Why waste money on a cramped hotel room in Manhattan when you can invest in a studio apartment that offers more space and comfort? Studios are becoming increasingly popular in the New York real estate market, appealing to a diverse range of buyers. Take Mariana D’Andrea, for example, a lawyer from Argentina who recently purchased a Lenox Hill alcove studio for $417,000. She chose this option to avoid relying on hotels or Airbnb rentals when she visits New York.
Data from real estate consulting firm Miller Samuel shows that studios saw the biggest increase in sales among all apartment sizes in Manhattan during the second quarter of this year. They accounted for 19.4% of total transactions, up from 15.5% in 2019. The average sale price of a Manhattan studio is approximately $818 per square foot, with an average size of around 550 square feet.
These modern studios are no longer just starter apartments or temporary living spaces. They are luxury offerings that cater to buyers who want their own home in New York instead of staying in a hotel. The demand for studios has been fueled by factors such as the high cost and small size of hotel rooms in the city.
For example, Laurie Paguio purchased a studio at 145 Central Park North with the intention of providing a comfortable place for her parents to stay when they visit. She currently has a renter in the studio on a multi-year lease but plans to eventually use it as an alternative to expensive hotels. The market for studio units has evolved, with properties like the Waldorf Astoria Residences offering elegant design and amenities in a smaller home. International buyers, who would typically stay in hotels, are showing particular interest in these studio units.
The luxury residential market has also recognized the need for separate studios, both for staff and guests. Buildings such as 15 Central Park West and 220 Central Park South have added studio units to their offerings. The recent record-breaking sale of a studio at the Mandarin Oriental Residences Fifth Avenue exemplifies the prestige and desirability of these homes. The studio, located on the development’s 15th floor, is under contract for close to $3.88 million, with a generous 691 square feet of space and a 167-square-foot terrace.
Real estate agents who work with wealthy buyers are also seeing an increase in studio sales. Leonard Steinberg of Compass has sold over 10 studios in the last few years, ranging from 1,000 square feet and priced between $2 million to $2.34 million. These buyers value a personal and homely experience during their regular visits to New York.
In conclusion, studios are no longer just starter apartments but have become sought-after properties in the New York real estate market. With their luxury offerings, larger sizes, and desirable locations, studios provide a convenient and comfortable alternative to hotels for both local residents and frequent visitors to the city.
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