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View from a pied-a-terre-freindly two-bed co-op availabe at 261 Broadway View from a pied-a-terre-freindly two-bed co-op availabe at 261 Broadway
Thinking about becoming a part­-time New Yorker? Then that means you’ll need an apartment to crash while you’re visiting, ­ such a place is better known as a pied-­a-­terre. Yesterday, on November 8, 2021, the United States reopened its borders for vaccinated foreign travelers after more than 18 months of restrictions that aimed to stem the spread of the calamitous contagion. The policy shift will not only serve as a holiday-season boon for leisure-dependent industries such as hotels and restaurants, but also bolster the international segment of the real estate market which has a sizeable presence in the cities of New York, Miami, and Los Angeles.

Besides the restrictions, the United States has struggled with some of the highest rates of Covid-19 cases per capita, disincentivizing international buyers to purchase real estate in once uncertain U.S. markets. Now with the New York market finding its footing and sale prices beginning to inch higher, foreigners looking for lingering deals would be enticed by lower prices, higher inventory, encouraging vaccination rates, and the prospect of a strong economic recovery led by new federal and local government administrations. In other words, many are expecting strong value appreciation in the coming years.

According to a recent story from the New York Post, agents are seeing increased interest from prospective buyers from Taiwan, Hong Kong, Singapore, and Japan; joining the accustomed major players from Russia, China, and Canada. Whether coming from the state or the country of Georgia, this article is an introduction for those looking to purchase a New York City apartment to be lived in on a part-time basis. Also find below a round-up of rare, approachable-priced co-ops that are open to pied-a-terres.

Pied-a-terre: What it is

In French, pied-­a-­terre means “foot on the ground.” In New York City, it is known as an apartment, either located in a condo or co-­op building, that the resident only lives in part-time, ­­ maybe for weekends, business trips, or the occasional vacation. This type of apartment is categorized as a “non­primary residence” for the owner. Pied-­a-­terres range from impressive apartments in luxury condo developments, often purchased by wealthy foreign buyers, to more modest, small studios that are priced under seven figures.

Pied-­a-­terre is not a legal definition for a type of apartment. The meaning is subjective, and co­op and condo boards often have different interpretations of it. That means that finding and purchasing one comes with some extra considerations and hurdles for the buyer.

On the other end of the market, pied-­a-­terres tend to be small one-­bedroom apartments or alcove studios with price tags that will not break the bank. It’s hard to find an affordable pied-­a-­terre in the central Manhattan neighborhoods preferred by high­-end investors, so buyers may have to extend their search to other boroughs. Tudor City, a co­op complex in East Midtown known for its dearth of studio apartments, is often a popular destination for buyers seeking affordable pied-­a-­terres. Here, the small spaces come with a few sacrifices, like Murphy beds and kitchenettes with mini-fridges and microwave convection ovens.
Midtown's Plaza District is home to some of the city's most presigous buildings for pied-a-terres

Condo vs. Co-op | What the board needs to know

In general, cooperatives put forth much stricter rules about pied-a-terres than condominiums; some co-op boards ban them altogether, others allow them only on a case-by-case basis, and a few buildings do allow them. Either way, the building will often state up front what the pied-a-terre policies are.

Even if one is able to find a pied-a-terre co-op, this purchase requires a full board process and interview with the board. Buyers should be prepared to do due diligence before putting in an offer, and be prepared to be clear about their intended pied-a-terre use. Co-op boards will want to know how often the buyer will be there, who will have access to the apartment when the buyer's away, and any plans for home businesses or renovations.

Condos, on the other hand, offer a hassle-­free purchasing process. Because condo buildings don’t designate if they are pied-­a-­terre friendly or not, pretty much any building is fair game. The only criterion that usually needs to be met by the potential buyer is verified financials.

