Financing Secured for Manhattan’s First Micro-Apartment Development

Architecture, Development, East
Wednesday, April 9, 2014
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My Micro NY to rise in Manhattan. (Courtesy nARCHITECTS)

My Micro NY to rise in Manhattan. (Courtesy nARCHITECTS)

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.

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