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TheFuture
September 14th, 2005, 09:51 AM
Does anyone know how the price per sq ft works when there is outdoor space involved?

Someone told me that you should calculate the terrace at approx 1/3 the inside apt sq ft amount.

Also, does anyone know what the going $/sq ft amount is for new construction (non doorman buildings) in North Williamsburg and South Williamsburg?

BrooklynRider
September 14th, 2005, 10:02 AM
First off, stated square footage in any apartment is often wrong and often drastically over stated. This they get away with by plastering "Errors and Omissions" statements all over every offering.

The square footage of an apartment DOES NOT include outdoor spaces. Those spaces should be stated separately (e.g. 1300sf apartment with 400sf terrace).

The common charge area is where it gets dicey. The law on apportionment of common charges is very vague and pretty much lets sponsors do whatever they want as long as it can be explained "logically". So sponsors might use 100% of square footage plus 50% of terrace or deck area. Then, they start fiddling around with numbers adding percentages to "premium" apartments with better views, on higher floors, with better finishes.

It is a "buyer beware" situation. The biggest thing to watch out for is over stated square footage. I've seen 525sf marketed at 700sf. 1050sf marketed as 1150sf.

You are in the twilight zone of real estate.

ebrigham
September 14th, 2005, 10:08 AM
Does anyone know how the price per sq ft works when there is outdoor space involved?

Someone told me that you should calculate the terrace at approx 1/3 the inside apt sq ft amount.

Also, does anyone know what the going $/sq ft amount is for new construction (non doorman buildings) in North Williamsburg and South Williamsburg?

The 1/3 figure is something I have seen thrown about, but I imagine it is quite variable depending on views, etc. I can't answer your second question though...