Renting out a pied-a-terre

Both condos and co-ops typically set forth rules about renting out pied-­a-­terres while the buyer isn’t occupying it. While rules are particular to each building, subletting rules often require that a renter has to be there for one year minimum. Co-­ops typically restrict the length of time an apartment can be rented out to one to ­two years within a five­- to seven-year period. Finally, many buildings don’t allow guests other than immediate family to live there.

Financing

It should be noted that nabbing financing for a pied-­a-­terre can be a tricky proposition. If it’s a second home, pied-­a-­terres must be at least 60 miles away from the buyer’s primary residence for them to secure a fixed rate loan. Moreover, banks will often charge higher interest rates because the apartment is not a primary residence.

Taxes

Beyond the listing price, pied-a-terre buyers should be aware of property taxes, which have emerged as a hot-button issue among New York City and State legislators in recent years. Unlike the mansion tax, which is a one-time payment at closing, some officials have called for a high annual tax on secondary residents. Proponents see it as a way to generate funds for the city's transportation and infrastructure systems; opponents argue that it would punish luxury buyers and drive them out of state. It remains to be seen what will happen with this, but one tax has always been on the books: Buyers should also be aware that if you own a property in New York State and spend 183 or more days in the state (say, at your Manhattan pied-­a-­terre), you are considered a resident of the state and must pay an income tax.

Pied-a-terre-Friendly 2- and 3-Bed Co-ops in Lower Manhattan

50-Avenue-A-01 Interiors via Compass
From the listing: Multiple private outdoor spaces, a wood-burning fireplace, and spectacular city views make this renovated triplex penthouse a NYC unicorn that is ideal for entertaining, while a brand new 3-zone AC and heating system, a washer-dryer, and a sunny bedroom suite with a walk-in closet provide the ultimate in private, at-home comfort. It's the best of designer modern style coupled with unique pre-war architecture in the heart of the vibrant East Village.

Pets, pied-a-terre, and subletting allowed. Available fully furnished upon request.
See floor plan and full details here.

69-west-9th-street-002
From the Listing: Welcome to this Gold Coast 3 bedroom/2 bath home located in the heart of historic Greenwich Village on a quintessential tree-lined block. This well-priced and hard-to-find three-bedroom at 69 West 9th Street is an excellent and easy move in condition. Pied-a-terres and co-purchasing are permitted. See floor plan and full details here.

From the Listing: Steeped in history and rich in prewar details, this classic Greenwich Village 2BR/2BTH gem is the epitome of NYC living! Currently configured as an expansive, open concept 1BR, this one-of-a-kind home is filled with character and charm. 10-foot original barrelled ceilings welcome you in; creating volume while oversized western windows invite light all day. This soulful home has been completely updated with beautiful finishes, modern conveniences and a nod to its authenticity. Hardwood floors throughout, new kitchen and baths, and a massive walk-in closet in the primary bedroom. Pets and pieds-a-terre are permitted. The pictures are only the beginning, see for yourself today! See floor plan and full details here.

From the Listing: Imbued with old-world charm and an abundance of natural light, this renovated duplex co-op occupies the top corner floor of a beautiful prewar brownstone building nestled just off the Highline in the heart of Chelsea. The building maintains a flexible sublet policy, allows pieds-a-terre, co-purchasing, and up to 80% financing. See floor plan and full details here.

From the Listing: Welcome home to this bright and expansive, loft-like Chelsea 2 bedroom, 2 bath apartment with open south-facing views downtown to the World Trade Center. It doesn't get any better than this! This renovated spacious home features a large living/dining room, an oversized, open chef's kitchen, a separate bedroom wing, 9' beamed ceilings, oak hardwood floors throughout, and a tremendous amount of closets. All the rooms are drenched in sunshine, and the icing on the cake is the in-unit washer/dryer. See floor plan and full details here.

