• For some New Yorkers, winning the NYC housing lottery is the only way they can afford to stay in the city.
• But competition is tough: There are about 3.5 million applications each year.
• Those who have won say it often took multiple applications and months of waiting before they heard back.

Louis Ciprian, 29, moved around New York City a lot when he was younger.

His father died when he was 11, and Ciprian and his mother fell on hard times. At 15, he entered the foster care system. For the next couple of years, he bounced from place to place and even graduated from high school while living in a homeless shelter.

After college, he started couch surfing, living with different roommates while looking for a more permanent place to call home.

In 2022, he started applying for the New York City affordable housing lottery, which is run by the Department of Housing Preservation and Development (HPD) and the Housing Development Corporation (HDC).

Two years later, in July, Ciprian finally received the call that he'd been waiting for: He won the lottery for a one-bedroom apartment in the Bronx, where rent is $1,481 a month.

He was thankful and relieved.

"To be able to get an opportunity like that where I'm paying rent that is affordable and not going to hit more than 30% of my income, it's an amazing feeling," Ciprian, a customer success manager at a real estate technology company, told Business Insider.

After years of grappling with homelessness, he now has a place of his own.

1 in 450 chance of winning

NYC is experiencing a severe housing affordability crisis.

From 2022 to 2023, rents in NYC increased seven times as fast as wages, a Zillow and StreetEasy analysis found. Even tech workers — who make an average of $135,000 annually — can only afford 35% of rentals in the city.

It's not surprising that many lower-earning New Yorkers are choosing to leave the city or even the country entirely in order to enjoy a lower cost of living.

For those still in NYC, the outlook is far from rosy. Over the past decade, the city grew by nearly 800,000 people, but only added 200,000 new homes, mayor Eric Adams said in a speech in December 2022.

Not only that, the city has also lost some 100,000 apartments — many in wealthy neighborhoods — because New Yorkers keep consolidating multi-family buildings and turning them into one- or two-family homes.

A 2023 city housing and vacancy survey found that only 1.4% of NYC apartments were available to rent last year, and over 40% of all renters spend 30% or more of their income on rent.

For many New Yorkers like Ciprian, winning the housing lottery is their only hope of securing an affordable apartment in an increasingly expensive city.

While the application is free, each household must meet specific income requirements to qualify for an apartment. But winning the affordable housing lottery is a feat in itself.

The HPD receives about 3.5 million applications a year, Natasha Kersey, an HPD representative, told BI.

On average, there are 450 applications received per rental unit.

With competition so stiff, it is not uncommon for people to apply for multiple apartments offered in the lottery.

Nkenge Clarke, 30, told BI previously that she had sent out over 130 applications before she finally succeeded in her bid.

"It took me maybe over a year before I started hearing back from different properties that I applied to," Clarke said. "Some of them I ended up not qualifying for, some of them I didn't provide enough documentation for."

Now, she pays about $1,000 in rent every month for a one-bedroom apartment in Chelsea, a neighborhood on the west side of Manhattan. The timing was impeccable; her previous landlord was looking to raise her rent had she renewed her lease.

"This place literally came just in time, like a few months before my second-year lease ended," Clarke said.

While the process took a lot of paperwork and patience, it was well worth the effort, she added. After all, living in an affordable apartment in the heart of the city was like a dream come true.

Stabilized rent in an ever-expensive market

Interested parties can apply for the affordable housing lottery online via the Housing Connect portal or by mail. Once the deadline passes, all applications are combined to create a pool from which the lottery is conducted, Aileen Reynolds, the assistant commissioner of housing opportunity at HPD, told BI.

A computer algorithm randomizes all the applications and assigns everyone a number, known as a lottery log number. That number, she added, dictates the order in which the developers have to contact the applicants.

While it helps applicants get a sense of where they stand, it's not a perfect science since there might be people who applied but do not qualify for the apartments.

It can take any time between weeks to months for an applicant to hear back, Reynolds said.

