Uptown may have the smallest studios, but which Manhattan neighborhood can claim the most micro units? To find out, I looked at where apartments measuring 300 square feet or less are located and determined what they have in commonbesides being small. We've appraised many micro apartments over the years, so I was admittedly a little confused at how micro apartments were some sort of new concept. For example, we've had well over a hundred assignments of micro-apartments in Tudor City alone, the pre-war Time Equities conversion done back in the 1980s (the complex straddles Turtle Bay and Murray Hill so I placed all in Murray Hill in the chart). I sorted the Manhattan neighborhoods by their market share of micro-apartments. Based on the information we have, I'd estimate there are only about 2,000 apartments within the Manhattan co-op/condo housing stock, a tinyok, microsliver of the Manhattan housing stock.
Micro apartments are predominantly situated within pre-war doorman co-op buildings. Most are configured as studios (no surprise). All Manhattan studios comprise roughly 14 percent of the housing stock and average a little over 500 square feet. The 300-square-foot and under micro-apartment market comprises an estimated 0.3 percent of Manhattan's housing stock of co-ops and condos.
Seems like we have room for more.