Rents in Manhattan
Though still cheaper than Tokyo, rents in Manhattan are the highest in the United States, and getting higher quickly. Many New Yorkers wonder how much longer they can continue to pay such rents – after all, the price of housing is rising much faster than wages are.. Could the answer be smaller apartments like the one above? Right now, it is illegal to build an apartment of less than 137 square meters. But Mayor Bloomberg is pushing a project that will allow one developer to experiment with even smaller spaces: 335 East 27th Street.
In construction now, 55 apartments ranging from 250 to 370 square feet will be available at the address by 2015 – all with less than the legal minimum of square footage, but the city’s blessing anyway. This is an experiment in psychological manipulation – the use of high ceilings (nine to ten feet), Juliette balconies and other building amenities (such as a roof garden, lounges, a cafe, gym and storage) to minimize claustrophobia. The units will cost $940 to $1,800/month. Cheap! Until then, however, New Yorkers are going to have to make do with what they have. Of course some are more fortunate than others.. or are they? Check out what $800/month gets you in Manhattan’s Hell’s Kitchen Neighborhood!