Real Estate in New York City: Luxury vs. Premium

What’s the difference between luxury and premium real estate in the New York Metropolitan area?

Unfortunately, there is no textbook answer. In fact, there may be no difference at all between an apartment labeled “luxury” by one listing agent and an almost identical one labeled “premium” by another. There are, however, some apartment features that tend to raise dwelling units above the general run-of-the-mill quality of others around them.

You can thank us for not repeating that three times, but as every realtor knows, location is, has always been and always will be a prime factor in residential quality.

In New York City, the luxury nature of a location depends on the general area of the city you are considering.In Manhattan, for example, apartments with Central Park views are considered the prime locations; those with river views, not so much. In Brooklyn, the proximity to transit, shops and parks are determining factors. The same is true of Jersey and Jersey City.

Even if parks are nearby, the availability of outdoor space in your apartment or apartment building is often considered a luxury feature, even if it’s a large patio or a landscaped roof.

Built-in washer and dryer units are considered luxuries in many metropolitan area apartments — enough so that the listing site Naked Apartments once estimated that washer-dryer units add as much as 40 percent to the rent in some parts of the city. A doorman can add 12 to 40 percent to the average rent cost depending on the neighborhood, and pet-friendliness is worth up to 20 percent.

This is one of the most variable of the luxury vs. premium intangibles. If your personal tastes run to pre-WWII architecture, you might consider a stolid brownstone in Williamsburg to be the height of luxury. If your tastes run to quiet modernity, you might prefer a 15th-floor flat in a modern glass tower, well above the street noise.

Putting It All Together — Luxury Service

One intangible that helps to define “luxury” rests in a management company’s approach to service. All of Dixon’s services are put together to make the whole leasing experience as seamless and pleasant as possible. That means providing newly renovated and well-appointed apartments in many of the metropolitan area’s most popular neighborhoods as a starting point. In addition, though, it means offering all apartments on a no-fee basis with pet-friendly amenities, and tenant services like:

• 24-hour repair and maintenance hotline
• Concierge service to help keep utility and repair appointments for you
• Free snow shoveling
• Landscape maintenance, and more