The New York City luxury real estate market has seen a number of developments over the past few years. One of the most recent trends for this market has been the walk-up craze. In fact, many luxury real estate developers have started to capitalize on the walk-up trend in New York City, making it the next ‘must-have’ feature for luxury condominium owners. According to recent reports, the average monthly rent for luxury one-bedroom walk-up apartments in New York City has jumped 5.7 percent in the past year. This data is even more drastic when compared to the average monthly rent for one-bedroom apartments in full-service elevator buildings. According to the same professionals, this rent has increased just 0.5 percent over the past year.
It isn’t just the rental market that is being impacted by the popularity of walk-ups. According to reports, the number of walk-ups that have sold over the past year has increased by 64 percent. This is significant when compared to the 22 percent increase for units that are in full-service buildings. According to these sales reports, the cost of owning a walk up has increased by 22 percent in the last year alone. The cost of owning a unit in a full-service elevator building has only increased by 2 percent. While there are some in the New York City luxury real estate market who feel they need a doorman, there are even more who prefer the ease of walk-ups. Walk-up condos were quite popular in pre-war New York City and many love this retro design in their homes.
This is why it should come as no surprise that many New York City luxury developers are trying to cash-in on the walk-up craze and many in the NYC building are starting to build walk-up units increase of full-service buildings. These buildings are especially finding prominence within areas of New York City such as the East Village. While buyers will find that these new buildings will come with a higher price tag, many developers are paying big money to invest in buildings that have walk-up access. While many of these buildings typically host less than 20 walk-up condos in them, developers are still paying hundreds of millions to own these ‘must-have’ homes in New York City.
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