$1 Million for a 500-Square-Foot Studio
Life + Money

$1 Million for a 500-Square-Foot Studio


While the U.S. housing market is recovering slowly, real estate in New York is on fire, with $1 million studios becoming the norm in Manhattan.

Brown Harris Stevens just put on the market a 532-square-foot studio at The Harrison on the Upper West Side, listing it for $1.07 million. The studio consists of a large room – which would be the living room, dining area and bedroom. There is also a small bathroom and a small kitchen.

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Sellers and brokers justify the price of these $1 million studios with luxurious building amenities like high-end appliances, a doorman, an entertainment lounge, a gym, a billiard room, a rooftop and a parking garage. Wait, there’s also access to a children’s playroom.  But if you have a child, your living room/dining room/bedroom will also have to accommodate your child’s bedroom.

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This is far from being the most ridiculous listing for a studio in Manhattan, though.

For nearly $1 million, you can also buy a 420-square-foot studio on the Lower East Side, which is on the market for $995,000. It has rolling walls and folding beds, allowing the space to accommodate a 12-person dinner party, two-overnight guests and a home theater, although not all at once, according to Curbed.

In Tribeca, a 579-square-foot studio is going for $1.03 million and has been on the market for a month and a half. Meanwhile, in Gramercy, you can buy a 537-square-foot studio for $1.19 million. At least this Gramercy studio includes a 360-square-foot terrace so you can entertain in the summer – or simply set up your tent and sleeping bag outside.

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