It is getting the attention that every listing agent dreams of, and we are not even talking about a lush luxury or celebrity estate, but a 265 to 360 square feet unit, New York Post reports.
Over 60,000 people are in a race to land a spot at Carmel Place, a new development in Kips Bay that is set to open next year - and the spot that they are fighting for is really, really small.
Carmel Place is located at 35 E. 27th St., and there are going to be 55 units up for taking (for those who will be lucky enough).
"For us, it was really important to demonstrate how small space could be an enhancement to quality of life," Christopher Bledsoe of Stage 3 Properties, which designed the interiors at Carmel Place, told CNBC.
"An efficiently designed micro-unit is just a nice apartment," added developer Tobias Oriwol.
Despite the limited space, the units are designed to be as user-friendly as possible. To maximize the space, the units come with a desk that could be expanded and turned into a12-seat table and a Murphy bed that can be pulled down over a love seat. Unlike other NYC apartments, Carmel Place offers amenities that anyone would love to have such as a dishwasher and a balcony.
Forty percent of the units will be under the affordable-housing program which will set a price of $1,500 per month, while the remaining sixty percent will be set at market rates and would cost between $2,650 and $3,150 each.
So far, there are 20 people who are looking to land a spot through market rate, while over 60,000 are taking the chance at the lottery for the more affordable units.
To make this project possible, developers waived New York's 400-square-foot minimum for new apartments which allowed them to build projects with mixed apartment sizes and rent out smaller studios.
In a comparison based on Naked Apartments, the average size of apartments in Manhattan are at 550 square feet and costs $2,300 a month. For one-bedrooms, they usually come at 750 square feet at a monthly cost of $3,000.
