Listings Go Live Today for NYC’s First Micro Apartment Complex

Posted On Mon, November 23, 2015 By

Posted On Mon, November 23, 2015 By In affordable housing, Gramercy Park, New Developments, Rentals

Carmel Place (formerly known as My Micro NY), the city’s much-talked-about first micro apartment complex, began accepting applications for its affordable studios back in September (since then, 60,000 people have applied). And now, a press release from developer Monadnock has announced that listings for 12 of the market-rate units will go live today in anticipation of the February opening date. Along with the launch comes news of Ollie, “an innovative housing model that delivers an all-inclusive living experience.”

The nine-story modular development will have 55 studios ranging from 260 to 360 square feet, 22 of which will be affordable (of these, 8 will be set aside for formerly homeless veterans) and go for between $950 and $1,500 a month depending on family size and income. The remaining 33 will see prices ranging from $2,540 for a 265-square-foot, furnished, third-floor unit to $2,910 for a 335-square-foot, furnished, second-floor unit.

Both of these price groups have led many to question 1) if the units are actually affordable and 2) if it makes sense to pay almost $3,000/month for such minimal space. In fact, traditional city zoning dictates that a residence cannot be smaller than 400 square feet, but in 2012, former Mayor Bloomberg held a micro-dwelling design competition to see if smaller spaces could help solve the city’s housing shortage. The winning design by nARCHITECTS is made of stacked modular units reaching a height of 120 feet at 335 East 27th Street on the border of Gramercy and Kips Bay. The entire project costed an estimated $17 million.

Carmel Place, Monadnock Development, 335 East 27th Street, nARCHITECTS, My Micro NY,
New rendering of Carmel Place interiors, via Monadnock Development/nARCHITECTS

The Ollie system comes courtesy of a partnership with micro-housing specialist Stage 3 Properties. According to the press release, its four components are:

  • Thoughtfully designed micro-units offering efficient studio or co-living layouts and options for multi-functional furniture including pieces by Resource Furniture;
  • Lifestyle-relevant services including housekeeping, WiFi, and weekly visits from a Hello Alfred home manager;
  • An all access pass to “live-work-play” amenities at future Ollie properties; and
  • A sense of community, fostered in collaboration with social concierge Magnises with opportunities for engagement and networking ranging from monthly mixers, volunteer activities, lectures, weekend getaways, travel options and even seven members-only spaces, to name a few.

In total, 17 market-rate units will be furnished; of the 12 units hitting the market today, eight will be furnished. The Times says the furniture includes a Murphy bed-style sofa/bed, a desk that doubles as a ten-seat dining table, and an optional Ollie Box that offers decorative pillows, rugs, and lamps. Going unfurnished will save renters about $200/month, which over time will add up substantially.

Jonathan J. Miller, president of the Miller Samuel real estate appraisal firm, compared the niche nature of Carmel Place to buying a Prius. “This is one of those things that the market will determine ultimately whether or not they’re accepted,” he said.

Stay up-to-date on listings for Carmel Place on CityRealty.

[Via NYT]

RELATED:

Renderings via nARCHITECTS

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Neighborhoods : Gramercy,kips bay

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