From the Listing: This gorgeous, triplex true two-bedroom home is perfectly situated on one of Greenwich Village's most idyllic tree-lined blocks, and located at The Albert a historic, well-run, and reasonable cooperative on East 10th Street between University Place and Broadway. Featuring quiet and bright eastern exposures through its new, oversized, double-paned windows, this gorgeous apartment recently underwent a meticulous, top-of-the-line renovation. High ceilings, exposed brick, and other pre-war details are the perfect backdrop for this modern and tasteful space. This unit is replete with beautiful hardwood floors, its own washer/dryer unit, through-wall A/Cs, custom shades with blackout linings, behind-the-wall cable wiring, and an envy-inducing seven total closets

The central and premier Greenwich Village location offers access to some of the city's best shopping, dining, and entertainment, as well as Union Square, Washington Square Park, and all major subway lines. Pets, pied-a-terres, and co-purchases are permitted.
See floor plan and full details here.

261-Broadway-003
From the Listing: The best of Tribeca loft living awaits in this gorgeous 2 bedroom 1 bathroom gem at 261 Broadway, a converted prewar boutique co-op with incredible rooftop terrace! Enjoy high-end design and light and views all day from generous oversized windows facing south and west, capturing beautiful cityscapes and partial river vistas. The Hudson River Park and Pier are minutes away, as are numerous subway lines and the PATH at the WTC transit hub. Pets, pied-a-terres, guarantors and subletting are allowed. 80% financing is allowed. See floor plan and full details here.

From the Listing: This magnificent grand scaled corner loft enjoys stunning views of City Hall Park, The Brooklyn Bridge, and the breathtaking downtown city skyline!!! The B-Line remains the most coveted line in the building due to its incomparable views and the gracious and flexible layout it affords.

Pets are welcome. Guarantors allowed. Pied-a-terre allowed. Subletting allowed. Bike room. Laundry Room. Live-in super.
See floor plan and full details here.

Park-Towers
From the Listing: Located in the Gramercy Park neighborhood, unit 17C is one of the most sought-after corner C-line homes in Park Towers. With south and west-facing windows, the sun drenches this large two-bedroom home throughout the day. Step into the home and you are greeted with an expansive living room that can easily be split to include a dining area with overhead pendant lighting. A private balcony welcomes you to enjoy the panoramic views of the city. Parquet wood flooring runs throughout the home and the windowed kitchen has been fully renovated to include stainless steel appliances, a breakfast bar, and plenty of storage. Both bedrooms, split into opposite sides of the home, include en-suite bathrooms. See floor plan and full details here.

41-Perry Street
From the Listing: In the heart of the West Village, on one of the most beautiful blocks, sits 41 Perry Street apartment 5AB. This delightful two-bedroom, one-and-a-half-bath combination unit is a rare find in the West Village with its 9-foot ceilings and pre-war charm. The living area boasts four windows across with tons of light, sky, and trees for your enjoyment. The open kitchen features granite countertops, stainless steel appliances, dishwasher, gas stove, microwave, and tons of cabinetry inspiring your inner chef. This flexible co-op allows co-purchasing and pied-a-terre purchases. Pets and subletting are also permitted. Apartment 5AB is four flights up on the fifth floor. See floor plan and full details here.

248-East-7th-Street
From the Listing: Stunning 3 bedroom, 2 bath with Bosch washer/dryer in the heart of the East Village. A must-see! With brilliant, sunny southern exposure and situated on a lovely tree-lined street, this beautifully and thoughtfully recently renovated apartment offers everything you might want in a home. The kitchen is clean and sleek with plenty of counter space and a window: built-in microwave drawer, Bertazzoni oven, Wolf induction cooktop, Bosch dishwasher, and Liebherr fridge. GIfting, pied-a-terres, co-purchasing, and guarantors allowed on a case-by-case basis. Subletting after 2 years of residence. See floor plan and full details here.

