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VIA 57WEST in New York starts renting apartments

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Bjarke Ingels’ West 57th Street project in New York (developed by The Durst Organization) has just started renting apartments (March 1). 

Since I’m in the rental business, I thought it would be worthwhile to take a look at the rents – though I tend to obsess over all buildings and not just rental ones.

Firstly, the project has a total of 709 apartments and 178 different unit types because of the architectural variations in the building. Of these units, 142 of them (20%) have been designated as affordable and were offered up via a lottery to people who fall within certain incomes ranges. 

Here are the affordable rents via 6sqft.com:

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I don’t know the exact numbers, but Curbed New York speculated – based on what was seen at other buildings on the west side – that the total number of applicants for these 142 units may have reached over 100,000!

For the market-rate units, the average monthly rents are as follows (via Curbed NY):

  • Studio: $2,770
  • One-bedroom: $3,880
  • Two-bedroom: $6,500
  • Three-bedroom: $11,000
  • Four-bedroom: $16,500

I wasn’t able to find average unit sizes (to calculate per square foot rents), but I estimate the overall average unit size to be around 1,000 square feet. 

940,000 sf (total gross floor area)45,000 sf of retail x 0.80 efficiency (lower than average because of the shape of the building) / 709 units = approximately 1,000 sf of rentable area per unit. That’s just my rough guess based on what I could find online.

Based on the Curbed comment section though, there are certainly some smaller units:

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If anyone has any additional figures, please share them in the comments below. I think there are a few subscribers to this blog who are involved in the project.

Image from via57west.com

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