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:

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:

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

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:

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:

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