Living in a Hard-Hat Zone
MAY 20, 2010
With new buildings popping up all over town, it’s likely that, if you’re buying an apartment, it won’t be far from a major construction site.
While new developments may be good for the city, they can impact the value of your investment. This impact may be positive or negative, measured in dollars or unquantifiable quality-of-life factors. In this recent post, Manhattanloftguy.com ponders the realities of buying next door to a new highrise-to-be. While worst case scenarios (toppling cranes, falling debris, cracked foundations) might be unlikely, perpetual truck-beeping and pile-driving could wreak so much havoc that you’ll regret the move. On the upside, you could find yourself living next door to a hot new residence (or a new selection of retail shops) that gives your neighborhood cachet it didn’t previously have.
You can save yourself months—or years—of headache and regret by knowing what’s too close for comfort before you close the deal: Can you get a discount for the inconvenience of sleeping in a hard-hat zone for a while? Are neighborhood community organizations involved in any action to stop the new project? Neighborhood groups like the Cooper Square Committee are a good resource as well. Ask yourself: Will your post-construction apartment be worth the inconvenience? For a shorter-term investment, will its value still be affected by the construction when you want to sell?
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