The concept of micro-living is really having a moment right now. For starters, there is a TV show called Tiny House Nation that celebrates the trend of packing fully functioning homes into bite-sized spaces where all redundancies are removed and functionality is king. Beds become couches, kitchen counters become desks, bathtubs become second bedrooms, and so on and so forth.
One year after nARCHITECTS won a New York City–led competition to design a micro-unit housing development, financing is in place to start construction. The Commercial Observer reports that M&T bank has secured a $10.3 million loan for the project known, which is known as “My Micro NY.” The nine-story building will rise in Kips Bay and contain 55 prefab units—each of which will measure roughly 300-square-feet. Nearly half of these units will rent at below-market rents. The paper reports, “The mini apartments will contain nearly 10-foot ceilings and seven-foot-wide balconies in addition to 16-foot-long overhead loft spaces and full closets.” The apartments are expected to come onto the market next year.