Developers in New York City are phasing out one-bedrooms in favor of building apartments with more spacious units.
“I don’t know that one-bedrooms will ever become extinct,” said Charles R. Bendit, a chief executive at Taconic Investment Partners, “but I think the nature of the city is changing. Young kids aren’t leaving as quickly as they once did, and people who are making an investment are investing in a family home.”
According to research from Corcoran Sunshine Marketing Group, at the beginning of January, only 16% of new condos for sale in Manhattan were one-bedrooms. Last year at this time, 27% were one-bedrooms; and 26% were one-bedrooms at the beginning of 2010. The market share of one-bedroom sales is expected to drop even further this year as new multi-bedroom products begin to work their way through the system.
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