Residential Appraisals & Specialized Property Rights
REIS Group provides residential appraisal and valuation consulting for conventional properties and complex residential interests, with an emphasis on New York City and Manhattan. Our work addresses not only the residence itself, but also the rights, restrictions, ancillary spaces, and proposed transactions that may affect its value. Each engagement is tailored to the property interest being valued, the effective date, the intended use, and the available documentation.
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1. Residential Properties
Appraisals of residential properties for purchases and sales, estate administration, divorce, litigation, tax-related matters, and private decision-making. The analysis considers property characteristics, condition, location, legally permissible use, and relevant market evidence. Confirm the specific building types and geographic coverage with REIS Group. For estate-related valuations, see Trust & Estate Appraisals.
2. Co-ops
Valuation of cooperative apartment interests, including individual apartments and complex configurations. Depending on the assignment, the analysis considers the proprietary lease, share allocation, building financial information, maintenance charges, assessments, transfer restrictions, and relevant comparable transactions.
3. Condos
Valuation of condominium units and associated interests, including apartments with terraces, accessory spaces, or other documented rights. Relevant considerations may include unit configuration, common charges, assessments, amenities, use restrictions, and the nature of any associated property interest.
4. Air Rights / Development Rights
Valuation consulting concerning unused development capacity and proposed development-rights transactions affecting residential properties. The analysis addresses the documented rights, applicable zoning framework, potential receiving sites, transaction evidence, and feasibility assumptions. Unused floor area is not freely transferable, and zoning lot mergers and other development-rights transfers are not identical instruments. Related assignments are often structured as Partial Interest Appraisals.
5. Common Areas — Hallways and Stairwells
Valuation of proposed acquisitions, licenses, or incorporations of common areas into private residential space, including portions of hallways or stairwells. The assignment identifies the rights proposed to be conveyed, any remaining access obligations, and the potential contribution to the adjoining apartment. Required circulation, fire safety, building approvals, and governing documents must be reviewed by the appropriate professionals; availability for private use is not assumed.
6. Roof Rights
Valuation of documented or proposed rooftop interests, including exclusive-use areas, roof terraces, access rights, or potential rooftop additions. The analysis distinguishes recreational use rights from development rights and considers access, privacy, usable area, obligations, restrictions, and the feasibility of the proposed use.
7. Below-Grade Spaces
Valuation of basement, cellar, and other below-grade areas in connection with existing uses or proposed acquisitions and conversions. The analysis distinguishes approved use from proposed use and considers access, ceiling height, light, moisture conditions, configuration, and market utility. Below-grade space is not automatically treated as legal living area or valued at the same rate as above-grade residential space.
8. Parking Spots
Valuation of parking spaces and related rights associated with residential properties. The assignment distinguishes ownership, leases, licenses, and assigned-use arrangements and considers transferability, building restrictions, physical access, vehicle accommodation, charges, and relevant sale or rental evidence.
9. Adjoining Units
Valuation of adjoining apartments in their existing configuration and, when requested, under clearly stated combination scenarios. The analysis considers layout compatibility, access, renovation costs, approval requirements, market demand, and the value contribution of a larger combined residence. Combined value is not assumed to equal the sum of the separate units or to include an automatic premium.
10. Buy-Outs
Valuation support for residential buy-out negotiations. The engagement must identify whether the subject is an ownership interest, a cooperative or condominium interest, a tenancy-related arrangement, or another defined right. Property value, the value of a particular interest, and a negotiated payment are distinct concepts. Legal rights and enforceability are established by counsel, not by the appraisal alone. For valuation analysis outside a standard appraisal assignment, see Private Consulting.
11. Storage Areas
Valuation of storage rooms, lockers, and other accessory storage interests, whether associated with a residence or considered in a separate transaction. The analysis identifies the ownership or use arrangement, access, size, condition, permitted use, charges, transfer restrictions, and relevant market evidence. Storage area is not automatically residential living area.
12. ADUs — Accessory Dwelling Units
Valuation of existing accessory dwelling units and analysis of proposed ADU scenarios where applicable. The work distinguishes approved units from proposed or unapproved space and considers local eligibility, approvals, occupancy status, utility, construction or conversion costs, and supported income potential. In New York City, ADU eligibility and legalization depend on current Department of Buildings rules, zoning, flood and fire-safety requirements, and the specific property — not every basement, cellar, garage, or accessory building may legally become an ADU.
Who We Assist
Property owners, apartment purchasers and sellers, cooperative and condominium boards, managing agents, attorneys, fiduciaries, and other professionals seeking a supported analysis of residential property or related rights.
Documentation for Complex Assignments
Depending on the assignment, useful records may include deeds, proprietary leases, offering plans, condominium declarations, bylaws, floor plans, surveys, board correspondence, proposed agreements, building financial statements, maintenance or common-charge information, certificates of occupancy or other occupancy records, zoning analyses, and available construction estimates. REIS Group will identify the relevant information after reviewing the proposed scope.
Frequently Asked Questions
What interest is being valued?
It depends on the assignment: a whole property, a share allocation under a proprietary lease, a documented rooftop or accessory-use right, a proposed combination interest, or another defined right. The intended use and effective date shape the answer, and the engagement letter states what is being valued.
Can common space be added to an apartment?
Only where the governing documents, the building, and the applicable approvals permit it. A hallway or stairwell portion may be acquired, licensed, or incorporated subject to remaining circulation, fire-safety, and board requirements — availability for private use must be documented, not assumed.
Are roof rights the same as development rights?
No. Recreational or exclusive-use roof rights differ from unused development capacity that could support construction. An engagement should state which interest is being analyzed, because the value drivers and feasibility tests are different.
Does combining adjoining units always increase value?
Not necessarily. A combination may raise or reduce value depending on layout compatibility, renovation and approval costs, and market demand for the resulting configuration. The analysis addresses these factors rather than assuming a premium.
Can parking or storage rights be transferred separately?
It depends on the arrangement — ownership, lease, license, or assigned use — and on the building’s restrictions and governing documents. Transferability must be verified from the documents, not presumed from practice.
Can below-grade space qualify as an ADU?
Only where the property, zoning, and current building and occupancy rules allow it. In New York City, eligibility and legalization are governed by Department of Buildings requirements and property-specific conditions, and some basement and cellar conversions remain subject to rules still being promulgated. An appraisal can value the approved or proposed unit; it does not establish legality.
What documents are needed?
Deeds, proprietary leases or condominium declarations, offering plans, bylaws, floor plans and surveys, board correspondence, financial statements, maintenance or common-charge information, occupancy records, zoning analyses, and construction estimates — as relevant to the proposed scope. REIS Group confirms the list after reviewing the assignment.
