A Balcony by Any Other Name

For the most part, these are identical one-bedrooms in the Lower East Side’s Co-op Village, a mid-century housing project built for union workers, says Jacob Goldman of LoHo Realty. Both measure 800 square feet, are located on high floors, and—big plus—have outdoor spaces. But the apartment at 413 Grand Street has a 120-square-foot “setback terrace”; 383 Grand’s is only a 75-square-foot “balcony.” That disparity is reason enough for a $46,000 price difference, despite the well-known fact that precious few urbanites actually use their terraces. “A setback terrace is more valued because it’s not sticking out of the building,” explains Goldman. “Essentially, it’s a better type of outdoor space.” And almost twice as much room in which to park a dying ficus tree.

383 Grand Street
The Facts: One-bedroom, one-bath, 800-square-foot co-op.
Asking Price: $529,000.
Monthly maintenance: $538.
Broker: Jacob Goldman, LoHo Realty.

413 Grand Street
The Facts: One-bedroom, one-bath, 800-square-foot co-op.
Asking Price: $575,000.
Monthly maintenance: $609.
Broker: Jacob Goldman, LoHo Realty.