In Josh Ayala's case, it took him eight months to receive a call back after he had applied for his apartment.

"I was like, wait, what? I totally forgot I applied to this," Ayala, 26, told BI in August.

Thankfully, it all worked out for him; He signed the lease for the apartment within a month of the viewing. Now he pays $2,345 in monthly rent, which is stabilized.

"Around COVID-19 time, people were moving into apartments, and for one year, it was a great price. But the next year, the landlord would just increase their rent exorbitantly," Ayala said. "I didn't want that to happen to me, so I wanted something that was more secure, too."

Likewise, rent stabilization was the main reason Brynne McManimie and Peter Romano started applying for the housing lottery.

In 2021, they lived in a $2,600-a-month apartment in Greenpoint, Brooklyn. They had gotten a good deal on their lease due to the pandemic, but it didn't last long.

"After a year, our landlord raised our rent by like 25% and it made us very nervous about staying in that apartment," McManimie told BI in June. Their new rent was going to be $3,300 a month, and they decided it was too expensive for them to afford.

But luck was on their side: Within a month of applying for the housing lottery, they were contacted about a one-bedroom unit in Brooklyn.

The couple ended up signing a two-year lease. Now, they pay $2,800 in monthly rent.

"Since it's rent-stabilized, they can't raise it like a ton," Romano told BI. "Which is honestly really attractive to us, given what happened with our last landlord."

The income and household eligibility criteria for the lottery apartments only apply at the initial stage.

"Folks only need to qualify based on house size and income at the time they move in," Reynolds said.

'Native New Yorkers deserve to stay here'

But the housing lottery isn't without its criticism.

For years, the city's "community preference" policy dictated that half of new affordable apartments must first be offered to those already living in the area.

However, in 2015, three women filed a lawsuit against the city, saying that the policy reinforced segregation.

After almost a decade, the city finally agreed to settle the lawsuit in January. Under the terms of the settlement, the city will reduce the percentage of affordable houses set aside for those already living in the same community to 20%, down from the original 50%, per court documents. In May 2029, it will drop to 15%.

"Although the preference has been reduced, the outcome allows us to preserve it and continue to do our work by advocating for New Yorkers that need more housing at deeply affordable levels," Kersey said.

Still, NYC residents do get priority in the affordable housing lottery — although applicants don't need to be US citizens, Reynolds said.

In the meantime, the housing lottery will still be one of the best ways for New Yorkers to stay in affordable apartments in the city.

"As much as I'm for the housing lottery, I think that it does suck that as a native, sometimes the only hope and dream of staying in the city affordably is this route," Ceronne Mitchell, who pays $1,600 a month for her one-bedroom lottery housing apartment in Queens, told BI previously.

"Native New Yorkers deserve to stay here, and I'm always proud when one can," she added.

• I relocated from New York City to Florida to be closer to one of my favorite places, Disney World.
• I visit the parks at least three times a week and love spending time with my friends there.
• I'm still adjusting to the severe storms and dealing with a little homesickness.

As someone who lived in New York City for over 20 years, moving to Florida was a significant change.

I live about 15 minutes away from Disney World, and though I love visiting the parks, I definitely miss some things about NYC.

Here are a few of the best and worst parts of my move.

I can visit the Disney parks multiple times a week.

One great thing about living so close to Disney World is that I can go to the parks whenever I want, as long as reservations are available for annual passholders.

I usually visit three or four times a week because the parks bring me so much happiness.

I enjoy meeting the characters, so if I'm having a hard day and want to see Mickey Mouse or a princess, I don't have to commute very far.

I frequently get to spend time with my friends at the parks.

Most of the friends I made during my time in the Disney College Program in 2018 now live in Florida.

Since moving, I've met with them to watch the parades, visit characters, and eat snacks in the parks.

It's nice to go to the parks, enjoy each other's company, and not feel rushed during every experience.

I can easily try the new, creative snacks Disney rolls out.

The creative snacks are one of my favorite parts of visiting Disney World.

