Marketing new condos in the best light
THE SQUARE FOOTAGE There are myriad ways to determine the square footage of an apartment. Some developers measure from the exterior walls, which adds unusable space to the figure. Others include outdoor space like a balcony, part of the exterior hallway or storage space -- even if the storage unit is in the basement. "That can add anywhere from 10 to 40 percent to a plan," said Dolly Lenz, a high-end broker at Prudential Douglas Elliman. "It's really problematic." To avoid ending up with a unit smaller than indicated in the marketing materials, make sure you understand exactly how your apartment is measured.
THE FINISHES Many model apartments at preconstruction sales offices have sleek finishes, but some developers may offer substitutes in the end. The words "or equivalent" in the offering plan should be a red flag, said Sofia Song, the vice president for research of Streeteasy. "You go into the sales centers and you're wowed by the finishes," she said, "but instead of the Miele washer-dryer, you might be getting something else."
THE FLOOR PLAN Factor in surrounding apartments. One question to ask, said Ms. Fisher of Corcoran Sunshine, is what is happening with the apartment above you. "If it has a balcony," she pointed out, "that may create a shaded condition for the space that's beneath it." Pay attention to the entire floor, including the number of apartments and the location of the elevator and the trash room. In other words, she said, "are you right next to the garbage chute?"
THE FLOOR NUMBERS Eva Talel, a partner in the real estate group of Stroock & Stroock & Lavan, a law firm in Manhattan, said one client who had thought she was buying on the 14th floor was actually on the 12th. When looking at the building plans, she hadn't realized that the first two floors were below grade. In the end she stayed on the 12th, but negotiated a lower price.
CEILING HEIGHT Check this, too. So-called transfer floors tend to have high ceilings with irregularly located ceiling drops, to accommodate mechanical equipment. Be sure to ask whether your unit is on a transfer floor, and if so, where exactly the ceiling drops are going to be.
THE VIEW Know your air rights. Apartments on what are called "lot lines" could lose their view if the neighboring lot was developed. To prevent that from happening and preserve views for their buildings, some developers buy the air rights from surrounding buildings.
That's what Alchemy Properties did at 35 West 15th Street, where it is building a condo atop Xavier High School, which has adjoining property west and north. Most nearby buildings are no higher than six stories at the moment, but buying the surrounding air rights from Xavier will help maintain uninterrupted views from the condo, said Mr. Horn of Alchemy Properties.