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Since there's nothing as bracingly refreshing as being reminded that we live in the greatest yet craziest city in the world: Studio apartments are now costing over $1 million in some parts of Manhattan. The New York Times devoted a Sunday Real Estate feature to the phenomenon, which is being led by the Richard Meier-designed condo apartments at 165 Charles Street (studios at $1.2-1.325 million, for around 700 square feet, with a 13 square foot kitchen, which does seem as big as so one bedrooms but still). One real estate agent for another listing with expensive studios says, "For people who come into town and want to own a piece of Manhattan and not necessarily purchase a three-bedroom, this is perfect for them." Sigh, perfect for people with pied a terre means but what about people who are looking for a primary residence? It just means more pricing out of Manhattan. Gothamist does understand the desire of people to own a little piece of Richard Meier for a cool price that's under the usual "price per square foot" but come on.
The Daily News shows some residences bigger than a studio that are comptetively priced, such as a two bedroom co-op on Jane Street and a four bedroom house in Rego Park, Queens. The owner of the Queen house says, "It's a nice neighborhood, very quiet. It's just the opposite of Manhattan." Touche.
Gothamist knows that Curbed will offer its real estate obsessed opinion. And the average price of Manhattan apartments is now $1 million.
Photo from Wired New York's information on 165 Charles Street
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You know, the Real Estate industry is not a public utility, so one should not assume they are speaking truthfully or fairly. As Lock pointed out last week, the average price of an aparment in Manhattan is $1 million. But the median in considerably less. And this is the Manhattan of the 'beautiful' (read: white) people (south of 96th Street). So every time you parrot that stat, you are adding a little free PR and pressure on people who think there is a gun to their head to buy these white elephants (at $1.325, that's nearly $2,000/sq ft -- so how is that under the average price? Outside of CPW, TriBeCa and the UES, that is an unheard of price) before the prices races upwards again. If you don't agree with their pitch, then don't repeat their lies uncritically, since you are only shooting yourself in the foot.
Miss R:
No no no. We want this to happen! The more yuppies who get suckered into paying $750,000 and up for closet-sized high-rise studios below 96, the more real apartments will stay available (at reasonable prices) for the rest of us!
there's a great vanity fair article on the meier apts a couple months back. nothing but problems for the owners. bunch of celebs complaining about anything and everything.