I love trying the different cupcakes, brownies, and Mickey crisped-rice treats that celebrate holidays like Halloween, Christmas, and Father's Day.

I often enjoy the Mickey ice-cream sandwiches and bars, especially when the heat is unbearable.

Most of the people I've met in Florida have been friendly.

I was born and raised in New York City, so I was taught not to make eye contact or say hello to most people when walking on the street.

One of the first things I noticed when I moved to Florida was how friendly many people were, especially the staff at Disney World.

Whenever I pass by people at my apartment complex or in the parks, a wave or a "hello" is often involved.

Though this initially felt strange, I've become more comfortable interacting with strangers.

I can see glimpses of Magic Kingdom's fireworks from my apartment.

I never thought I'd be able to see Magic Kingdom's fireworks from my apartment, but now I can.

Though I don't have a complete view of the shows, I see at least a couple of magical fireworks each night.

On the other hand, Florida has more intense storms than New York.

I thought I knew what heavy rain was like living in New York, but I didn't realize how extreme tropical storms and hurricanes could be until I moved to Florida.

Although New York has been hit directly by a handful of hurricanes in the past few years, Florida is the most hurricane-prone state in the US.

The storms in Florida can get pretty extreme. When I had to evacuate my apartment complex and ride out Hurricane Ian, my first big Florida storm, I chose to stay at Disney's Wilderness Lodge.

It was a frightening experience, but I thought the park employees did a great job ensuring guests were as comfortable as possible.

Still, I try to stay on top of extreme weather warnings and upcoming storms more than ever now that I'm in Florida.

The heat can be brutal, especially when waiting for outdoor attractions.

Florida is known for its high temperatures and strong sun rays, so I apply sunscreen much more often than I did in New York.

Many of the attractions and shows at the theme parks are outdoors, so if I forget my sunscreen, I get a harsh sunburn that lasts for several days.

The tap water doesn't taste as good as it did in NYC.

After living in New York for about 20 years, I grew accustomed to the taste of tap water.

Since I made drinking tap water a habit, I usually bring my reusable water bottles with me when I visit the theme parks.

However, I find that Florida's tap water doesn't taste as great.

I miss my family and often experience homesickness.

I moved to Florida with my sister but often miss my parents and family back in New York.

It's hard knowing I can't take a 40-minute train ride to see my parents on the weekends like I did in college.

It's nice when my parents do come to visit, though.

This story was originally published on January 16, 2024, and most recently updated on December 23, 2024.

• The Container Store, a home storage and organization chain, filed for bankruptcy on December 22.
• I visited the store's Manhattan location in September.
• I loved the wide variety of options but concluded I'm not the store's target customer for now.

Before I moved to New York City, everyone warned me about the shoebox apartments I'd have to get used to.

They weren't wrong.

Living in a one-bedroom apartment definitely requires some innovative storage solutions. In the past year, I've looked to stores like Target, Ikea, Walmart, and Amazon for homeware items, but I can't stop my Type-A mind from searching for options to make my space more efficient.

Enter The Container Store, a home storage and organization retailer founded in 1978 in Texas. The company now has 102 stores across the US.

However, while the company boasts a cult-like following, sales have struggled. On December 22, the company filed for bankruptcy, revealing in court documents that it's $230 million in debt. Still, CEO and president Satish Malhotra said, "The Container Store is here to stay."

The filing comes after months of other documented financial struggles. In June, The Container Store reported that first fiscal quarter sales were down 12.2% compared to the same period in 2023. The following month, Modern Retail reported that the company hadn't "posted a full-year profit" since 2021.

In September, I visited The Container Store's Sixth Avenue location in Manhattan to see if the storage solutions were right for me and if I could understand the brand's sales decline.

Here's what I found.

When I entered the Manhattan store, I was happy to see it lived up to its name, with aisles and aisles of — you guessed it — containers.

As soon as I stepped inside, I was shocked at the massive space. According to the retailer's website, stores have "an average size of approximately >24,000 square feet (18,000 selling square feet)."

