For most people, their home is the largest purchase they'll ever make. This is especially true for New Yorkers. The average price for a home in NYC is $1 million. However, what you'll get for a million dollars in New York is very different depending on where you look. It could mean a penthouse in some places, while in others, it will only afford you a parking spot. So, to give you a better idea of your options, here is a look at the full spectrum of what $1 million will buy you in NYC.
The Cheapest (and Largest) Co-Op
The cheapest and most spacious co-op you'll find for $1 million is a deluxe apartment on 65th Street on the Upper East Side. This 1,850-square-foot million-dollar apartment features three bedrooms and two bathrooms, an open-concept floor plan, and a spacious living and dining room. It also features a large home office/TV room that can be converted into a fourth, legal bedroom.
Owners can enjoy stunning pre-war details such as coffered ceilings and crown molding. The apartment features a private balcony and an in-unit washer and dryer. The building also comes equipped with a roof deck, bike room, full-time concierge, and doorman. It's in a prime location just minutes from Central Park and shopping on 5th Avenue. Plus, the unit has plenty of storage space and walk-in closets to keep your belongings. With a good combination of space and amenities, this elegant co-op is the perfect 1 million dollar apartment in NYC if you want great value for your money.
The Largest Million Dollar House in New York
If you're searching for the ideal 1 million dollar house in New York, head to Staten Island to check out this stunning estate in the Westerleigh neighborhood. At 2,385 square feet, this massive 5-bedroom home features four levels, which includes a walk-up attic and a full walkout basement.
It also sits on a close to 10,000-square-foot lot with plenty of green space. The interior of the home features stunning architectural details that evoke a timeless charm, including high ceilings, stained glass, detailed molding, and large windows that let in plenty of natural light. A rare find in New York City, the home has dual driveways and a detached garage, offering plenty of parking.
This one-million-dollar house is also located in one of Staten Island's premier neighborhoods, with easy access to shopping, entertainment, schools, grocery stores, hospitals, and other everyday necessities. It's also under an hour's drive from Manhattan, offering suburban splendor with easy access to the city. With a listing price of $999,999, it's one of the largest and most impressive houses under $1 million in New York City.
The Smallest Condo in Manhattan
For those who would rather sacrifice space for a stunning view, this cozy studio in the Financial District is the smallest NYC condo for sale for $1 million. The luxury residence is located within The Greenwich by Rafael Vinoly at 125 Greenwich Street.
It features just 418 square feet of living space with 10-foot ceilings, floor-to-ceiling windows, and sweeping views of the Hudson River and World Trade Center. The famous design firm MAWD curated the interior finishes of the apartment, which include pristine white oak flooring, Miele appliances, and Onda Argentata marble countertops. This sophisticated studio home for sale also comes complete with an in-unit LG combination washer, dryer, and climate-controlled thermostat.
The Greenwich offers residents an unparalleled living experience with 27,000 square feet of indoor and outdoor amenities. Residents can take advantage of the private fitness center, which comes complete with a yoga and pilates studio, weight room, and 50' saltwater lap pool.
There is also a private dining room with a catering kitchen, a multifunctional lounge with a coffee and wet bar, and a landscaped outdoor terrace with grill stations and a fire pit. Although it doesn't provide as much space for the money, anyone who wants Manhattan studio apartments for sale that offer the ultimate luxury lifestyle will love it.
The Million Dollar Parking Spot
You'll not only find million-dollar homes in New York City but also million-dollar parking spots. According to the Wall Street Journal, at least two new condo developments are charging $1 million just for a place to park your car. One development at 42 Crosby Street in Soho has ten spots available for a seven-figure price tag that are available on a first-come, first-serve basis. Measuring approximately 150-200 square feet, these coveted parking spaces feature a higher price per square foot than the actual units in the building.
Another building at 15 Renwick Street in Hudson Square has three spots available for $1 million. Developers told the Wall Street Journal the spots are priced at a premium because they're expected to be sold along with the building's two penthouses, which are listed at $7 million and $11 million.
The Manhattan Penthouse Rental
Finally, if you're not quite ready to buy, you can also rent this luxury penthouse on 5th Avenue for $85,000 per month (or $1 million per year). The 4,500-square-foot apartment is in the heart of Nomad and features four bedrooms and 4.5 bathrooms. The private, keyed elevator opens into the massive great room which features breathtaking views of the Hudson River. Connected to the great room is a 75-foot private, open-air loggia that offers the ultimate opportunity for indoor/outdoor living.
The Raphael Vinoly-designed building comes complete with a fully-furnished terrace, residents lounge, state-of-the-art fitness center, and fully-stocked media and entertainment library. Situated in the heart of one of Manhattan's most popular neighborhoods, residents are minutes from Madison Square Park and many restaurants, shops, and attractions. While not the most economical $1 million apartment in New York, this luxury rental does offer many attractive features for the money.
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