Square Footage Reviseted - The Truth Revealed

Square footage is a very important component of apartment value. It is the size of the apartment -- the space that you live in. There are 2 primary issues to consider when evaluating square footage: 1) In NYC there is no standard of measurement, and 2) Not all square feet are created equal. 1) Standard of Measurement - my suggestion: measure all space with >7.5ft ceilings from the interior of... [more]

Square footage is a very important component of apartment value. It is the size of the apartment -- the space that you live in. There are 2 primary issues to consider when evaluating square footage: 1) In NYC there is no standard of measurement, and 2) Not all square feet are created equal. 1) Standard of Measurement - my suggestion: measure all space with >7.5ft ceilings from the interior of the border walls of the apartment. For example, include: all closets, hallways, bathrooms, interior walls, structural columns, and fireplaces. Exclude: thickness of exterior walls, storage units not located in the apartment, outdoor space, balconies, and mezz space with less than 7.5ft ceilings. 2) All Square Feet Not Equal – even if measured properly, square footage is just one component of the value of an apartment. Windows, outdoor space, fireplaces, storage units, ceiling height, views, location, location, location, doorman, amenities, floor, light, quiet…the list goes on. Particularly important is layout and window location. A bedroom is not a bedroom without a window. Square layouts are typically easier to utilize than thin rectangular layouts because less space is wasted on hallways. Square footage in Condo’s vs. CoOp’s: Condo’s are required to include a description of the method of square footage calculation in the offering plan. While helpful, the methodology used in the offering plans usually includes more than the suggested standard of measurement in 1 above. This is particularly true with newer Condo’s since the trend has been to include more and more in the calculation methodology. Nonetheless, condo square footage is usually more accurate than CoOp square footage where the preferred method is a wild and exaggerated guess by the selling broker. I’ve found that Condo’s typically overstate square footage by 5-10% and CoOp’s overstate by 10-35%. This is a reason that is frequently overlooked as to why Condo’s generally sell for more per stated square foot than coops. (Other reasons include less stringent Board rules which are attractive to many buyers). Most important: bring a 25 foot tape measure to any open house. Usually the floorplan posted in an online listing includes dimensions. You can easily verify these dimensions at the open house and then, assuming the floorplan is drawn to scale, print out the floorplan and use a ruler and your verified measurements do your own calculation of square footage. Remember CAVEAT EMPTOR. http://www.nytimes.com/2010/12/19/realestate/19cov.html [less]