This week, real estate appraiser, Curbed graph guru, blogger, and podcaster Jonathan Miller looks at which Manhattan neighborhood has the most micr units.
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.
Next week: Macro apartments. Ok, not really.
· All Three Cents Worth [Curbed]
· Miller Samuel [official]