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New Yorkers Are Buying Second Apartments, In Their Buildings

New Yorkers are spreading out by buying second homes inside their own buildings.

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    NEWSLETTERS

    TK
    luciuskwok via flickr

    The New York Times recently reported on a new trend for city dwellers--purchasing or renting a second studio or one-bedroom apartment that's in the building where they already reside.

    Most of the time, people want the extra space for writing, sculpting, or playing musical instruments. Moving to another building, they say, is annoying. "If the weather was inclement (you) find reasons not to go, said Anne Adams, an author who rented an office twenty minutes away from her Park Slop co-op to do her writing before buying the garden apartment in her building. “It’s great to have a place that’s separate from where you brush your teeth,” she said. 

    And a room inside the apartment, is often out of the question. They prefer something that's an elevator ride or a few flights of stairs away. In other words, they're close. But not too close.

    Co-op boards are often hesitant to approve these transactions, concerned owners will turn the space into a bed and breakfast. There are other legal issues to consider. If the buildings are zoned residential, it might be a zoning violation to use the space for business purposes. To get around this, buyers can describe the second unit as additional living space and make sure it remains usable by keeping a kitchen and bathroom intact.

    Read the full story on the New York Times.