NEW YORK CITY—Maximizing space isn't a new trend in New York City isn't a new trend; it's a necessity here. But one way to go about it is of-the-moment and it's catching on. Microunits, meaning apartments smaller than 400 square feet, have been buzzed about recently and the city put out a Request for Proposal for a building featuring such residences.
The winner of the bid, Monadnock Development, is creating a 55-unit, nine story multifamily building at 335 E. 27th St., between First and Second Avenues. The firm's project developer, Tobias Oriwol, sat down with GlobeSt.com EXCLUSIVELY to discuss these small spaces.
GlobeSt.com: Why are micro units being sought after right now?
Tobias Oriwol: The increased interest in micro units is related to the growing sustainability movement, with dense, transit oriented development proving to be an environmentally friendly way to create more housing stock. Also, interest in micro units correlates with the public's growing adoption of the sharing economy, with people realizing they can live in and pay for the most used spaces in their lives while having access to quality shared spaces that are used less frequently, like dining or entertainment rooms.
GlobeSt.com: What demographic trend do these units address?
Oriwol: The fastest growing type of household in the city, and the world, is one person households. The old 3.2 person nuclear family ideal doesn't exist as much as before yet developers have continued to build the traditional mix of studio-to-three bedroom buildings.
In NYC, there's an extremely high number of single person households—including seniors, single parents, divorcees—yet there aren't enough studio and one-bedroom apartments. So a lot of people in need of these spaces live with a non-related adult. There needed to be more options and the city put out a Request for Proposal and our plan was accepted.
GlobeSt.com: Is there a break on rent for these smaller apartments compared to standard size units?
Oriwol: Yes, new construction is running around $3,200 for a 400 square foot unit, and that's a lot for one person to pay. We're planning to rent the apartments for $2,000 to $3,000 each, depending on the unit. They range from 260 to 360 square feet, and some feature terraces.
GlobeSt.com: How do you make the units appealing at such a small size?
Oriwol: There are no apartments in the city smaller than 400 square feet that have handicap accessible bathrooms or kitchens the way we do, or modern HVAC units. The ceilings are 9'6” tall and the units have sliding doors with lots of light and air. Hopefully the building will change the way people think of micro units.
GlobeSt.com: What's the goal of this project?
Oriwol: It will show people that they can live in a nice, comfortable apartment in a desireable residential area without breaking the bank. Microunits already exist in many NYC buildings but they were built before regulation so they're left over spaces that may have odd angles or something like a steam pipe running through them.
People already are living in micro units all over the city already, and many of these are illegal. We should enact legislation that allows for the safe, legal construction of these types of spaces because otherwise, people will create them on their own.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
