Value of Roof RIghts & Ballpark Costs For Building On It

I’m sure it’s been wondered many times, but I don’t see much about it in a forum search, so… (and there’s also this, which helps, but dated and general: http://www.millersamuel.com/terra-logic-understanding-the-value-of-manhattan-apartment-outdoor-space/) What’s the value of roof rights? Let’s say it’s around 120sq of space, completely un-touched (meaning to make a real roof deck would be starting from scratch- permits, structural testing, design, build, furnish, etc.). Also, what would be a ballpark cost to build up there, assuming structural viability, non-combustible, etc.)? What else should I think about? Finally, is it common, legal and feasible to run electricity and gas up to a roof (assuming ownership of the top floor apartment that comes with the roof rights)? I assume the gas part is kinda far-fetched, but thought I’d ask. Thanks all!

gentrificator

in Appraisals 11 years and 3 months ago

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resident2 | 11 years and 3 months ago

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There is no easy answer. It depends on too many factors like who is responsible for maintaining the roof?, the individual with the roof rights or the building? Check the original Co-Op/Condo plan. You cannot have a gas connection on a roof, you cannot Bar BQ on a roof! As for price per sq. ft. for roof rights, it is like any other amenity and asset in a given location. A roof deck that you have to walk 5 flights to get to just makes it worth walking up 5 flights, but monetary value? If you have an elevator it will have some value, private out door space is a good asset to have to most peoples taste, so long as it is easy to get to. Is it a ladder or a stair case, that often takes away a closet or usable floor space. The insurance for a roof deck can be expensive, depending on how it is built etc. As for the cost of building a roof deck; the filing, permits etc. all in. It will depend on the design, the materials, etc. Depending on the neighborhood you are in will it give you a return on your money? If you are in Tribeca, yes. If you are in Bed Sty, probably not…keep it simple for your own enjoyment, but do not over build.