Cramping My Style [New York City]

Cramping My Style [New York City]

Manhattan residents are making an average of $147,000 this year, according to the U.S. Bureau of Labor Statistics. That might sound like a big number, but try owning a $1 million apartment or renting a threebedroom apartment on that salary.

While we hear plenty of stories about hedge-fund kings and Brangelina types roosting in ultra-deluxe pads as big as airline hangars, Manhattan real estate is often a story about regular folks struggling to stay in the city.

With families growing (one out of every 20 Manhattan residents is now under age 5 – up more than 25 percent from 2000, according to U.S. Census .gures) and the price of apartments rising (Citi Habitats reports that threebedroom Manhattan rentals averaged $4,910 in the third quarter), something’s gotta give – and usually that something is space.