Will Studio Fever Spread to Brooklyn?
Studios are no longer the ugly ducklings of the Manhattan residential market, according to the cover story in the real estate section of yesterday’s Times. Sales of studio apartments—long considered untrustworthy investments and far less attractive than one-bedrooms—have been all the rage this year, with their per-square-foot prices besting one-bedrooms’ in a number of neighborhoods….
Studios are no longer the ugly ducklings of the Manhattan residential market, according to the cover story in the real estate section of yesterday’s Times. Sales of studio apartments—long considered untrustworthy investments and far less attractive than one-bedrooms—have been all the rage this year, with their per-square-foot prices besting one-bedrooms’ in a number of neighborhoods. Brokers say that as developers have shied away from building new studios (and as many have been combined with adjacent apartments), demand for them has increased. But will the trend cross the river, where people have traditionally moved to get more space for their buck? Signs don’t necessarily point to yes. At marquee new condos like On Prospect Park, for example, developers have gone in the opposite direction, combining units for larger layouts. As more gigantic condo buildings come on line in Brooklyn, think developers will start adding more studios to the mix?
Absence Makes the Buyer Fonder [NY Times]
Photo by contraceptacon.
Thanks 9:58 and 10:20…That makes perfect sense.
SRO (single room occupancy) means that tenants share kitchens and bathrooms, usually with the other rooms on that particular floor. New York is full of them, and they often house the less fortunate among us. That is why conversion and a change in occupancy use to a condo/private home for sale/etc. takes a long time – to ensure that tenants are not forced out with nowhere to go.
A studio means a self-contained residential apartment w/ private kitchen and bath that is also legally habitable for sleeping.
to 9:49am: it is my understanding that studio apartments have self contained bathrooms and kitchens. SROs do not.
Can someone please explain the difference(s) between a studio and an SRO?
Thanks!
apartments are expensive. people want to own them. hence they’ll accept smaller apartments to own one. this should not come as a surprise.
The only reason that studio condos exist is NYS’s history of rent stabilization — it is part of the ‘trust gap’ in NYS real estate. If builders trusted the legislature to preserve property rights, it would be much more efficient for everyone, and would lead to a more flexible residential arrangement.
This is how it was done up until about WW2.
studios are the white man’s version of SRO
The phenomenon of studio condos is a result of limited development area and high demand. If the city’s zoning laws did not so drastically reduce the developable area of building sites, studio apartments would once again be the living quarters of the single and poor.
I believe it. It’s not a property to live in for life (unless you’re a retiree, for whom a studio is a great option) but an investment that will allow someone to buy a 2BR condo or coop later after getting married.