Though this location spanned just one floor, all I could see were aisles and aisles of items lining its perimeter and throughout its center.

The store was largely sectioned by the room you're looking to organize, such as the closet, bathroom, kitchen, garage, office, and more.

I started with the closet section and loved the look — but not the price — of these Drop-Front Shoe Boxes.

During my visit, a case of six was on sale for $59.99, but I still couldn't justify purchasing these, given that my boyfriend and I easily have about 30 pairs of shoes — it would cost us about $300 at a minimum.

But even if we were comfortable justifying the price, I wouldn't expect these boxes to be very apartment-friendly given their size; one case of six measures 11 1/16 inches by 14 7/16 inches by 7 1/4 inches.

As much as I would love to include these in a future dressing room, I had to pass.

As expected, there were plenty of decorative bins, like this Scalloped Maize Storage Bin.

This one was a good size at 11 inches by 15 inches by 8 1/2 inches and retailed for $29.99.

There was no shortage of hangers.

My favorite was the Non-Slip Velvet Suit Hangers, which retailed for $9.99 for a 10-pack.

Though I didn't need any more hangers, I would definitely consider purchasing from here in the future, thanks to the wide selection of colors and materials.

I loved these jewelry boxes by Stackers.

There were plenty of drawer options customers could "stack" to build their perfect custom jewelry box, which I loved.

However, I had difficulty locating the prices of each drawer type on the shelves.

The Stackers Belt Organizer seemed like a great practical gift for the holidays.

This belt organizer, retailing for $24.99, could sit on a closet shelf or in a drawer next to similar organizers.

Moving on to bathrooms, there were plenty of countertop organizers.

There were plenty of decorative storage options, from soap dispensers and toothbrush holders to apothecary jars and trays.

But I don't understand the appeal of acrylic.

The Luxe Acrylic Large Tray pictured above satisfies an itch in my brain that loves the aesthetically pleasing bathrooms I see on Pinterest and TikTok.

But, having been fooled by acrylic pieces, I think these dishes seem more trouble than they're worth. Given the likelihood of dried water, toothpaste, and soap drips, this tray could easily become an eyesore, just like my old acrylic toothbrush holder did.

These pieces don't appear to serve much purpose, especially at a cost of $24.99.

I was shocked to see this makeup organizer retailing for $60.99.

As smart as this storage kit looked, I would never spend this amount when similar options on Amazon are sold at fractions of the price.

And I'm not sure how useful a toilet roll dispenser could really be.

Maybe I'm missing out — and maybe it speaks to the space I have in my bathroom — but for $49.99, I'd rather just grab a new roll of toilet paper from the pack when I need it.

However, I really liked these hair tool storage options.

My hair dryer and diffuser attachment have a bad habit of getting tangled under my sink, so I could see this being a great addition to my bathroom that would be worth the $25.

And I enjoyed browsing the mock closets by Custom Spaces.

One thing I didn't know about The Container Store before my visit was that it has staff designers available to help curate "Custom Spaces."

In collaboration with acquisitions Elfa and Closet Works, "Custom Spaces" was identified as a key part of the company's growth strategy.

Launched in November 2022 as a rebranded expansion of the company's "Custom Closets," The Container Store's Custom Spaces "is defined by three areas of the home: Closet Spaces, Living Spaces, and Garage Spaces," the company said at the time.

As part of this effort, The Container Store launched a new "Garage + Elfa" line in October 2023 and expanded its "Decor+ by Elfa" line in June 2024. Elfa was not included in the bankruptcy.

My favorite section to explore was all of the aisles dedicated to kitchens.

Look at all these storage options!

These Montana Jars were added to my holiday wishlist immediately.

These jars appeared straight out of my Pinterest dreams and seem perfect for holding baking ingredients like flour and sugar.

The collection includes three jar sizes: 1.5 quarts, 2 quarts, and 3 quarts. They retail for $19.99, $21.99, and $26.99, respectively, making the full collection about $69.

