![]() The proprietary lease delineates what the building vs. “As there are more floors below you to damage you might want to have higher limits on your policy." (Note: There are no insurance surcharges for proximity to roof or elevation.) You will also be liable for any overflow of sinks, tubs, and washing machines, Schneider says. Why you might think twice about buying a penthouseĮxposure to the elements. It’s safe to say you're more susceptible to the elements when living right beneath the roof.Īccording to Jeff Schneider, president of insurance brokerage Gotham Brokerage (fyi, a Brick sponsor), storm damage to the roof or ice damming are more likely in a penthouse than in other units. And they also tend to be less affected by market volatility as a result, Miller says. Less market volatility. For all the above reasons, on average, penthouses tend to sell for about 5 to 10 percent more than non-penthouse apartments. ![]() To capitalize on her own views, Fox replaced smaller windows with floor-to-ceiling ones throughout the whole apartment-something her board approved because the penthouse is not visible from the street. “The sunlight is so beautiful on these higher floors too,” Fox says (who is on the 19th floor herself). ![]() Panoramic views. Sure you can have gorgeous views from other apartments, but they often can’t compete with the views from the top floor-and especially when said views come with the added value of your own private outdoor space. Only if the mid-level apartment is much larger (say, three combined units or a duplex) or has some other quantifiable asset would it have a higher valuation, he adds. “There’s less risk of that view becoming obstructed,” Miller says. “There are other apartments on lower floors with enormous terraces in my own building, which can be equally desirable to clients,” Fox says.Īll things being equal, however, a terrace on a middle floor apartment will not have the same value as a similar size terrace on the penthouse level. Not that penthouses have a lock on outdoor spaces. because they would be unusable, Steinberg says. There are no terraces for the penthouses on the 96th floor at 432 Park Ave. In some of the super tall buildings, creating a terrace is more challenging because of wind. “I love gardening and to sit and relax in the morning and on beautiful days,” she says. Outdoor space (the ultimate upside). For many New Yorkers, having outdoor space is the end-all, be-all, and the main reason for even buying a penthouse.Ī terrace was certainly a must for Fox (she has six pets) and is something she uses all the time. No more toddlers running above your ceiling and disturbing your peace. Peace and privacy. Penthouses are quieter than other apartments for a couple of reasons-they're further from the street noise below and never come with upstairs neighbors. “Other apartments might deliver some of the above, but for the most part it’s the penthouse that provides these desirable attributes,” Steinberg says. Penthouse perks. Unobstructed views, lots of light, higher ceilings, elevators that open directly into the apartment, and private outdoor space (see below) are common-and often de rigueur-in penthouses. "There's always something nice about hitting that PH button in the elevator. That indescribable feeling. Of course, there's the prestige and sense of arrival that comes with being able to live in a penthouse, Steinberg says. Read on for more from these and other experts on the pros and cons of living in a penthouse apartment. These days, a penthouse isn't always a penthouse. Some new developments launch their projects with multiple penthouses, which Miller considers a marketing ploy to make an apartment more desirable. That is, as long as they truly are penthouses. That’s a fact of real estate valuation, explains Jonathan Miller, president and CEO of appraisal firm Miller Samuel. “The market has not shifted away from that," he says. ![]() She says privacy, ample outdoor space, and higher ceilings are among the many selling points.īeing on a higher floor, and sitting on top of a building, impacts resale value. Fox has first-hand experience-not only does she sell a lot of penthouses, she lives in one too. ![]()
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