Wanna make it a combo meal?

One key difference between the co-ops on the Lower East Side and newly constructed buildings, is that new construction introduces unique configurations — including oversized apartments with 3+ bedrooms . Within the co-ops, though, the only way to arrive at a plus-sized apartment is via a combination — or “combo” — unit , that literally combines two neighboring apartments (including the flat next door and/or the one above or below ).

That’s what we’re looking at today, as we continue our way through 20 Years, 4 Co-ops, & 10002 , a longitudinal study of four LES co-ops, examining how the co-ops have been priced, valued, and appreciated .

You can download the complete report here

Across all four cooperatives, combination units command some of the largest pricing premiums in the entire dataset . Within the 3,006 listings analyzed, combo units consistently list at materially higher price points than comparable non-combo apartments—even when controlling directionally for bedroom count and co-op.

Because combo units are rare, difficult to create, and often impossible to replicate within mid-century construction , the market persistently assigns them outsized value . This scarcity effect appears across every cooperative, though the magnitude of the premium varies by co-op, unit type, and sample size .

Put simply: space commands the largest multipliers . Nothing new there , as well as the fact that because of the scarcity of combos, finding comparative units — or “comps” — makes it challenging to assign a consistent price to specific configurations.

Below is what the data shows when comparing “naturally occurring” two- and three-bedroom units, i.e., non-combo units, to those created through combinations.

2-Bedroom Units: Combos vs. Non-Combos
Where data exists, two-bedroom combo units command dramatic premiums , often pushing pricing into entirely new tiers — particularly in East River and Hillman, where naturally occurring two-bedrooms anchor much lower price points.

Seward Park
Non-Combo Avg Price → ~$1.10M (88 listings)
Combo Avg Price → ~$1.78M (16 listings)
Combo Premium → +62%

East River
Non-Combo Avg Price → ~$749K (313 listings)
Combo Avg Price → ~$1.53M (3 listings)
Combo Premium → +104% largest multiplier

Hillman
Non-Combo Avg Price → ~$681K (138 listings)
Combo Avg Price → ~$1.25M (1 listing)
Combo Premium → +84%

Amalgamated
Non-Combo Avg Price → ~$784K (46 listings)
Combo Units → None observed

3-Bedroom Units: Combos vs. Non-Combos
Even where three-bedroom units already exist naturally, combo units continue to price meaningfully higher — especially in Hillman, where combinations introduce scale that the underlying building stock rarely provides .

Seward Park
Non-Combo Avg Price → ~$1.68M (13 listings)
Combo Avg Price → ~$1.97M (6 listings)
Combo Premium → +18%

East River
Non-Combo Avg Price → ~$1.10M (60 listings)
Combo Avg Price → ~$1.32M (31 listings)
Combo Premium → +20%

Hillman
Non-Combo Avg Price → ~$1.00M (24 listings)
Combo Avg Price → ~$1.58M (4 listings)
Combo Premium → +57%

Amalgamated
Non-Combo Avg Price → ~$1.17M (10 listings)
Combo Units → None observed

Okay, high-fives all around for combos, right?

No, not necessarily. What the data is showing us, primarily, is that there’s a pricing premium for combos . But, there’s not necessarily a guarantee that the market is purchasing these combos . Absent from our dataset is (a) confirmation that the units are being sold , as well as (b) how many days the units are on the market . Further, the cost to create the combo — the permitting, renovation, and carrying costs — are not reflected, so we cannot definitively say that buying or making a combo is a sound investment .

But, they are nice, though, aren’t they?

As the year closes out , we’ll wrap things up by looking at nominal and real appreciation . (And then we’ll start 2026 on the right foot .)