How Much Does a View Cost?

Median Manhattan sales price: $1,075,000. Average price per square foot: $1,769. Add a view to that: 10-25% more. In a city where many windows face a brick wall and a walk down the street is generally surrounded by the same, a little slice of nature commands a high price. Jonathan Miller of the real estate appraisal firm Miller Samuel conducted a study of what New Yorkers are willing to pay for a view, and the answer is a lot.

Here are some interesting tidbits from Miller’s research:

  • You’ll pay about 1% more for every floor you go up
  • Park views command more than river views
  • The premium for a view doesn’t fluctuate with the size of the property
  • No chance of having your view obstructed = more money
  • City views cost about the same as a sliver of Central Park
  • Views create the illusion of having more space
  • Views of the Highline command 10% more than views of the Hudson
  • Open city views cost about 15% more than treetop views
  • An apartment on a higher floor with unobstructed views goes for as much as 25% more than a comparable apartment on a lower floor with obstructed views

Sample case: a 2,400 square foot apartment with uncompromised Central Park views sold for $11.5 million. A 1,700 square foot unit in the same building with views of rooftops and glimpses of the City sold for $4.2 million.

While the premium may seem extreme, the best part is that a view holds its value.

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