The Real Deal New York

Developers aim to attract young people with luxury tenements

Rent for roughly 500-square-foot units in Murray Hill typically start at $3,000 a month
October 24, 2014 09:00AM

Who said walk-ups can’t be fancy?

Developers are now turning to old tenements — rundown walk-ups reminiscent of when immigrants settled in New York City in the early 1900s– and are fancying them up with outrageous amenities such as game rooms and rooftops, according to the New York Daily News.

While they buildings are getting more luxurious, the tiny apartments are getting smaller as developers add more bathrooms and more bedrooms. Under these new configurations, one-bedroom units can be as small as 500 square feet. Original one-bedroom units (starting at $3,000) become 700-square-feet two-bedroom apartments. The developer is marketing these units to wealthy 22-to-30-year-olds.

One such example can be found in Murray Hill, where developer Slate Property Group invested $10 million to renovate seven tenement buildings on East 33rd Street. The landlord linked the seven buildings, which now have a tunnel that leads to an underground game room filled with arcade machines, according to the newspaper.

The development comes with a part-time doorman, dishwashers and a shared rooftop space.

Similar spruced up tenement developments can be found in the Lower East Side, where two-bedrooms go for $7,000 a month. [NYDN]¬†— Claire Moses

  • Bullied and Damaged by Rent Re

    A 2-bedroom for 7k in the LES? Clearly, there are two different realities at work in NYC real estate.

    I want to move my old lady tenant to the ground floor before she ends up a Life Alert tragedy but I can’t trust the rent regs to not change and stab me in the back somehow if I do.

    • Monica McLaughlin

      Are the rents the same? If not I believe you can move her to a more expensive apartment and give her a life-time preferential rent added as a rider to the lease.

      • Bullied and Damaged by Rent Re

        It would be a bigger apartment in the back with the same rent . She may not agree to move until she absolutely has to but she’s already complained that the next door restaurant is too noisy and we can’t help her except to think of this alternative and we know she doesn’t want to leave her dovecote which her husband furnished for her until that one flight of stairs absolutely becomes too much for her.

        • Bullied and Damaged by Rent Re

          We’re not in a flood zone.

        • Bullied and Damaged by Rent Re

          Life Alert has a new commercial. Have you seen it?

  • Marc

    roof top, dishwashers and a part-time doorman. Very swank and luxurious.