How Do Rents at NYC’s First Micro Apartment Complex Compare to Regular Studios?
Just before the new year, listings went live for NYC’s first micro apartment complex Carmel Place (aka My Micro NY aka 335 East 27th Street) in anticipation of its opening in March. The nine-story modular development in Kips Bay has 55 studios that are 260 to 360 square feet. Of these, 22 are affordable (more than 60,000 people applied for them), and they’ll go from $950 to $1,500 a month depending on size and income.
The remaining market-rate units will range from $2,500 to $2,900 per month, which has left many skeptics questioning why anyone would fork over nearly three grand for a space that is far smaller than conventional studios. To put this argument into an actual visualization, the data gurus over at NeighborhoodX created a simple, yet informative graph that compares the rental price per square foot at Carmel Place with that of regular studios across the city (h/t Curbed).
Interiors at Carmel Place, via nArchitects
Perhaps the most glaring fact is that the micro-unit rents are nearly double what a traditional, 500-square-foot studio goes for in the same neighborhood. And they’re even more than pricey nabes like the West Village and Tribeca. As Curbed points out, however, some Carmel Place apartments come fully furnished courtesy of nArchitects, and the complex offers a host of amenities, including housekeeping, WiFi, live-work spaces, and social events.
Debating whether these higher rents are worth it? Explore the full interactive map over at NeighborhoodX.
[Via Curbed]
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