The condo portion of MiMA, the Magical Island of Many Amenities in Hell's Kitchen, shared its pricing, floorplans, and renderings this summer. But one detail was premature: the pricing. Because the planned condo units in 1 MiMA Tower won't actually be condos?they'll be rentals. The Journal reports that all of the 151 condo units?on top of the already-on-the-market 663 rental units, which are smaller?have gone rental. The developer's reasoning is simple: the rental market is stronger than the condo market right now. (Studios at 1 MiMA Tower would have started around $700,000, with prices on the most expensive 2BRs starting around $2.25 million.)
So how much will a rental at the top of MiMA (floors 51 to 63) cost? The smaller units will start around $4,595/month, with larger 3BRs asking $20,000/month. On the market listings on MiMA's lower floors are currently asking $3,795/month to $11,500/month.
· Related Switches Condos to Rentals [WSJ]
· MiMA coverage [Curbed]