How is Co-op Square Footage Calculated in NYC? | Hauseit®

How is Co-op Square Footage Calculated in NYC: https://www.hauseit.com/how-co-op-square-footage-calculated-in-nyc/

Save 2% When Buying a Co-op in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/

Co-op apartments generally do not have official square footage numbers, although listing agents will often list a size in their marketing materials. Don’t trust these numbers because not only are they purely estimates that are inflated by at least 10% to 20%, but also because they’re often based off of nothing more than what the seller told the listing agent or what the previous listing agent used.

Unlike condos, you won’t find an official square footage number listed in the building’s original offering plan, and you can’t simply look up the unit’s property tax bill to see what the city says the unit’s size is.

Where Do Listing Agents Get Coop Square Footage From?

Listing agents typically get the square footage figures they use on their listings from the seller or from a previous listing by another agent for the apartment, or from the listing of another apartment of the same line in the building.

Sure, more conservative agents might opt to skip having a square footage figure listed at all; however, this hurts the marketing of the property as many home buyers screen for listings of a certain size. As a result, it’s typically beneficial to be able to list a square footage number on a listing.

Are Listing Agents Liable for Misrepresentation?

No. Listing agents are generally free from liability even if buyers feel like they’ve inflated the square footage because properties are sold as is in New York.

Floorplans and listing descriptions typically have disclaimers which make it explicitly clear that the marketing materials provided are for informational purposes only and are estimates, and that the buyer is free to do their own due diligence.

Furthermore, purchase contracts in New York make it explicitly clear that properties are sold as is without any warranties or representations, and that the buyer has done their own due diligence. As a result, a buyer can’t simply acknowledge and sign all of that and then come back later saying that the square footage wasn’t represented accurately!

How Should Coop Buyers Calculate Square Feet?

Buyers should make their own estimates and measurements.

Some buyers will go so far as to bring in an architect or draftsman to make a more reliable estimate of square footage before proceeding with an offer.

Many buyers are satisfied with simply doing a spot check of the listed square footage by calculating a rough square footage based on the room dimensions listed in the marketing floor plan.

This isn’t super accurate by any means, but can give you a heads up if the listed square footage is way off from what could be possible given the room sizes.

Other buyers simply use their gut to compare co-op apartments with similar condo listings (where square footages are usually listed) to get an internal sense of how big approximately a co-op apartment is.

Remember however that square footage isn’t measured uniformly, even between different condo buildings. A condo’s original offering plan will specific how square footage is measured in the building.

The method can vary dramatically from building to building. Some pre-war buildings may be more conservative and list interior or even usable square footage. Other new development buildings might be super liberal and include not just the wall space but also common elements such as hallways and elevator banks into the square footage.

Buying a co-op? Have an experienced buyer’s agent guide you through the co-op purchase process, plus earn 2% back on your home purchase with a Hauseit Buyer Closing Credit. Learn more at www.hauseit.com.

Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

#hauseit #hauseitnyc
https://www.hauseit.com