Real estate in Manhattan is notoriously and ludicrously expensive, but BIG, the international architecture firm, is helping to keep at least some Manhattan units within an affordable price range with its VIA 57 West complex. Apartments in the building have been earmarked for affordable housing, meaning that their prices will be fixed at rates far below the average cost for units in the same area.
There are 36 affordable units reserved in VIA 57 West split between studios, one-bedroom, two-bedroom, and three-bedroom condos. At the lowest end of the price spectrum, the studios cost $1,448 per month. That might seem like a high price, but it's far more affordable than the $2,500 or more that studios typically cost in mid-town Manhattan.
Affordably Priced Manhattan Housing
BIG's VIA 57 West Units are Available by Lottery Application
Trend Themes
1. Affordable Housing - Creating more affordable housing options in expensive urban areas can disrupt the real estate market and provide opportunities for developers and investors.
2. Lottery Applications - Using lottery systems for allocating affordable housing units can increase fairness and accessibility, presenting opportunities for innovation in the housing industry.
3. Mixed-use Developments - Designing mixed-use developments, like VIA 57 West, that incorporate affordable housing can foster diverse and inclusive communities and create disruptive opportunities in the real estate sector.
Industry Implications
1. Real Estate - The real estate industry can explore innovative strategies to develop more affordable housing options and address the housing affordability crisis in major cities.
2. Urban Development - Urban developers can capitalize on the demand for affordable housing by integrating it into their mixed-use projects and creating more inclusive communities.
3. Construction - The construction industry can explore cost-efficient building techniques and technologies to facilitate the construction of affordable housing units in expensive urban areas.