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Why Living Smaller Is A Big Deal For NYC Multifamily

NEW YORK CITY-GlobeSt.com's Jacqueline Hlavenka investigates the pluses and minuses of the city's new "micro unit" plan from the prospective of singles and young professionals living and working in the five boroughs.

By Jacqueline Hlavenka | Updated on August 22, 2012

As households continue to shrink in Manhattan, the options for rental apartments are slimming down, too – both literally and figuratively.

Earlier this summer, the Bloomberg Administration unveiled a design competition to create a rental building on a city-owned site in Kips Bay with “micro units” – a.k.a. apartments sized between 275 to 300 square feet – in an effort to help house the city’s growing population and changing demographics. According to the city, that means more options for New York’s rising population – 1.8 million one- and two-person households, to be exact – that are currently choosing from a pool of one million studios and one-bedrooms throughout the five boroughs.  The new solution: passing a zoning resolution that allows developers to build apartment towers with units smaller than current regulations (about 400 square feet under city law) near and within Manhattan’s core business districts.

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