How much would you pay for a well-furnished rental even if it were only the size of three office cubicles? For the residents at Carmel Place—New York City’s first luxury micro-apartment building designed by nArchitects, the answer is $2,670. At approximately $107 to $121 per rental square foot (that’s $2,670 for 265 square-foot studio to $3,220 for a 360 square-foot unit; some with an additional private outdoor terrace), the price of market-rate units at Carmel Place almost doubles the annual 2015 average New York City apartment of $55 per square foot (according to Elliman Report). Given the size of these apartments, how do developers at Monadnock Development and their partners justify the price? What you’re paying for is an “all-inclusive, hotel-style living experience well beyond its price point,” said Tanin Paisarnsrisin, Associate at Ollie—service provider for the furnishings and lifestyle at Carmel Place. First, everything about the apartments is about maximizing efficiency with style.
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