Property Valuation
In New York, the 'gross building area' (GBA) of a property differs from 'net rentable area' (NRA) in that:
AGBA includes only the rentable space; NRA includes common areas
BGBA includes the total floor area including all walls, stairwells, and common areas; NRA includes only the areas that can be rented to tenants✓ Correct
CThey are the same thing for residential properties
DGBA is used only for commercial properties; NRA for residential
Explanation
Gross Building Area (GBA) measures the total enclosed floor area of all floors of a building, including all walls, columns, stairwells, elevator shafts, and common areas. Net Rentable Area (NRA) measures only the space that can actually be leased to tenants, excluding structural components and major vertical penetrations. In commercial appraisal, income is typically based on NRA.
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