NYC Pied-a-terres: Square Feet on The Ground
JANUARY 13, 2012
If you're a frequent New York visitor--whether for business, fun or family--a pied-a-terre may be your best bet.
The term pied-à-terre—a French phrase meaning “foot on the ground”—refers to an apartment you keep in the city in addition to your main residence. These apartments are a growing part of the luxury real estate market in New York City.
From suburban commuters to empty nesters, pied-a-terres allow buyers to experience the New York lifestyle on a part-time basis. Luxury amenities—like a doorman, concierge, grocery delivery service, gym and spa—just add to the experience, as do having parks and cultural centers nearby. One recent trend: Several couples will purchase a small apartment in the city together (ex-New Yorkers who have moved out of town, for example). And if their children or grandchildren live in town, that’s an added bonus.
Buying a NYC Pied-a-Terre
If you’re thinking of buying a New York City apartment as a pied-a-terre, it may be better to go the condo route, since co-op boards usually limit how an apartment can be used. Also for pied-a-terre buyers, location--rather than apartment size--is often the top priority.