New York’s first micro-unit building Carmel Place has finally opened its doors to residents.

Prefabricated units, also known as prefabs, are buildings that are manufactured off-site and delivered in parts to be easily assembled at their destination.

Photo: Luxury Real Estate Manhattan's view from downtown overlooking Brooklyn Innovative office space startup extends their business strategy to living spaces, representing a shift in lifestyle needs for New York buyers.

Rendering courtesy of Twining Properties In 2015, one of the demographic questions about the New York City real estate market was, “Why aren’t millennials buying?”. Buying one’s own home as a young adult was once considered to be the cherry on the cake that is being an independent, young professional.

Just this past Monday, NYC’s first micro-apartment building, Carmel Place, opened up applications for its market-price apartments. While tight quarters might be the antithesis of “luxury”, developer Moinian Group promises to deliver cutting-edge interior design with as comprehensive an amenity package as possible to appeal to early adopters.

New York City and San Francisco have highly competetive and very different rental scenes.

The rental market in Manhattan has been on the rise, and is projected to increase phenomenally through 2016. New York is on an ever-impossible quest to meet the demand for more spaces. This has left developers looking for innovative new ways to house the increasing population of singles. Enter My Micro NY, the city’s first micro apartment complex, located at 355 East 27th Street in Brooklyn, with 55 units ranging from 260 to 360 square feet. This building will be leasing its studios this summer for a mere $2,000 to $3,000 a month.