Miller, they tend to be 10 to 15 percent cheaper than prewar apartments, all other things being equal. What prewars lack in Mad Men cool, they make up in higher ceiling height, hardwood floors versus parquet, and better soundproofing. 
  • A less-than-ideal location:  Heading far from public transportation (think York Avenue on the Upper East Side or Avenue B in the East Village), and on the fringe of other popular neighborhoods (like Morningside Heights versus Upper West Side), can bring you a lot more for your money. 
  • A less-than-ideal layout: Open plans are most popular with buyers these days, as people want larger kitchens and living rooms for entertaining. So, those who don’t mind—or even prefer—more traditional floor plans, with closed off kitchens, dining rooms and living rooms, may stretch their real estate dollar further.

Head on over to the original post, "8 ways to get more space for less money in a NYC apartment", to get additional tips.

Related posts:

How to buy a NYC apartment

5 ways to spot a seller who's ready to bargain

2014 real estate forecast: What to expect in prices, neighborhoods, amenities, mortgages and more

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