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Studio Living

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It's been a long time coming, but the studio apartment—a pillar of New York City real estate for almost a century—may soon go the way of the dodo. According to Corcoran Sunshine, studios in new Manhattan developments made up just 4 percent of all listings in 2014, down from 15 percent in 2013. The average price of the few remaining studios has skyrocketed, rising 60 percent last year to an obscene $930,000. Part of the reason? Rich people tend to be real schmucks: "A lot of these new developments are marketed toward sophisticated, well-to-do buyers, and those people may not want to be living with first-time homebuyers, who tend to be more transient," said Halstead sales exec Robin Schneiderman. [NYDN]