Do new, so-called “luxury” apartments seem to be getting smaller? It’s not your imagination. Land costs in Brooklyn are rising quickly, and so developers are squeezing more apartments in per building to make the profits pencil out, The New York Times reported over the weekend. (Sorry, we’re just getting to the story today.) To justify keeping the rents the same, they are adding ever-more baroque amenities.
We’ve noticed lots of high-end apartments (condos as well as rentals) that have strip kitchens in the living room, a space-saving move that seems more reminiscent of “SRO” than “luxury” to us. At the same time, the bathrooms keep getting bigger and more numerous.
Curiously, there’s a technical reason for that: The building code has changed and now requires more clearance for things like doors, resulting in larger bathrooms.
The lion’s share of new apartments in the City is going up in Brooklyn, with 6,500 new rental units and 134 buildings expected to open this year. (That’s double last year’s count of 2,981 units in 36 buildings.)
The story mentioned a few forthcoming big Brooklyn buildings: AvalonBay’s 100 Willoughby Street, City Tower at 336 Flatbush Avenue Extension (City Point Phase 2, pictured above), 247 North 7th in Williamsburg, and Madison Realty Capital’s 490 Myrtle Avenue in Clinton Hill.
In addition to the now-standard amenities in new luxury buildings, such as lounges, fitness centers and even roof decks, some buildings will also feature a basketball court, a lawn, and, at 100 Willoughby Street, “a dog run with separate places for small and large dogs to play and a heated pergola for owners.”
We expect land will only continue to get more expensive.