Square Feet on the Ground

APRIL 17, 2008

Find out a little more about a block, a building, the city—maybe even your neighbors—when you get your daily SmartMatch recommendations.

Home away from Home
The term Pied-à-terre—a French phrase literally meaning “foot on the ground”—refers to a small apartment you keep in the city in addition to your main residence. Whatever the reason, whether you want to have a place to drop in when you’re in town for business or fun, it may be in your best interest to buy a small apartment even if you’re not going to be in it a lot.

One recent trend: Several retired couples will go in on a small apartment in the city (ex-New-Yorkers who have moved out of town, for example). A safer, more accessible—but still fun—Manhattan is appealing to older folks who don’t want a hassle; extra bonus if they get to visit children or grandchildren who live in town. And luxury amenities—like concierges and grocery delivery services, gyms and spas—work perfectly for the boomer demographic. Similar to a time-share, sometimes a few friends will divvy up the time that they’re going to spend in the apartment and make a plan to come to town to take in some theater or a concert, or visit friends and family.

If you’re thinking of buying NYC property but plan to keep a small footprint, a Co-Op’s board may limit how you can use the apartment, so check first. If another property is listed as your main residence for taxes, they’ll figure this out. For this reason it may be better to go the Condo route so you have more flexibility.

ALSO IN NEW YORK CITY INSIDER

This is your member's center

Square Feet on the Ground

APRIL 17, 2008

ALSO IN NEW YORK CITY INSIDER

Buy & Sell

Rent

Buildings

Insights

Company