The Peter James co-op
From the Listing: Welcome to this spacious, turnkey residence with a huge wrap-around terrace (430 ft.) at the Peter James Building. Currently configured as a gracious one-bedroom, this sanctuary corner apartment can easily be restored to its original two-bedroom layout (Please see alternate floor plan). Upon entering apartment 16C's light-filled foyer, one is greeted with beautiful skyline views through 5 large south-facing windows. The foyer opens to a grand living room (21 x 12), perfect for lounging, dining, and entertaining. The wrap terrace is accessed through large sliding glass doors in the living room and it provides a perch from which to enjoy iconic Manhattan views to the south and west. See floor plan and full details here.

From the Listing: Renovated home featuring a split bedroom layout with large balcony. Updated kitchen and bathrooms with a washer/dryer in the apartment. Hardwood floors throughout. Pin-drop quiet with tree line views. This is a condop (coop with condo rules). Subletting, pied-a-terre, co-purchasing, and pets are allowed. Amenities include a 24-hour doorman, an amazing roof deck, bike storage, and more. You're in prime West Chelsea a few steps away from The Highline, Chelsea Piers, Chelsea Market, and so much more. See floor plan and full details here.

The Goelet Gramercy
From the Listing: This charming pre-war, 2 bed, 1.5 bath (can be converted to 2 bathroom) residence is newly listed and the perfect residence to call home. This lovely home features new windows throughout the apartment, refinished oak hardwood floors, a Liebherr fridge, and wood-burning fireplace! Featuring an open kitchen, living room with a separate dining area and south exposure, as well as 2 large bedrooms, there is plenty of storage throughout See floor plan and full details here.

The Foundry Gramercy
From the Listing: This expansive two-bedroom, two-bath home has a terrific layout featuring soaring barrel vaulted ceilings and white exposed brick walls. Offering a spacious living room, separate dining area, and a gallery-style foyer, this bright and inviting home also has windows on 3 sides with primary exposure to the north. The open kitchen has been thoughtfully designed and has stainless steel appliances and tiled backsplash, along with an abundance of cabinetry. The ample living and dining areas are perfect for entertaining, while additional features include gleaming wood floors, in-unit WASHER/DRYER and an abundance of closets. The primary bedroom suite features a renovated full bath, large closet and quiet exposures. This friendly CONDOP allows co-purchasing, pied-a-terres and gifting. See floor plan and full details here.

26 Beaver Street-Fidi
From the Listing: The coolest and most unique apartment is now available for your finishing touches. Welcome to the top-floor apartment at 26 Beaver Street. This stunning duplex features 18-foot ceilings, oversized windows, skylights, and is South, East, and North facing allowing for natural sunlight all day long.

This magnificent home is located in a pre-war, boutique co-op that was originally the site of the historic Norton Lilly Shipping Company. The co-op permits 80% financing, pied--terre, sub-letting and is pet-friendly.
See floor plan and full details here.

223-west-21st-street-006
From the Listing: Back on the Market! This sunny and quiet top-floor apartment is located in a charming, pre-war co-op with an elevator. The renovated apartment features a spacious, south-facing living room with a decorative fireplace and an open chef's kitchen with window. The kitchen boasts incredible storage with 2 walls of beautiful, floor to ceiling wood cabinets and stainless steel appliances. A long entry hall separates the 2 bedrooms from the living space. Both bedrooms have custom built-ins providing excellent storage space. Additional features in this lovely home include a renovated, windowed bath with elegant tiles, built-in bookcases, hardwood floors, a large utility closet, 10-foot ceilings, and great light. See floor plan and full details here.

71-east-3rd-street-003
From the Listing: A central sweet spot in the exuberant East Village, this classic prewar coop has undergone a beautiful renovation to its common halls and stairwells. 2 bright and clean flights up on the 3rd floor you will be amazed to enter the gorgeous original brick-lined and window-bordered 2 bedroom, 1 bathroom home with authentic original details. 9.6" ceilings allow for glimmering light through 4 newly replaced south-facing windows overlooking a beautiful tree-line and wide-open sky in your 23' long comfortable living/dining room. An updated stainless steel and granite kitchen allows for a breakfast nook. Parents buying for children, pied-a-terres allowed and the cherry on top, pets welcome! See floor plan and full details here.

