I read this article and figured I share it with the rest of the community. Anytime I work with a new buyer or renter they are shell shocked at the size and price of Manhattan real estate.
Recently, a couple bought a 175 sq ft apartment for $150,000. Here is a link to the pictures. I have shown rental apartments this size, but never a for sale unit. What's nice about this unit is that it appears to get good light. I find that a lot of small studios are positioned within a building to squeeze out just enough space and are right next to brick walls or in a building's air shaft. Because this unit looks to have a pretty clean open exposure that will do wonders for the lack of space.
The couple seems to have done a pretty good job of maximizing the space. They mentioned adding a Murphy Bed which I would say will be a very good addition. Overall my takeaway is that this couple is as happy as can be about their purchase. Which in the end is probably all that matters, it seems they got what they want and are having fun with the extra money they would have spent for a much larger apartment.
So next time you walk into a house and the buyer's mention how small it is, you can mention to them about how in New York City people buy apartments that are only 150 square feet.
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Morgan Evans is a Manhattan New York Real Estate specialist in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers, parents buying for children and investors buyers. Contact him today by calling (917)837-8869.
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...And they have not one, but two cats. TWO CATS. They have a freaking litter box in that 10 x 15 room. ew.
Morgan...
I could deal with that for about two days! Wow, that's really a small place!
Wow, a 150 square foot apartment? thats like living in my Land Cruiser. and paying $175,000. but that unit probally has a doorman!
Phil-The cats depending on how well they were trained would be a make or break for me also. Its nice that the building allowed an apartment of this size to have two pets. What I thought was a little odd was the only access to the unit was from one floor below. I'm assuming no elevator access to this floor so you have to take the stairs.
Morgan, it's hard to imagine two people living in a 175 sf space...plus the two cats...and for only $857/sf. I remember staying in a Manhattan studio several years ago for $2500/month...guess I'll stay here in Alabama...would you happen to know what the RE taxes are?
Morgan, I agree, they would probably LOVE a murphy bed. The only time I saw something close to that small was in an old apartment (now rentals) in Tudor City. I was in awe that two people could share a space so tiny! We made some changes and it looked wonderful!
OMG! Is that even legal? In Florida there's a minimum square footage limit... I wish I could remember what it was right now =/ But I think our master closet is bigger than that! Where is their bathroom? And does it even have a closet? I'm dumbfounded O_O
Nick-This was a co-op, so no direct real estate taxes, because technically you don't own real property in a co-op. You own shares in a corporation, and if the building has an underlying mortgage your monthly maintanence which for this unit was about $700/month would be paying among other things the buildings mortgage.
Lisa-I do believe its legal because my understanding of a legal room in New York is that it has a window, a certain square footage, say 9x10, a closet, some type of heat, and it does have a kitchen and bathroom regardless of its small size.
Thanks for sharing! I couldn't do it. I like to have people over. They seem happy about it. People do whatever it takes to live in NY City. It sounds like they just need a place to sleep and shower then they are out and about . $700 in 2 yrs is a steal to live where they are.
I know that we wouldnt be able to survive in this small of apartment. There will be NO KING SIZE bed in that apartment for sure!
Morgan, you're right of course, I forgot about it being a co-op.
OMG, Morgan! There is NO way I could survive in that space--my closet is bigger than that! AND, they have two cats?! Cute photo of the guy standing on the stool to take the bathroom photo too! (I always worry that I'm going to capture myself in a bathroom mirror too!)
Have a great weekend...
Morgan, now that is one SMALL space - and they sold two of them together for $500,000? That means these people got a stellar deal at $150,000. I don't think 'normal' Americans could live in a space this small, but New Yorkers...they're another breed! lol I agree that it looks like they're having a lot of fun and have the logistics figured out.