Developers increasingly shun one-bedroom apartments

New York /
Jan.January 11, 2014 04:00 PM

 Already scarce, one-bedroom apartments may soon become a thing of the past in new developments.

Developers are beginning to phase one-bedroom apartments out of their new buildings, motivated by demand for big spaces and in order to better capitalize on their investment.

“I don’t know that one-bedrooms will ever become extinct, but I think the nature of the city is changing,” Taconic Investment Partners CEO Charles Bendit, who developed Sterling Mason, a once-stalled 32-unit condo project at 71 Laight Street in Tribeca that has no one-bedroom apartments but 14 three-bedroom units, told the New York Times.

“Young kids aren’t leaving as quickly as they once did, and people who are making an investment are investing in a family home,” Bendit added.

Moreover, research from the Corcoran Sunshine Marketing Group shows that at the start of January there were just 104 one-bedroom apartments for sale in new Manhattan condo buildings, out of a total of 654 units – a 16 percent share. Compare that to January 2012, when there were 194 one-bedroom apartmentss for sale out of 718 units — a 27 percent share.

And the decline doesn’t show any signs of stopping, according to the Times.

“It’s not that there is no demand for one-bedrooms,” Miller Samuel president Jonathan Miller said. “It’s that there is no demand for one-bedrooms at $4,000 a foot, which would make some of these sites feasible.” [NYT] Christopher Cameron


Related Articles

arrow_forward_ios
Related Companies’ Stephen Ross and The Cortland (Related Companies, The Cortland, Getty)
New development boom dead, with mortgage rates a prime suspect
New development boom dead, with mortgage rates a prime suspect
Southold Town Supervisor Scott Russell and 12500 Main Road in Mattituck (Google Maps, Getty, Town of Southold)
North Fork town smells victory in eminent domain fight
North Fork town smells victory in eminent domain fight
Mayor Eric Adams and City Council member Marjorie Velazquez with the Bruckner Boulevard rezoning site (NYC Department of Planning, Illustration by The Real Deal with Getty)
Council, developers strike deal for controversial Throggs Neck project
Council, developers strike deal for controversial Throggs Neck project
From left: Lendlease's departing COO Denis Hickey and next CEO Americas Claire Johnston (Getty Images, Lendlease)
Lendlease COO Denis Hickey to depart
Lendlease COO Denis Hickey to depart
Breslin Realty's Wilbur F. Breslin; property south of Sunrise Highway between Grand and Harrison Avenues (Google Maps, Breslin Realty, Getty)
Breslin’s transit-oriented development advances on Long Island
Breslin’s transit-oriented development advances on Long Island
Stephen Ross and 50 Hudson Yards (Getty Images, Hudson Yards New York)
Related lands $349M for 50 Hudson Yards
Related lands $349M for 50 Hudson Yards
From left: Assemblyperson Inez Dickens and Councilperson Kristin Richardson Jordan
Pol who killed Harlem project could face primary challenge
Pol who killed Harlem project could face primary challenge
(Illustration by The Real Deal with Getty Images)
NJ town concocts new excuse for rejecting affordable housing
NJ town concocts new excuse for rejecting affordable housing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...