Posted by Jonathan J. Miller -Tuesday, January 17, 2012, 11:00 AM
…referring to Manhattan’s premium for larger contiguous space on a price per square foot basis.
When I was contacted for last weekend’s article On Fifth Avenue, 1+1+1 = $25 Million? I had gleefully suggested a modification to my phrase:
…in reference a story about a triple-combination apartment and how all the sellers would likely benefit by allowing a buyer to return the apartment to its origination (or close to it’s) configuration. In combination sales, while the value of the total usually reaps a premium over the sum of the individual values, the resulting layout may turn out to be something less valuable as compared to an apartment similar in size that was originally designed that way.
When there is an opportunity to restore an apartment back to it’s original configuration before it was cut up (commonly during the housing shortage after WWII in Manhattan), the value of the apartment would likely be comparable to similar sized apartments originally designed to be single units.
Like domain parkers, I’m staking my claim to a third phrase: