How Is Square Footage Measured for NYC Real Estate? (2019) | Hauseit® New York City

How Is Square Footage Measured for NYC Real Estate? (2019) | Hauseit® New York City


What exactly is square footage? How is it measured and how do you find the actual square footage of a co-op or condo apartment in NYC? Are new development square feet measurements always inflated? Let’s start with the basics: What Is a Square Foot? Square footage is a two-dimensional measure of space in real estate, meaning that height is not a factor because we are not measuring volume, which would be three dimensional. The square footage of a room is simply the amount of floor space. The square footage of a typical rectangular shaped room would be calculated by simply multiplying the length and width of the room. For example, let’s say a legal bedroom in NYC must be at least 8 feet by 8 feet in length and width. That means the square footage of a legal bedroom must be 64 square feet at a minimum. How does one figure out the square footage for a co-op apartment? Determining the square footage for a co-op apartment in NYC can be tricky. Square footage figures are rarely published on co-op apartment sale listings because an exact number is rarely listed by an official document. Even the original offering plan for a co-op building will rarely list the square footages of the units. How does one figure out the square footage for a condo apartment? Determining the square footage of a condo is much easier than trying to determine the square footage of a co-op. The condo’s original offering plan will normally have the original floor plans and square footages for each unit in the building. In addition, the NYC Department of Finance will list what they call the “Net Square Footage of the Lot from the Condo Declaration” in each property’s most recent “Notice of Property Value” letter This letter is a public record that can be found for any real property in the city simply by searching on the NYC Department of Finance website. However, it’s important to understand that just because an official square footage is listed in the original offering plan does not mean that there is a standard way of measuring square footage. In fact, the Attorney General’s office which oversees the sales of new developments allows different methods of measuring square footage as long as the method is disclosed, along with a disclosure that the square footage number may be more than the square footage buyers can actually use. Although not all square footage figures are inflated, the lack of a standard measurement process means developers have great flexibility to inflate their units’ square footages for marketing purposes It’s fairly common to see developers today measure square footage from the outside of the building’s exterior wall. Often times, developers will include an apartment’s proportionate share of the building’s common elements such as hallways in the stated square footage. Thinking of buying or selling in New York City? Save money with Hauseit, New York City’s largest and most trusted For Sale by Owner and Buyer Closing Credit Company. Hauseit has saved New Yorkers millions of dollars in commission since 2014, and we’d love to help you too. Subscribe to our channel and check us out at www.hauseit.com

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