One Solution For New York’s Property Problem

The New York real estate market has numerous problems; however, the biggest is that most houses or apartments are way too expensive. Another problem is the huge difference between demand and availability, which generally drives prices up.

One of the more ingenious solutions to this problem is called My Micro NY. It doesn’t simply rely on building more apartments, but it also tackles the issues of size, livability and comfort. The project is made up of prefabricated units which are the same size or smaller than most studio apartments. These units are constructed off site and will be assembled at the project’s location in downtown Manhattan.

These ingenious little apartments are designed for a maximum habitation of one to two people per apartment. They range in size from 250 to 350 square feet. Even in a city which is known to have small studio apartments, the project had to receive a special exemption from the city’s zoning codes in order to get this experimental building approved.

The building is going to be 10 stories tall with 40 percent of the apartments being thought out as affordable housing. The average cost of rent for such an apartment has not yet been assigned; however, a similar studio apartment in the same area of Manhattan usually rents out for anything from $3,000 to $3,200. It is expected that these apartments will be in the same price range or even go a little lower due to the decreased size. Tenants who meet affordable housing requirements may end up paying even less than market price per square meter, however, that depends greatly on their income.

Developers said that the entire idea behind the project is to offer more diversity in the market while also allowing New Yorkers, who are currently living in shared or converted spaces because of insufficient funds, to have their individual apartment.

According to a recent report performed by the NYC Comptroller Office rent prices have increased by over 75 percent between 2000 and 2012. Current New York City mayor, Bill DeBlasio ran on a campaign that promised the building and preservation of 200,000 affordable housing units for the next 10 years, with plans to reassess and possible add more units after that.

Architects focused on adding extra light and height to make up for the smaller space. Larger windows and ceilings as tall as 10 feet along with street facing balconies create a beautiful and comfortable living space, despite the smaller number of square meters.