Most of the factors influencing the cost of a high-rise in NYC have nothing to do with the height of the building itself. While a high-rise is technically a building classifier, it can also refer to an apartment in such a building. The cost can range anywhere from $100,000 for the smallest high-rise apartments (in relatively old buildings with minimal amenities) to several millions in more luxury buildings with high-end amenities.
High-rise cost in NYC also depends upon the borough you are in. Manhattan has the highest concentration of high-rises and naturally, a greater price variety. Brooklyn is next, followed by Queens, Bronx, and Staten Island.
The location within the neighborhood can also have an enormous impact on the cost of a high-rise. A 600-square-foot condo in Manhattan can cost anywhere between $610,000 (in a Hell’s Kitchen high-rise) and $1.8 million (in a Midtown new development high-rise). The range is less extensive in Brooklyn and other boroughs, but there is still significant deviation among neighborhoods.
Apartment type is another significant factor. A 1,600 square feet high-rise co-op apartment in a neighborhood like Sutton Place (Manhattan) may cost about half as much as a condo.
Other factors like apartment size, number of bedrooms, and amenities in the building may influence the cost of the high-rise quite significantly as well.
Even a factor relevant to height can play a significant role. Apartments in the same building with a better view may fetch a higher price compared to lower level apartments, even when all the other factors are the same – amenities, location, size, etc.
In conclusion, the high-rise cost in NYC can range anywhere between a few hundred thousand to a few million.
Also read: How To Prepare Yourself and Your Apartment For Sale In NYC
