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
960 Franklin Avenue in Crown Heights and Continuum Company founder Ian Bruce Eichner (Hill West Architects, Getty)
Continuum sues to stop rejection of towers by Brooklyn Botanic Garden
Continuum sues to stop rejection of towers by Brooklyn Botanic Garden
Avison Young acquires Singer & Bassuk Organization
Avison Young acquires Singer & Bassuk Organization
Avison Young acquires Singer & Bassuk Organization
An aerial of the Pascack Ridge development (Google Maps)
Large Rockland development project suffers setback in court
Large Rockland development project suffers setback in court
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
Hong Kong Stock Exchange (Getty)
Investors sell off Chinese real estate stocks
Investors sell off Chinese real estate stocks
124 South Middle Neck Road in Great Neck, Long Island and Hornig Capital Partners Managing Partner Daren Hornig (Google Maps, Hornig Capital)
Size, security, transparency: Great Neck apartment project delayed following local pushback
Size, security, transparency: Great Neck apartment project delayed following local pushback
Ardie Tavangarian (Photo by Kevin Scanlon)
LA’s gentleman builder on developing for the ultra-wealthy
LA’s gentleman builder on developing for the ultra-wealthy
495 Hoffman Lane in Hauppauge and Beechwood Organization CEO Michael Dubb (Google Maps, Belmont Child Care)
Luxury senior living could replace shuttered Hauppauge school
Luxury senior living could replace shuttered Hauppauge school
arrow_forward_ios

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

Loading...