This tiny NYC penthouse costs $2,143 per square foot - but every detail was designed so it 'functions like one twice its size'

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  • A tiny penthouse apartment in New York City is on the market for $750,000.
  • At just 350 square feet, that puts the cost at $2,143 per square foot, which is $370 more per square foot than the Manhattan average.
  • The compact SoHo studio was designed with simplicity and multifunctionality in mind.
  • The space is also tech-heavy, including motorized blinds, energy-efficient light bulbs, Nest security cameras, and air purifiers.

New Yorkers are used to paying a lot to live in small spaces.

The average Manhattan home costs $1,773 per square foot, according to Curbed.

A newly renovated apartment in Manhattan's SoHo neighborhood is on the market for $750,000 - for a space of 350 square feet, which makes the cost $2,143 per square foot.

For comparison, the typical American home is 2,687 square feet and costs $216,700, according to a 2016 report from the Census Bureau and data from Zillow. That makes the average price per square feet about $81.

The compact New York apartment, which could fit inside the average US home about seven-and-a-half times, was created by Graham Hill, founder of lifestyle and design company LifeEdited and advocate for minimalism and living with less.

"...The houses I design contain less stuff and make it easier for owners to live within their means and to limit their environmental footprint," Hill wrote in The New York Times in 2013.

The 350-square-foot SoHo home is the second Hill has renovated in the same building, according to Forbes. The other unit, a slightly more spacious 450 square feet, sold in 2014 for $790,000.

For Hill, Americans simply don't need so much space.

"Americans are using three times as much living space today as they did in the 1950s. Even with all this space, we're supporting a 22-billion-dollar personal storage industry. I see a home like this as a compelling alternative to the status quo," Hill told Dwell magazine in 2012, referring to the first apartment he renovated in at 150 Sullivan Street.

Here's a look inside the tiny yet functional home in SoHo.

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The apartment is on Sullivan Street in SoHo, a street lined with boutiques, bakeries, and cleaners, as well as an Italian restaurant and a deli.

The apartment is on Sullivan Street in SoHo, a street lined with boutiques, bakeries, and cleaners, as well as an Italian restaurant and a deli.

Source: Corcoran, Google Maps

The apartment is the penthouse unit of a 40-unit pre-war co-op building built in 1900.

The apartment is the penthouse unit of a 40-unit pre-war co-op building built in 1900.

Source: Corcoran

Finished in 2016, the apartment was inspired by a "less but better" concept that emphasizes simplicity and highly functional spaces. The home features herringbone oak floors and walnut cabinetry in the living space.

Finished in 2016, the apartment was inspired by a "less but better" concept that emphasizes simplicity and highly functional spaces. The home features herringbone oak floors and walnut cabinetry in the living space.

Source: Corcoran

All of the furniture was designed to serve more than one purpose. The sectional can be reconfigured within the space and the table can be used at coffee table height or elevated to serve as a dining table.

All of the furniture was designed to serve more than one purpose. The sectional can be reconfigured within the space and the table can be used at coffee table height or elevated to serve as a dining table.

Source: Corcoran

With the table adjusted to eating height and the smaller section of the couch moved to the other side of the table, the living space can transform into a dining room.

With the table adjusted to eating height and the smaller section of the couch moved to the other side of the table, the living space can transform into a dining room.

Source: Corcoran

Hill said he believes the 350-square-foot home "functions like one twice its size."

Hill said he believes the 350-square-foot home "functions like one twice its size."

Source: Dezeen

The living space can fit about 10 people for dinner.

The living space can fit about 10 people for dinner.

Source: Corcoran

The couch transforms into a Murphy bed, turning the living room into a bedroom in a matter of seconds.

 The couch transforms into a Murphy bed, turning the living room into a bedroom in a matter of seconds.

Source: Corcoran

The sofa has hidden pull-out storage compartments for shoes or other items.

The sofa has hidden pull-out storage compartments for shoes or other items.

