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August State O' the Market: Shrinking Buildings, Expanding Units

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As we trudge into August, it's time to turn the AC up, sit down, and ponder another set of big questions facing the city's real estate market. This month's topic: how the recession has changed building and apartment layouts, and what that means for the market long-term. The Real Deal took a look at how buyer demographics are changing, and as the market has plunged, new types of buyers are appearing, including families that might have once left for the suburbs, first-timers who are buying younger than ever, and stabilized renters taking the plunge. These market newbies are inspiring developers to change their building designs, creating larger units for families?so that the buildings have fewer total apartments than planned?or making the smallest units even smaller for bargain hunters. At LIC's Solarium, the 565-square-foot studios are now on the market as one-bedrooms, and half have sold. At the Sheffield, formerly known as Sheffield57, there are now some marching band-sized combos on the market. So, will all these layout revisions ultimately help the market? Or will developers be left with some oddly-shaped inventory on their hands once things get back to normal?
· Purchasing power changes hands [Real Deal]
· The flexibility factor [Real Deal]

Solarium Condominium

5-43 48th Avenue, Queens, NY