The Truth About Co-op Square Footage in NYC

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What's the truth about co-op square footage in New York City? We will demystify this topic in the following video. I'm Nick at Hauseit, visit our website https://www.huaseit.com to save money when buying or selling real estate here in New York City. So let's get started.

Co-op square footage in New York City is a controversial topic for buyers, sellers and brokers. This is because the vast majority of co-op apartments for sale do not have official square footage figures listed in the building's original offering plan. Now because there is no official square footage figure for most co-ops and there are a multitude of ways to measure square footage, the square footage of a co-op is open to interpretation. Co-op square footages in New York City are often exaggerated due to the inherent temptation for sellers and listing agents to naturally overstate the size of an apartment in order to make the price per square foot look more attractive to prospective buyers.

Why is square footage missing on many co-op listings in New York City? Well sellers and brokers are often hesitant to represent an official square footage for a co-op as this could open them up to disputes and/or litigation from a buyer who is looking for an easy way to get out of a deal or simply to cause trouble. Furthermore, there are a multitude of ways to actually measure square footage. For example, square footage can be measured from interior to interior walls, exterior to exterior walls, interior to exterior or some combination of these methods.

On the other hand there are plenty of sellers and listing agents who choose to list square footage simply because it's a helpful metric for prospective buyers although it's an approximation. Furthermore, many buyers appreciate having some sort of rough approximation for square footage so they can efficiently sort through available listings and determine which may be a good fit. Most co-op listing agents who disclose square footage will include a disclaimer in the listing description or on the floor plan itself.

If you're buying a co-op in New York City it's important to do your homework and fact check the square footage figure on the listing you're thinking of submitting an offer on. Now the easiest way to Ballpark square footage is simply to sum up the room mentions which are typically measured from interior wall to interior wall. These dimensions are usually quite accurate. It's also a good idea to find other similarly priced co-op listings online and compare the sum of the room dimensions to the unit you're considering provided that the calculated square footages are in the same ballpark you can therefore conclude that nothing sketchy is going on.

Where can I find the square footage of a condo in New York City? the official source of a condo square footage is in Schedule A of the offering plan. Now here's an example of the Schedule A from an offering plan for a boutique new construction condo building in Williamsburg. Since offering plans are often difficult to locate an easier way to find the square footage of a condo or a house is to search on the New York City Department of Finance website. Simply type in the address, hit search and select the most recent notice of property value. For a condo this document will contain the gross residential square footage which is typically the same as what's listed on Schedule A in the offering plan.

We hope you found this video helpful. I'm Nick at Hauseit, visit our website https://www.hauseit.com to learn about ways to save money when buying or selling real estate here in New York City and if you like this video do us a favor hit like, subscribe, leave us a comment and we hope to see you on the next one!

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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