How much do river views cost? By Leah Hochbaum Rosner
How much do river views cost?
Worried that living in the city means sacrificing idyllic suburban vistas for glimpses of airshafts and other buildings? Thomas Kim of Miron Properties and Brian Lewis of Halstead Property explain the pricing and suggest the best neighborhoods for apartments with water views in this week’s Buy Curious.
THE WISH LIST:
My wife and I are moving to the city, and she’s dead set on views of the water, but happy to be on the Upper East or Upper West Sides. How much extra will we pay for this privilege? Our budget is $1 million for two bedrooms, though I’d love to come in a little lower. Is it doable? Where should we look?
THE REALITY:
Finding a two-bedroom with a window on the water for under $1 million will be difficult, but doable—as long as you and your wife are willing to make some compromises.
According to StreetEasy data, the median asking price for a two-bedroom apartment on the Upper East Side is $1.6 million; on the Upper West Side, try $1.5 million. And Kim says that for water views, the premium would be about 10 to 20 percent more than units without them. Since you have to be on the 20th floor or higher to see the river in most Manhattan buildings, you'll also probably have to spend more to be on an upper level. Listing prices for high-floor units are typically 5 to 25 percent more than lower apartments in the same line. Read more here.