Plastic and stainless-steel scoops were also available on another shelf nearby.

This water bottle organizer also deserves a spot in my cabinets.

YouCopia's Upspace Bottle Organizer 2-Shelf holds eight to 10 bottles and costs $24.99.

This bakeware organizer makes great sense, especially in a small living space.

Even if I'm not happy with its $65.99 price tag.

I also appreciated this shopper-friendly display for mapping drawer organizers.

If you're looking for something specific, visit the store with measurements in mind so you don't have to guess what product would best fit your space.

However, I wasn't sold on this $45 spice rack.

Call me picky, but I wouldn't like picking through the bottles to find the spice I'm looking for, and I'm not a huge fan of labels.

But if you are a fan of labels, they have plenty.

Near the crafting section were packs of labels for kitchens, laundry rooms, bathrooms, playrooms, and more.

Each pack from the "Everything Organizer Collection" retailed for $12.99.

I moved on to more storage options for clothing.

This section included plenty of laundry baskets to choose from.

I have closet organizers like these, which've been a lifesaver for small spaces.

They're perfect for maximizing closet space when there isn't much room for dressers.

I also found a few kid-friendly storage options.

These animal-themed bins seemed perfect for a child's bedroom or an elementary school classroom, but I was a bit surprised by the cost.

For example, the peacock storage cube was listed for $19.99, but another unpictured sloth cube was listed for $26.99.

There were also sets of rainbow-colored storage bins and rolling chests.

I was surprised to see Jason and Kylie Kelce while walking through the garage section.

Malhotra told Modern Retail in July that the brand is "starting to do more collaborations."

"I think the partnership we did with the Kelces was really encouraging for customers to see," he said. "Oftentimes, they think that expense is a reason why things are not done, and they look at someone like the Kelces and they go, 'Obviously money is not an issue for them.' Their issue was knowledge, time, and solutions, and that's why they wanted to work with The Container Store."

There were plenty of options for trash cans, too.

Ranging in size, color, and material, I loved the variety available.

I also enjoyed browsing the office and stationery sections.

There were so many trinkets, pens, and notepads to choose from.

There were fun options, like this candy-themed highlighter pack.

I would've loved having these in my pencil pouch in elementary school.

I liked the simplicity of this to-do list by Ramona & Ruth.

If I didn't already own four different notebooks and calendars, this would've been a very easy $15.99 out of my wallet.

I was also surprised by the number of seemingly random trinkets available.

Like this beginner crochet kit.

Here's another example: mushroom bookmarks.

I'm still unsure if this design makes much sense, but it is cute.

At this point, I started losing track of what aisles I'd already toured.

There were just so many choices.

Here are some more options in case you haven't seen enough.

The Weathertight Clear Totes looked like a great choice for reusable moving boxes and basement storage.

Prices ranged from $14.99 for a 6.5-quart tote to $34.99 for a 74-quart tote.

And who doesn't love a clearance section?

The store's clearance options were robust, with different plates, bowls, glassware, decor pieces, and more.

My favorite clearance item was this marble wine chiller.

Though this definitely wasn't a need, I'm disappointed I didn't snag one while it was on sale for $29.40.

Overall, my trip to The Container Store made me realize that I'm probably not the brand's target audience ... for now.

Malhotra told Modern Retail in July, "There will always be a cheaper alternative to a plastic bin. Our objective is not to compete there because we don't have the scale and buying power to do so."

Instead, he said it's about offering "a white glove experience" through Custom Spaces and the brand's merchandise. He added that The Container Store differentiates itself from the Walmarts and Targets of the world by spending time with customers to help them choose the right products for their space.

Therefore, it seems that The Container Store is looking to target shoppers who have an established home base and plan to invest in it for years to come.

As a 20-something-year-old who plans to bounce from rental to rental for the next few years, I'm nowhere near that phase of my life. So, buying more expensive organizers that may only fit my current apartment isn't worth it.

