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Developers Keep Single-Room Occupancy Alive as "Starter Apartments"

WASHINGTON DC 06.15.2017

MID-ATLANTIC HEALTHCARE REAL ESTATE FORUM

Development, Leasing, Design and the Impact of Regulatory Reform

Paula Crowley -- Anchor Health Properties
Gill Wylie -- Johns Hopkins Medical Management Corporation
Charles Weinstein -- ​Children's National Medical Center

In the ‘50s, Single-Room Occupancy units (SROs) were affordable housing that curbed the level of homelessness in the city. This weekend, developer duo Matthew and Seth Weissman are rebranding their newly renovated SROs as “starter apartments,” reports the NY Daily News. The dying breed of tiny homes at 2299 Adam Clayton Powell Jr. Blvd (above) range from 150 SF to 450 SF, with community bathrooms. The Weissmans spent $500k on the $1.4M building, adding new kitchenettes, flat-screen TVs and space-saving furniture from Resource Furniture. But they plan to recoup their investment. While rent-stabilized tenants pay $350 to $600 for older units, the developers think they can easily get $1,300 to $1,500. And they’re probably right. Only in New York.