There are many reasons why people buy property in New York City. A sense of accomplishment, investment, and security are just a few. The truth is, it can take months to find the right apartment in NYC. And, after viewing 10, 20, sometimes 50 homes, these multi-room boxes tend to all look the same. The key is looking beyond the cosmetic updates and designer finishes to see the property's true value.

Here are the three intangible assets I always prioritize when evaluating and purchasing a home.

Apartment Placement:

Where the apartment is located in the building is critically important. Is it on the ground floor? The top floor of the six-story walkup? Is it a corner unit or smack in the middle of the hallway with apartments on either side? When choosing an apartment, I always look for corner units which can have windows on two or even three sides. I even bought a unit with all four exposures: north, east, south and west! This gives the unit a very different appeal from most other listings on the market. A premium apartment placement within the building is a positive attribute that will likely never change and will appeal to buyers when you’re ready to sell. When you have the opportunity to buy a corner unit, you’ll always have multiple views and better natural light, which will set your listing apart when the time comes to sell. Plus, corner apartments typically share fewer common walls with other units (your neighbors) in the building. You’ll have a little more privacy and autonomy when buying at the end of the hallway or the corner of the building.

Layout:

The layout or the floor plan is an extremely important consideration when buying a home. It’s true that you may be able to add or remove rooms within the space, but if you don’t want to rack up major renovation costs for moving kitchens, baths and bedrooms, having an optimal layout from the start is imperative. For example, apartments that have bedrooms on either side of common areas, such as living rooms, dining rooms, and kitchens, have a different feel from other cookie-cutter units. The split-bedroom layout also gives more privacy for bedrooms that don't share common walls. If you are buying for a multi-person household, consider looking for layouts where bedrooms are separated by living space, with the primary bedroom away from the secondary bedrooms. This will be a significant asset when you’re ready to sell and provide a more enjoyable living experience while you own the property.

View:

This can be a challenging intangible to evaluate in New York City, where you never know when the next pencil skyscraper is going to take root and grow right in front of your own building, robbing you of your iconic view in the process. There are resources that can help you determine which nearby buildings could be earmarked for demolition. Look for homes where the view looks over an established, larger co-op or condo or newer rental buildings. Older low- or mid-rise buildings are often targeted for redevelopment. Buying in or around a Landmarks Preservation Commission designated historic district or landmarked building can also protect your views. You can access the LPC map [link here]. If your potential new apartment faces a historic district block or individually landmarked building, chances are your view will be protected in perpetuity. When purchasing an apartment, you can ask the title company to perform what’s called a “sightline search,“ which costs a little more but will help you get an idea of which surrounding buildings have air rights left, which are consolidating air rights and which are prime for development. While the city skyline is and will always be changing, getting a better idea of what is going on with the surrounding air rights can help protect that view you fell in love with on your first visit to the property.

Unit placement, general layout, and views are the three intangibles you should prioritize to keep your long-term investment holding (or increasing) its value for the duration of your ownership, even as the city grows. Remember, everything inside can be cosmetically changed, but placement, floor plan and open views, particularly protected ones, will become valuable assets during resale.

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