Thursday, August 04, 2011

NYC man lives in 78 sq. ft., $800 a month apartment

There was an old women who lived in a shoe.

There was a young architect who lived in a shoe (box.)

MANHATTAN - It may be small, but it's no bargain.

New York architect Luke Clark Tyler rents a 78-square foot studio apartment for $800 a month in Manhattan's Hell's Kitchen, where studios usually average $1,900 per month. But in a neighborhood where the average rental price per square foot in a studio is $72, Tyler is paying almost twice as much at $123.07 per square foot, according to Mark Menendez, the director of rentals at Prudential Douglas Elliman.

"I think it's too high," Menendez said. He added that, especially with New York real estate, the price per square foot can increase as the square footage decreases, and vice-versa.

"But again it's all relative. Where can you find something for $800 in Manhattan?," he said. "Location trumps value."

For 27-year-old Tyler, who has lived in New York City on and off since 2002, avoiding long commutes is worth the tiny living space in Midtown.

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