However, if you have the money, space, and time, I completely understand falling in love with The Container Store. But for now, my visits will simply remain sources of inspiration.

The Container Store did not reply to a request for comment from Business Insider.

Once, not long ago, booking a table at a hot new restaurant didn’t entail a midnight dash to Resy. Truly, we didn’t know how good we had it then. Hours-long lines out the door are now the norm, not the exception, in major cities from New York to Los Angeles. One reason is that restaurants […]

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• I've traveled to dozens of countries, but I finally took my first trip to New York City.
• I was excited to see what the city had to offer since my friends and family had hyped it up.
• I loved exploring Bryant Park, but I wish I never visited Times Square.

New York is one of the most iconic cities in the world, and even though I travel 100 days out of the year, I'd never been until recently.

I finally took my first trip to the Big Apple in November. As my plane landed, my headphones blared Taylor Swift's "Welcome to New York," and I couldn't have been more excited to see what was in store for me.

In the end, my four-day trip surprised me — in both good and bad ways.

Riding a hop-on, hop-off bus was a great way to start the trip.

I love riding a hop-on, hop-off bus on my first day in a new-to-me city.

In New York, the bus got me around town with ease since there were a dozen different stops along the route, including near Times Square, the Empire State Building, and Bryant Park.

I appreciated that I could get off as many times as I wanted so I could really take my time exploring.

My day ended with some incredible views of the bright NYC skyline from the bus windows.

I was pleasantly surprised by Bryant Park, which already had its holiday market going.

One of my favorite areas of the city to explore was Bryant Park, which is in Midtown Manhattan near the main branch of the New York Public Library.

The park's annual holiday market was in full swing, reminding me of a Viking River Cruise I took last year around Europe's best Christmas-market destinations.

There were dozens of small stalls selling goods from local vendors and restaurant pop-ups serving some of the most incredible holiday dishes.

I especially enjoyed my sandwich with bresaola, onions, gherkins, and raclette from the raclette-cheese stand.

The food scene in New York City lived up to the hype.

Everyone I talked to before my trip praised the food scene in New York City, so I tried everything from authentic bagels and dim sum to classic Italian food and Indian fusion.

Everything I ate and drank was incredible.

One of the best things I did in the city was a Hell's Kitchen food tour. The neighborhood tour was led by an expert guide, and our small group of six got to try five dishes at five different restaurants.

My favorites were the Georgian cheese boat from the aptly named Cheeseboat restaurant and a chicken-tikka-masala taco from Taco Mahal.

Going to the top of the Rockefeller Center was one of the best parts of my trip.

I loved visiting Rockefeller Center.

From peeking through a window at Studio 1A to see the "Today" show filming to exploring the iconic FAO Schwarz toy store, it ended up being one of the best parts of my trip.

The pinnacle of my visit, however, was going to the top floor of the Rock for 360-degree views of the city — I could see everything from Central Park to One World Trade Center.

Unfortunately, I did not enjoy Times Square one bit.

Every New Year's Eve, I watch the ball drop in Times Square from the comfort of my home in my pajamas. Since it was my first time in New York City, I knew I wanted to finally see this part of the city for myself.

Once I got to the tourist destination, however, I was severely let down.

It wasn't nearly as big as I expected it to be after seeing it on TV. With all the flashing billboards, shops, food carts, and knock-off mascot characters walking around, the area was also very overwhelming

Since I felt too overwhelmed by local public transit to use it, I found it difficult to get around the city.

Although New York City has a famously robust transit system, I didn't end up using it.

I live in a part of Florida where public transit isn't really a thing, so learning how to ride the local subway and bus lines — and figuring out which ones to take and where to get off — felt daunting.

Unfortunately, I quickly learned that rideshares and taxis cost a pretty penny and often take a long time to get from point A to point B because of the sheer amount of traffic in the city.

I didn't mind walking to some neighborhoods if they were close to where I already was, but it wasn't always convenient or easy.

Unfortunately, this limited the amount of exploring I could do, so I mainly spent my trip in and around Midtown.

