Affordable Housing? Yeah Right

A new report reveals that Manhattanites pay on average $1 million for a two-bedroom apartment.
October 28, 2003, 6am PST | David Gest
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In suburban Montclair, New Jersey, one million dollars could get you "an 11-room Colonial with cathedral ceilings, a master bedroom suite, a big backyard and still leave you with enough money to buy groceries every week for 25 years." But in Manhattan, you're looking at "two small bedrooms, a small living room, a bathroom so small that the sink, shower stall and toilet are practically the same devices, and a kitchen barely big enough to allow you to prepare dinner to eat on a coffee table in that small living room." What gives? According to real estate professionals, "you’re not just buying an apartment. You’re buying the city."

Thanks to David Gest

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Published on Monday, October 20, 2003 in Newsweek

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