Studio Apartments – An Economical Choice for FiDi Residents

By: Abdullah Haroon August 7, 2020

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New York City provides various options when it comes to living. While which option to avail depends on money but it has also a lot to do with your esthetics. When you go on home hunting, knowing about the available options along with major features shall be your first step.

Or if you have been already searching about this, you must have known that there are a lot of options when it comes to renting in New York. Then neighborhoods extend a list with more details to choose one. If you have sorted out prior priorities such as your price range, choice of neighborhood, and living situation, it is a good time to finalize what type of apartments to live in.

We have compiled a list of all types of studio apartments with technical details to give you a complete insight into the real estate varieties in the Financial District.

  • Studio:

The studio is a relatively new concept in the real estate market. Given the ever-increasing rates of properties in NYC, studio apartments come in handy. It is a living space that contains all the essential rooms found in an apartment without any barrier of walls or divisions. It gives you all the creative freedom to customize it to your needs and desires.

The one-bedroom studio has an area for sleeping, a living area, and a kitchen area. Another feature of a studio is half dividing walls to separate the sleeping area from the other areas of the house.

A studio apartment is a lot cheaper than traditional apartments which have its pros and cons.

Besides, inexpensiveness, the studio apartment lifestyle is not costly. Because of less space, utility bills are going to cost you less as the entire unit may be illuminated with a single light placed in a strategic location.

There are different variations in the studio types:

  • Alcove Studio:

The features of the Alcove studio are the same as that of the typical studio while the major distinction is an L partition in the living room. The design makes the perception of more space and gives comfortable vibes during sleeping.

  • Loft studio:

It is a single room with high ceilings. They are normally found in the commercial buildings that have been renovated to residential apartment units.

  • Convertible Studio:

As the name itself indicates that it is a studio that has a little more space than a typical unit and you could build a wall to create a separate bedroom.

Flexing of a Studio into a One-bedroom or two:

Some studios come with an option of “flex”. For example, a studio that has enough space to be walled off to create a new bedroom or for that sake any type of room you wish to create. This feature gives your creative self every right to design an apartment of your own choice.

Until 2005, the practice was common to flex the apartments using the pressurized walls however, an unfortunate incident of fire that claimed the lives of two firefighters led the authorities to strike down all the illegal practice of using pressurized walls.

In the aftermath of this incident, it is mandatory to take prior permission from the New York City Department of Buildings. It means that you no longer can use any illegal way to create a separate room. If you wish to flex the studio, contact a licensed engineer to create a plan and stick to all the rules which qualify the room’s definition.

An alternative to pressurized walls is a wall that comes up to the ceiling; a sliding wall or door; or a freestanding bookshelf unit. Technically, if a wall doesn’t reach the ceiling, is not permanently attached, or can pass as furniture is illegal.

It is highly recommended that before taking the action, take permission from your landlord or property management. If your landlord does not approve of your ambition, it is better to not temper the layout. It is worth noting that the cost of flexing is bored by the tenant in most of the case until it is not already discussed.

Average Rents of a Studio in the Financial District:

Space is expensive in New York City no matter what apartment or location you choose to stay in. In the wake of COVID-19, it has become even more expensive since more people are looking up for studios with more space as they have been spending more time at home.

If you look at the chart of average rates in the financial district which is the heart of NYC, the rents are slightly higher than other areas of the city however, if you endeavor to spend some time finding a studio at an affordable price, you would not be disappointed.

The average size for a Manhattan, NY apartment is 703 square feet but studios offer the smallest and most affordable range. The average rent for a one-bedroom studio in the financial district is likely to cost you $4200. 98% of the studio stays above $2000 while the only minor percentage of 2% may be available in less than $2000.

Living in Financial District worth Every Penny:

Though it costs more than other areas the experience you are going to get away with is worth in gold. It is home to the New York Stock Exchange which happens to be the largest stock exchange by capital as well as the Federal Reserve Bank of New York. The Work Trade Memorials and the Freedom Tower are nearby which is a must-visit place in NYC. To look at the seemingly endless skyscrapers and marvel at the pinnacle of modern civilization is the most incredible experience of the Financial District.

The bottom line:

To be honest, given the impact of COVID-19 on the economy, people are struggling to meet their ends. However, the rates of properties did not come down proportionately. In these circumstances, it makes more sense to look for the studio which provides standard living at a relatively less price. Now you know the details regarding the studio, it would be a smooth ride for you to find one. Have a pleasant experience of shopping.