Updating a post MHProNews last published May 27, 2013 regarding plans for a 55-unit micro modular apartment building in New York City, the project has begun, with M&T Bank putting up $10.3 million of the $16.6 million project, and the remainder from developer equity and a loan from the New York City Department of Housing Preservation and Development. Moadnock Development LLC is having the modules crafted by the Capsys Corp. at the Brooklyn Navy Yard, the same supplier for Forest City Ratner’s Atlantic Yards modular apartment project in Brooklyn. Ranging from 260-350 square feet, the nearly ten-foot ceilings and eight foot windows give a sense of openness, according to rew-online.com. Forty percent of the units in the nine-story complex will be below market rate. ##

(Image credit: realestateweeklyonline.com–55-unit modular apartment building)