• Alfonso Cobo, 32, bought a three-bedroom apartment in an old Tribeca warehouse for $4.6 million in 2022.
• The tech entrepreneur, who studied architecture, spent $1 million making it a bachelor pad.
• Cobo sold his loft to pursue a bicoastal lifestyle and more renovation projects worldwide.

In 2022, Alfonso Cobo was on the hunt for new digs in Manhattan when he decided to look at listings in Tribeca.

Cobo, originally from Spain's Canary Islands, lived in a handful of New York City neighborhoods over the course of eight years.

"I've done this thing of moving a lot from Brooklyn to Manhattan," Cobo, a 32-year-old serial tech entrepreneur and the founder of social media platform Hypelist, told Business Insider. "Tribeca was a neighborhood I had never tried."

Eventually, he came across a listing for a three-bedroom apartment in The Fairchild, a seven-storey converted warehouse built in the 1880s.

"It was very, very dated. Everything was super white, dark floors, glossy white kitchen cabinets," Cobo said. "It just wasn't me at all. It didn't have the level of warmth I wanted. It didn't have any personality."

But Cobo isn't one to shy away from a project — so he took a leap and bought the 2,000-square-foot apartment for $4.6 million.

Cobo was dead-set on the apartment and paid 8% over the asking price.

Three years before buying the Tribeca loft, Cobo sold a social media app he created to Squarespace for $50 million.

As much as he might fit the bill of a tech entrepreneur, he says he feels like a designer first and foremost.

"Even though I didn't love architecture as an industry as a whole when I used to like work there," Cobo added, "I did really miss that physicality of designing spaces."

That itch to create is partly why he felt he could take on a real estate project as extensive as this — and was willing to pay 8% above the asking price.

"I do love putting all my passion and love into designing my own spaces."

Cobo enlisted British designer Helena Clunies Ross and spent $1 million on a renovation.

Cobo, who has an architecture degree from a British university, credits Ross with encouraging him to work in "unconventional" design choices that took his home "to the next level."

"We put a lot of effort in doing a really high-end renovation," he said.

The process ended up costing Cobo $1 million as it involved spending on a number of custom-designed features.

He estimates that about 80% of the interiors and furnishings are customized.

From the sofas and curved windows to the lamp in the dining room that spirals down from the 21-foot ceiling and the metal-clad library, almost every inch of the apartment was tailor-made to suit Cobo's personality and style, including nods to his Mediterranean heritage.

One of his favorite features is the dark gray kitchen island, which he said and Ross spent "weeks and weeks" picking out.

Cobo's priority was sourcing unique and high-quality materials, which meant the space turned out far from the "sad beige" aesthetic often associated with millennials.

"Even though I'm quite minimal when it comes to design, there's a lot of layering and a lot of texture," he said.

The apartment originally had three bedrooms, but Cobo ditched two of them.

Having found success at a relatively young age, Cobo said he didn't feel the need to have an additional two bedrooms.

"I don't have a family, I'm still single, so I really created a space that fulfilled my needs at the time."

What eventually turned into his bachelor pad was an oasis within the hustle and bustle of NYC where Cobo could work, be social with friends, work, and disconnect. "I really wanted to adapt the space to those needs."

Not having a guest room wasn't an issue, Cobo added. If his parents visited, for example, they got the bedroom while he set up camp on the couch.

One of his favorite features is a 16-foot olive tree that required a crane to install.

Given the apartment's modern design, Cobo wanted to add a more earthy element to his home.

The result was a huge 16-foot olive tree, which sits on the first floor and was no small feat to install.

"To bring that in, we actually had to close the traffic in the street, bring in a crane, crane the tree up, and then fit it through a really small window," he said.

It was "a whole thing," Cobo said. And for a moment, he had real doubts the tree would ever get into the loft.

But when it finally did, he said "it changed the space completely and brought that added missing piece of nature."

Cobo just sold the apartment for almost $7 million.

