May 27 2016

5 Manhattan Penthouses With Enviable Outdoor Spaces

As it turns out, your neighbor’s outdoor space isn’t just a jealousy-inducing amenity—it’s a good investment. Terraces are typically valued at 25% to 50% of the price-per-square-foot of the home’s interior space, according to Jonathan Miller, president and CEO of property appraisal and consulting firm Miller Samuel.

So if your home costs $1,000 per square foot, that terrace could be worth as much as $500 per square foot. Other factors come into play when it comes to price, including the depth of the terrace, its location in the building, the level of privacy and whether or not the view from the terrace is obstructed.