Family-size units gaining ground in NYC

June 28, 2010 02:00PM

Sales of three- and four-bedroom apartments rose last year in New York City, while sales of smaller units declined, and the trend has continued, the New York Times reported. Large family-size apartments have always been a small segment of the housing market, but the number has grown as developers have started to build more of them. Within the last year, developers
of several new projects — including Manhattan House and Superior Ink — have responded to the demand by combining units to produce as many as seven bedrooms, seven and a half bathrooms and close to 6,000 square feet. In addition, prices for these larger, family-sized apartments have decreased more significantly than the prices for smaller units. Brokers say that these types of apartments are attracting families who want a suburban layout within the confines of a Manhattan apartment, as well as empty nesters moving to the city from the suburbs who want the extra room for visiting family members. [NYT]