Source: Corcoran

The room can be rearranged to match whatever the occasion calls for. The listing describes the apartment's living space as "a room that transforms from bedroom to living room to dining room to boardroom."

The room can be rearranged to match whatever the occasion calls for. The listing describes the apartment's living space as "a room that transforms from bedroom to living room to dining room to boardroom."

Source: Corcoran

Small touches such as this retractable night table next to the bed make the space even more adaptable.

Small touches such as this retractable night table next to the bed make the space even more adaptable.

Source: Corcoran

There is a closet in addition to the sofa's storage compartments.

There is a closet in addition to the sofa's storage compartments.

Source: Corcoran

A short hallway leads from the living room to the home office.

A short hallway leads from the living room to the home office.

Source: Corcoran

The room fits a standing desk, and the smaller section of the sofa can be moved into the office ...

The room fits a standing desk, and the smaller section of the sofa can be moved into the office ...

Source: Corcoran

... and can transform into a guest bed. The desk folds up on the wall to accommodate the bed.

... and can transform into a guest bed. The desk folds up on the wall to accommodate the bed.

Source: Corcoran

On why his apartment costs $370 more per square foot than the Manhattan average, Hill says, "There are very few places that have that much consideration and thought, so yes it’s going to be a little expensive."

On why his apartment costs $370 more per square foot than the Manhattan average, Hill says, "There are very few places that have that much consideration and thought, so yes it’s going to be a little expensive."

Source: Forbes

Graham bought the property for $280,000 and spent $250,000 renovating it, which took two years.

Graham bought the property for $280,000 and spent $250,000 renovating it, which took two years.

Source: Forbes

The compact bathroom has storage space tucked away under the sink.

The compact bathroom has storage space tucked away under the sink.

Source: Corcoran

The kitchen includes a built-in speed oven, a dishwasher, and a Franke water filter for maximum water efficiency.

The kitchen includes a built-in speed oven, a dishwasher, and a Franke water filter for maximum water efficiency.

Source: Corcoran

Like the rest of the apartment, the kitchen was designed to optimize storage space.

Like the rest of the apartment, the kitchen was designed to optimize storage space.

Source: Corcoran

The home was designed to be technologically advanced. It includes Insteon lighting controls, Amazon Echo voice control, an Apple TV, Kanto speakers, motorized blinds, and energy-efficient LED light bulbs. For security and health purposes, there are Nest security cameras, an air quality monitor, and an air purifier.

The home was designed to be technologically advanced. It includes Insteon lighting controls, Amazon Echo voice control, an Apple TV, Kanto speakers, motorized blinds, and energy-efficient LED light bulbs. For security and health purposes, there are Nest security cameras, an air quality monitor, and an air purifier.

Source: Corcoran

An automated August Smart Lock allows for opening the apartment door with a mobile phone instead of a key.

An automated August Smart Lock allows for opening the apartment door with a mobile phone instead of a key.

Source: Corcoran, August

Hill came up with several different floor plan options, depending on whether you want to use the apartment as a studio or to host guests. Shown here is the sleeping arrangement for two people in one bed.

Hill came up with several different floor plan options, depending on whether you want to use the apartment as a studio or to host guests. Shown here is the sleeping arrangement for two people in one bed.

Source: LifeEdited

Another arrangement allows for an extra bed to fit into the home office and sleep an additional two people.

Another arrangement allows for an extra bed to fit into the home office and sleep an additional two people.

Source: LifeEdited

Another plan shows how the space can be configured to host a dinner party for 10 people.

Another plan shows how the space can be configured to host a dinner party for 10 people.

"Every square inch of the apartment is utilized," Corcoran agent Jerrie Butler said of the studio in the New York Times. "It's modern but timeless — space-savvy never goes out of style in New York."

"Every square inch of the apartment is utilized," Corcoran agent Jerrie Butler said of the studio in the New York Times. "It's modern but timeless — space-savvy never goes out of style in New York."

Source: The New York Times

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