How can you verify the square footage of a listing in NYC?

[ping]

For example the listing agent of 255 East 49th Street #26E is advertising on public search websites that the condo is 1,000 square feet. As I've mentioned before, this sounds like an implausibly round number, like the guy just rounded it up. Is there a way for buyers to verify this figure for themselves? I know it's harder for co-ops but what about for condos and houses?

I just don't want to get into a situation where I'm buying something that's actually smaller, and this is especially important as everything trades on a price per square footage basis, so we really don't want to get screwed.

Thank you!

[ping]

The listing agent told my buyer agent that the apartment is 1,000 square feet and has a balcony. I'm pretty sure some of the other units in the building are including the square footage of their outdoor space (i.e. balconies) in their square footage listed. What would be the official way of verifying the sf? Only other method will be to measure.

My buyer's agent said that at her previous brokerage in a training she was advised some buildings do include the sf of the balcony in the total sf of the apartment.

[aslan]

The unit you're looking at is a condo, so it's relatively easy to verify the square footage. Simply check out the unit on the Department of Finance website. Look for a document called "Notice of Property Value" which is available in the same section as the unit's property tax bills, all of which are publicly available.

This "Notice of Property Value" document will often have a square footage number listed, typically pulled from the "condo lot declaration" which to my understanding is basically the offering plan.

Just remember however that there is no single correct, or standard way to measure square feet in real estate. How square footage is measured will vary on a building by building basis. Some more conservative, perhaps older buildings might only list interior square footage, or net/usable square footage. More aggressive buildings, like some of these new developments, will count everything from the wall space to common areas like the hallways and even the elevator banks as part of the unit's square footage. Especially if the unit is a whole floor with its own keyed elevator entrance.

So just keep that in mind, you're not really comparing apples to apples, even between different condo buildings. And to answer your latter question, you have to consult the building's offering plan to see how they treat outdoor space. Your lawyer will typically review the original offering plan on your behalf during the due diligence period before you sign a contract.

P.S. I've included a link to some useful real estate websites (a compendium that Hauseit put together). Very useful for due diligence.

[Benny]

You have to be careful, even for a condo. Remember that square footage can be measured differently building by building, per the language in the original offering plan. Furthermore, remember that sponsors are allowed a reasonable "variance" from the figures stated in the original offering plan. Essentially room for error of say plus or minus 5%. A sneaky developer might purposefully inflate the square footage in the offering plan by almost 5%.

Here is an excerpt from a recent new condominium re-development (i.e. condo conversion of a Lower Manhattan former industrial building into residential condos):

The configuration, fenestration and overall dimensions (collectively, "Unit Layout") are approximate. The square footages are estimates based on an extrapolation of the square footage of overall Unit dimensions In accordance with the customary practice in New York City. The square footage shown below for the Residential Units is taken from the outside face of the boundary walls enclosing the Unit and thus exceeds the Unit's usable floor area.

The approximate indoor floor area of each Unit (other than a Storage Unit) has been measured from the exterior side of the Building Walls at the Building line (but not beyond the Property line) enclosing the Unit, or from the public side or egress stair, respectively, separating the Unit from a common area or public stair, or from the unexposed side of an interior Party Wall separating the Unit from an elevator shaft. The approximate floor area of each Storage Unit has been measured from the Unit side of the boundary walls enclosing such Unit. The outdoor floor area of a Terrace appurtenant to a Unit is not included in the Unit's indoor floor area.

The floor area occupied by any Common Elements bordering or within a Unit (such as Building Walls, vents, chase walls or areas, conduits, ducts, shafts or pipes} have been included in the computation of the floor area of the Unit, but such Common Elements are not part of the Unit. The New Sponsor states that minor inaccuracies between a floor plan and the actual square footage, and inaccuracies in the Unit layout or overall dimension, shall not excuse a Purchaser from completing the purchase of a Unit without abatement in price and without recourse against the New Sponsor. The New Sponsor reserves the right to make changes to the Unit in accordance with the Offering Plan.

Inflated square footage is just one of the special risks to buying a new construction home in NYC. I would definitely recommend personally reviewing the original offering plan when you buy, and not just relying on your attorney for due diligence.

[Benny]

Here's another one. This is an excerpt from an amendment to a condo declaration for a new development condominium. You may think this is aggressive but it's actually par for the course, especially for new buildings and new developments. Not many buildings use the more conservative approach of listing interior or usable square footage anymore!

Article 6 UNIT DIMENSIONS

Each Unit consists of the area measured horizontally on each of one or more floors from the exterior side of the exterior walls of the Building to the midpoint of the interior walls and partitions separating the Unit from corridors, stairways, elevator shafts, other General Common Elements, Limited Common Elements or other Units, or to the opposite exterior side of the exterior walls of the Building, as the case may be. Columns and mechanical pipes and shafts and chases (whether along the perimeter or within the Unit) are not deducted from the square foot area of the Units. Measured vertically, each Unit consists of the volume from the top of the floor slab below (located under the finished flooring and sub floor materials) to the underside of the floor slab above. In any instance where a floor of a Unit is above or below a floor of the same Unit, the concrete floor slab between such floors shall be a part of such Unit. The floor area occupied by any Common Elements within a Unit (such as the Building's facade and exterior walls, vents, chase walls or areas, conduits, shafts, pipes and any Structural Components) have been included in the computation of the floor area of such Unit, but such Common Elements shall not be considered part of that Unit.