In today's day and age, developers and architects are always looking for the next big thing. They are always looking for a way to take their design to the next level. This is particularly true in forward thinking areas such as New York City.
One of the most recent trends is the addition of penthouse condominiums that can be affixed to the top of buildings that are already in existence. These types of projects come to life for many reasons, including the fact that the original structure is historical and of great value. Of course, there are also developers who consider this option because there is only so much undeveloped land in New York City.
By adding a floor to a building, in particular penthouse condos, profits can move to the next level. However, this is not as easy as it sounds on paper. There is a lot that goes into this process, which can lead to complexities along the way, as well as a high price tag. In fact, this can cost up to 50 percent more than a complex that is developed from the ground up.
The Cast Iron House, located on lower Broadway, is set to receive a two-story white metal addition on its roof. This will allow the 132-year-old landmark to remain the same, while still adding value.
This type of development requires a lot of paperwork, as well as local approval. Hiring a real estate attorney who is familiar with local laws can go a long way in speeding up the process and avoiding costly mistakes.
Source: The New York Times, "Adding Penthouses for Profit" Julie Satow, Jan. 16, 2014