When space is limited and compact, people are looking to get the most out of every inch of a space. This need is benefiting spaces with outdoor areas available especially terraces. When you hear the word ‘terrace’ it gives the impression of luxuriating outdoors, enjoying, meals, and hosting friends.
This type of outdoor space offers a different experience than a garden apartment or a balcony. Unlike a garden apartment that offers a patio on the ground floor or a balcony, that is a small overhang and not very large, a terrace stands out beyond the rest. The outdoor area allows New Yorkers to step outside their high-rise confinements.
As a rule, a terrace is an outdoor space directly off the space positioned on the building’s setbacks. This outdoor space does not extend beyond the building’s façade like a balcony that overhangs. A terrace is an open space different from a loggia that is a covered outdoor area.
Costs and Conditional Usage
The ‘saying you get what you pay’ for is certainly true when searching for private terrace. Outdoor space are not free, but according to many real estate experts, a private terrace is generally valued at half the square foot price of the indoor space, of course depending on the property and market.
Overall these outdoor spaces are characterized by their unique construction and available space. Terrace, in Latin meaning ‘earth’, relating to the terrace built on raised structures. Essentially, a terrace is built on a raised area likely atop of a building or property. A terrace is an open outdoor area, although usually found on the top floor may also be found on lower floors placed on the setbacks.
Today, modern outdoor areas are used in various ways. Open gardens are becoming more popular among many people in urban areas. A beautiful green space in the middle of a bustling New York City is truly a treasure. Unlike the balcony, these type of decks are able to support a pool or Jacuzzi.
Direct access to a outdoor space is not available in all buildings. Several properties enclose the top floors to sell at a higher rate due to the appeal a such a premium amenity offers. Other properties only allow access to the outdoor space through a fire escape or a separate staircase. An authorized floor plan is required to build a terrace.
If your interested in leasing or purchasing an office in Manhattan that features a Terrace, just give us a call – we have data on all the building properties throughout city that contain the outdoor space your looking for!