Rooftop value and parking space value (brooklyn) (leasing, condo)

[DropGems]

Hey everyone, I own a place in greenpoint. When I bought the place my unit (top floor unit) came with a private rooftop that I have to share with one other person in the building (divided by a fence, we each get 300 sq ft). I want to buy this person out but I have no idea what 300 sq ft of roof top is worth in greenpoint. It has panoramic views of the skyline. Anyone have any insight or can point me in a direction to find this out?

Also, the building im in has 8 parking spaces on property, 4 of them are tandem (so you can park two cars in them but there's only one exit so you wouldn't be able to sell a tandem space to two different people). I'm currently renting a tandem space from a unit owner for 4k a year. I'm trying to figure out what this type of spot is worth cause I'm looking to buy it. I was thinking like 30k... any insight? Appreciate any comments, suggestions, etc. Thx guys!

[eddiep83]

Originally Posted by DropGems

Hey everyone, I own a place in greenpoint. When I bought the place my unit (top floor unit) came with a private rooftop that I have to share with one other person in the building (divided by a fence, we each get 300 sq ft). I want to buy this person out but I have no idea what 300 sq ft of roof top is worth in greenpoint. It has panoramic views of the skyline. Anyone have any insight or can point me in a direction to find this out?

Also, the building im in has 8 parking spaces on property, 4 of them are tandem (so you can park two cars in them but there's only one exit so you wouldn't be able to sell a tandem space to two different people). I'm currently renting a tandem space from a unit owner for 4k a year. I'm trying to figure out what this type of spot is worth cause I'm looking to buy it. I was thinking like 30k... any insight? Appreciate any comments, suggestions, etc. Thx guys!

Well for the rooftop, how much more does a comparable unit sell for compared to one without? That would tell you the value of half the rooftop.

not sure on the parking space. $4k a year sounds like they are getting a lot of income for it so I doubt they'd be willing to sell it for just 30k, that's just 7.5 years of income.

[DropGems]

the building has 14 units total. Mine and one other unit are the only ones with rooftop space. When the building was built 10 years ago the developer sliced off a piece of the roof to sell a unit so it's impossible to say what it's worth now. I was just wondering if there's a rooftop avg. sq ft. price these days. If I buy out the other unit, I would have the entire rooftop space I just don't know what to offer in greenpoint for 300sq ft of rooftop space.


As for the parking, Im not sure the guy can rent to people outside the building (though I'll have to check the condo by laws). The parking space is on site at the building. I just feel I should buy at this point instead of leasing for 4k a year. Not sure yet what a space in greenpoint is worth though.

[beanniebaby7]

Originally Posted by DropGems

the building has 14 units total. Mine and one other unit are the only ones with rooftop space. When the building was built 10 years ago the developer sliced off a piece of the roof to sell a unit so it's impossible to say what it's worth now. I was just wondering if there's a rooftop avg. sq ft. price these days. If I buy out the other unit, I would have the entire rooftop space I just don't know what to offer in greenpoint for 300sq ft of rooftop space.


As for the parking, Im not sure the guy can rent to people outside the building (though I'll have to check the condo by laws). The parking space is on site at the building. I just feel I should buy at this point instead of leasing for 4k a year. Not sure yet what a space in greenpoint is worth though.

Ask the guy how much money it would take to buy him out don't offer amount first he might ask for less.
Then take it from there it wount hurt to ask.💰