Posted by Leonard Steinberg on June 14th, 2013

My recent experience selling 150 Charles Street, the record-shattering new Witkoff-developed building in the West Village, and more recent sales in other new very high end buildings in Manhattan, has given me a great insight into the mindset of New York high end buyers when it comes to the subject of how they value BIG views. This weekend the Financial Times writes about buyers of rural properties focus on controlling the view: the same can be said for Manhattan buyers. For many there is the similar delusion you have when buying a seat in the opera in the second row…..chances are a big-haired lady will sit in the front row and block that view!

The reality is the front row ALWAYS costs more for obvious reasons: a protected, beautiful view in a city like New York can be a collector’s item. Especially now with the rapidly accelerated construction boom of 2013 that can easily result in the lot everybody said would never be developed being developed and blocking the view you fell in love with. Some ‘protected’ views can be tricky with the highly ambiguous zoning laws that exist in New York. Two separate zoning lawyers can often come to a completely different conclusion when analyzing the building potential of a specific neighboring site. The views from 10 Madison Park West over the park are quite simply divine…..and protected.

Buyers at One Madison Park were told that the developer bought all the surrounding air rights so their views were protected: apparently not. Another developer has been buying the air rights that were not purchased and is planning a much larger building than this as we speak. Personally I bought an apartment that had a ‘protected view’ and recently was shocked to learn that some sneaky zoning code will reduce that view to that of a courtyard. Oh well, I still have another pretty spectacular exposure on the other side of my apartment that is 100% protected.

Buyers at One 57, the uber-tower on 57th Street, that what was to be the tallest residential tower in New York has already been eclipsed by 432 Park Avenue and another building just a few doors away. So buying on a super-high floor is not necessarily a guarantee of a permanent big view. Buildings fronting Central Park know this only too well.

With all these lost views, there is a strong argument to be made that when you actually find one of those rare, truly protected big views, you are indeed the owner of a collector item. A big view expands the visual effect of the size of the spaces we live in.  For those who don’t have this luxury, there are options to control your view. And not all views are big city-scapes or river exposures. I’ve always felt that a beautifully landscaped terrace, such as the one at 40 Bond Street, is a controlled view (that happens to remain green 12 months of the year) and has as much, if not more, value than a bland big view of  Long Island City. There is, however, another audience who is seeking superb space…..and views don’t matter: these buyers own country homes and do not seek a rural experience in the city. They want the best neighborhoods, graciously laid out homes and the views are secondary at best. They would rather pay a bit less for a lesser view. Many with serious art collections actually do not like big views as they are often associated with too much light.

The views at Walker Tower are rather exceptional in that they are of a human scale……they start becoming phenomenal on about the 12th floor. That’s is very unusual: most times views of that grandiosity start on the 50th floor, which is an entirely different experience. Many park-facing buyers are mistaken when they focus exclusively on the highest possible floor when some of the mid-level floors offer the most beautiful park experience, transporting the exposure to the park well into the apartment. Often the lower floors of townhouses have the best views towards the gardens and street trees.

I learned that if there was anything that sold during the worst months of the 2008/9 recession, it was the apartment with the big, protected view: I doubt that will change. So two camps are emerging, although the big views pricing is usually higher. What I have witnessed in the past few months confirms that this trend will only intensify for the very best, most pricey apartments. As the expectation for price per square foot intensifies will the scale of these big views apartments deter buyers and lead them to focus more on space?  We shall see…