340-West-19th-Street-003
From the Listing: Situated on the top floor of a classic, 1920 Chelsea cooperative a stone's throw from The High Line, we are proud to present this sensational three-bedroom residence with panoramic views of the Manhattan skyline. See floor plan and full details here.

Sage House - Gramercy Park
From the Listing: Ultra-rare opportunity, this unique and majestic 2-bedroom duplex apartment, boasts an open-concept layout with abundant east-facing light. It is in estate condition, providing the perfect opportunity for a discerning buyer Friendly co-op board, sublets, pied-a-terres, gift of funds, and pets allowed. The building also allows up to 80% financing and has a liberal subletting policy available after 1 year of ownership with board approval. See floor plan and full details here.

Gramercy East pied de terre
From the Listing: This 2 bedroom, 1 bathroom unit on the seventh floor of 301 East 22nd St, a luxury co-op in Gramercy Park, boasts north & west exposures with spectacular views of the Empire State Building and city skyline. Walking into the apartment you are greeted by a spacious and bright open living and dining room, perfect for entertaining. The open living space is winged by the 2 bedrooms, which balances out the apartment giving ultimate privacy for its occupants. See floor plan and full details here.

Gramercy park apartments nyc
From the Listing: Beautiful light and views from this generously sized 2 bedroom, 1.5 bath home at the Gramercy East located at 2nd Avenue and 22nd Street. A nice size foyer opens up to the large living room with east-facing windows offering views of midtown including the Empire State building. The building has just installed new windows and is pet friendly, allows pied-a-terres and limited subletting. See floor plan and full details here.

Southbridge Towers apartments
From the Listing: Welcome home to 3H. Located in Fulton/Seaport. This flexible layout has loads of potential. Both bedrooms include a wall of windows and are quite serene. The spacious layout features a large open living-dining area, 2 oversized bedrooms, a large kitchen, and an abundance of closet space. See floor plan and full details here.

Greenwich Village apartments
From the Listing: Discover this rare gem offering a true two-bedroom layout in sought-after Greenwich Village for under $900,000! The home is bright and open-plan with a dedicated dining area and a large living space with hardwood floors, oversized windows, and a layout that flows into the kitchen.
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The building is pet-friendly, approved for the co-op STAR rebate, and has an unlimited subletting policy after two years of ownership. Guarantors, pied--terre, parents buying for working children and international purchasers are also allowed. This building is a land lease which has recently been renewed and expires in 2075.
See floor plan and full details here.

226-east-2nd-Street-East-Village
From the Listing: Welcome to this spit 2-bedroom home in the heart of the East Village where unlimited subletting is permitted from the 1st day of ownership. This lovely apartment has garden views and is pin-drop quiet. It features a gracious layout, beautiful wood floors throughout, plentiful storage, See floor plan and full details here.

Greenwich Village - 321 East 12th Street
From the Listing: This chic, well-designed 2 Bed/1 Bath apartment has been tastefully renovated with precision to every detail. Unit #10 is just two short flights up in this intimate and well-maintained prewar co-op in the trendy East Village. Pet friendly, subletting allowed (after 1 year), parents buying for children, co-purchasing and pied-a-terres allowed. See floor plan and full details here.

125 East 4th Street
From the Listing: Nestled in the heart of the East Village, this beautifully gut-renovated two-bedroom, the one-bath residence is loaded with character, charm, and sunlight! Worth the walk up to the fourth floor, the apartment boasts south, north, and west exposures, and a stunning windowed eat-in kitchen with granite countertops, under-cabinet lighting, stainless steel appliances, and excellent storage. Parental co-purchases, pied-a-terre and pets all permitted with board approval. See floor plan and full details here.

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