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

New York /
Oct.October 24, 2014 09:00 AM

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


Related Articles

arrow_forward_ios
From left: Adam Altman, Martin Nussbaum, Brian Cooper, Joe Koicim
Photos: Inside Slate Property Group’s holiday party at Casa Cipriani
Photos: Inside Slate Property Group’s holiday party at Casa Cipriani
43 Greenway Terrace in Forest Hills (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow)
TRD Pro: Queens’ top 10 neighborhoods for Q3 home sales
TRD Pro: Queens’ top 10 neighborhoods for Q3 home sales
667 Kent Avenue and 25 Hooper Street in Williamsburg (Google Maps, Getty)
Nap Industries’ Williamsburg warehouses sale tops mid-market deals
Nap Industries’ Williamsburg warehouses sale tops mid-market deals
From left: Slate’s David Schwartz and Martin Nussbaum with 62 and 68 Hanson Place
Slate acquires Fort Greene development site from Salvation Army
Slate acquires Fort Greene development site from Salvation Army
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
427 Broadway and Robert Frey (HGetty, THCNYC)
Former Vegas club owner bringing cannabis museum to SoHo
Former Vegas club owner bringing cannabis museum to SoHo
Slate Property Group principal Martin Nussbaum and 301 West 22nd Street in Manhattan, NYC (Google Maps, Slate Property Group)
Slate picks up $70M Chelsea multifamily portfolio
Slate picks up $70M Chelsea multifamily portfolio
arrow_forward_ios

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

Loading...