New York planning 250-square-foot apartments
The city normally bans anything under 400 square feet, but it's bending the rule to experiment with 'micro' units.
The city is planning for its first "micro-unit" building that features 250-square-foot apartments. The "My Micro NY" building, as it is being called, is the first apartment-style building in Manhattan composed of pre-made modular pieces.
Why so small? Because one- or two-person households are growing faster in the city than those with three or more people, Mayor Michael Bloomberg said in a statement.
"Addressing that housing challenge requires us to think creatively and beyond our current regulations," he added.
So how exactly does one live in a 250-square-foot apartment? That's where the creative thinking comes in. Pantries can pull out of the wall. Beds might fold down. You won't have much space for a party, but the building will have lounges on each floor that can hold up to 40 people, Bloomberg News reports. Each kitchen will have a full-size refrigerator.
The ceilings will be up to 10 feet high, with loft space overhead for storage, Bloomberg News reported. Some apartments will be bigger, up to 370 square feet.
The building will have 55 units, 22 of which will be rent-restricted and based on tenant incomes, Bloomberg reports. Those units will start at $939 a month, but only for couples earning up to $55,000 a year. Rent will go up to $1,873 a month for couples earning in the $106,000 annual range.
Life is not very comfortable in that kind of cramped space. "I had no room for anything," one woman told Gotham Gazette, describing her life in a studio that measured less than 300 square feet in the Lower East Side. "I ate on my bed, I did my homework on my bed, I slept on my bed. . . I had my small dog, and she just sat around all day in this little box. It was not fair to her."
The city considers this something of an experiment, and if it pans out regulators may overturn a rule that says new apartments must be at least 400 square feet, the Associated Press reports.
More on moneyNOW
- Airlines tighten frequent-flier rules
- Batmobile sells for $4.6 million
- Phil Mickelson teed off about taxes
This isn't that novel of an idea.. anyone ever lived in a college dorm room? Things can be a bit tight, but for those who don't own a lot it's not that bad.
I guess this seems very novel to older generations considering it was not popular for them to get a college degree, and if they did, even less common for people to live away at college.
Lemmee see....City planners involved, sounds like greasy palms and lobbying going on ??hmm.
13,750 sq.ft.(apx) building takes in about $750,000-1.2 million per year or $75-90 per sq. ft.
Those fold out beds were popular back in 50s for studio apts..If you like living on a bed..?
We live in a big old Farm house, 1 bathroom is 120 s/ft.
Farm kitchen is over 300 sq.ft.
1 Deck upper/lower stepped level with Gazebo is apx. 660 sq.
No, I don't think we could handle those...Living quarters.
And YES, I know we are fortunate or lucky, also we don't live in the City, or Big Apple....
THIS IS WHAT THEY DO IN COMMUNIST CHINA! DON'T THINK THE DEMO LIBERALS ARE COMMUNIST NOW? FIRST NEW YORK
BANS SALT AND SODA AND RAISES TAXES SO HIGH NOBODY CAN AFFORD IT AND THEN ANTI GUN LAWS NOW THIS?
MAY AS WELL TRY IT IN THE CAPITAL OF SOCIALIST DEMOCRATS! CALIFORNIA IS NEXT!
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages finished the Tuesday session near their lows with the Russell 2000 (-1.0%) leading the slide. The S&P 500 lost 0.5% with nine sectors ending in the red.
Equities indices started the day with modest gains and spent the first two hours of action in the neighborhood of their flat lines. Although the early trade lacked clear sector leadership, that could have been overlooked due to the strength among heavily-weighted sectors like health care (-0.3%), ... More
More Market News
The apparel chain takes a hard hit after blaming the weather for its quarterly sales decline. But cold temperatures don't explain the drop in full-year sales as well.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'