With so many attractive and highly-publicized new building projects hitting the market, it is often hard to compare the features of these modern residences to those even only a few years older. From an amenities perspective, several of these new developments boast highly-coveted modern conveniences that some of the city’s older buildings do not offer. One of the best ways to ensure that a full-service building remains competitive in this unique market is to incorporate functionality throughout the common areas. Aside from overall cleanliness, a building’s amenity spaces are a huge selling point for purchasers. These additional features can range from children’s playrooms, pet salons and decked-out resident lounges to roof decks, fitness studios and bowling alleys.
As a real estate agent, I understand the impact these additions have on a building. As a board member at the Chelsea Stratus, I have taken an active role in helping to manage these residential spaces for building residents to enjoy. Completed in 2008, The Chelsea Stratus is Chelsea’s tallest residential building and consists of roughly 200 apartments. The building’s common areas underwent several recent improvements, including resurfacing the common basketball court, installing a new television in the lounge with Direct TV access, offering free wi-fi throughout and replanting the Zen garden and roof top terrace. Another significant capital improvement made was that all the cardio equipment found in the fitness center was recently replaced by top-of-the-line Precor equipment, each complete with touch screen monitors that offer TV and internet use.
In this highly-competitive housing market, building enhancements and additions increase the overall desirability and perceived value of an entire residence. This perceived value is heavily impacted by the shared features available, even if a resident doesn’t take advantage of these offerings. Inherently, these enhancements are reflected in the pricing of a building’s residential units, both for sale or for rent, and are a necessary facet to consider during the search for a new Manhattan home.