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New York Multifamily

Here’s One Big Reason Blackstone Will Make a Killing on Stuy Town

Photo credit: Wikimedia/David Shankbone

“Flex” apartments, which have partitioned rooms that allow for a higher rent without taking more space, are a big part why Stuy Town’s had rising rental revenue over the past several years.

Of the 11,232 units in NYC’s biggest apartment complex, 5,000 are free-market rentals, and over the past seven years, permits were filed to put partitions in 2,656 units, according to The Real Deal. That doesn’t mean all those units became flex units, but many did. At Stuy Town, flex units get a about 13% higher rent than than conventional units. [TRD]

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