Working with Jessica Markowski, an agent from NYC real estate firm Serhant, Cobo said it took about three months to find the right buyer.

This week the loft sold for $6.9 million — making it one of the most expensive one-bedroom sales in Manhattan this year, he said.

Cobo wouldn't be drawn on the new owner, but said the individual shares a similar lifestyle and aesthetic.

And while he's renovated a handful of residences before, letting go of his Tribeca apartment wasn't easy. "I was quite emotional because I put so much of myself in it."

Cobo is already busy with new renovation projects.

Cobo's decision to sell the loft was prompted by increasingly dividing his time between New York and California.

As well as working on his latest tech venture, he's also looking ahead to future renovations through his real estate company, Olivar.

Creating beautiful homes is one of his "passion projects," Cobo said, adding that he has projects underway in the US, Bali, and Spain.

"I'm always thinking about what the next thing is, what I can build next, what I can renovate."

• New York-based investor Nihal Mehta of Eniac Ventures created Pitch and Run in 2019.
• The group hosts weekly fun runs across the country for tech founders and investors.
• Pitch and Run members have matched with co-founders and raised funding through the group.

For Nihal Mehta, running is, first and foremost, a way to decompress from the fast-paced lifestyle of building a startup.

The co-founder of Eniac Ventures — an early-stage generalist firm based out of New York that raised $220 million across two funds earlier this year — has managed to blend his passion for running with his day-to-day. His brainchild is Pitch and Run, a bona fide run club for founders, investors, and other members of the tech community to connect over their shared love of startups as well as running.

Today, Pitch and Run has grown to include thousands of runners of all speeds and abilities who attend meetups in nine cities, including Los Angeles, Chicago, Austin, and San Francisco.

"An exhaust valve"

Mehta first discovered running through middle school sports, and he was the captain of his high school track and field and cross country teams.

After leaving the sport behind in college, Mehta returned to running in the early 2000s as a form of stress relief while building multiple startups, including social media site LocalResponse, and eventually Eniac Ventures in 2009.

"I needed a way to decompress and just think and process my thoughts while running a startup and deal with the everyday highs and lows," he told BI. "The long runs really sorted me out from a mental and physical perspective, and kept me balanced. That was my exhaust valve, really."

By 2019, Mehta, who was living in New York's Chelsea neighborhood at the time, had recruited a handful of investor friends to join him for morning jogs along the West Side Highway, a popular route for runners in the city. The meetups were a hit, and Pitch and Run was born.

While the group reaped the benefits of exercise as a stress-relieving counterbalance to startup life, Mehta noticed something else: his friends were having an easier time opening up about the challenges they were facing professionally.

"Building is very lonely, and very few people know what it's like, but when you mix running and that element of decompression with community and other founders, it really becomes magic," he said.

In New York, there's now a Pitch and Run meetup every day of the week in either Brooklyn or Manhattan. Before each run, everyone circles up, introduces themselves, and says how many previous Pitch and Runs they've attended. At the beginning of the week, attendees are also prompted to share a goal or manifestation for the week, such as closing a funding round or signing a customer. At the end of the week, runners share what they're grateful for.

The introductions are followed by applause and support before everyone sets off on their run. In New York, the run is a five-mile, out-and-back route ending at a local coffee shop, where many attendees stay afterwards to continue visiting. Mehta said that the format was specifically designed to help newcomers break the ice and to create conversation topics for people to come up to each other during the run.

Mehta likens running to the popular YouTube show Hot Ones, where celebrities are interviewed while eating a plate of increasingly spicy chicken wings.

"When you're running, your heart rate also goes up, and similar types of conversations happen," he said. "Obviously people aren't going crazy from spice, but people are being really truthful and authentic. When people are showing up and being who they are, they end up getting the support that they need."

Pitch and Run is helping some startups get funding.

In addition to stress relief and enjoying a shared hobby, Pitch and Run has created an opportunity for multiple founders to build meaningful relationships with investors that have turned into funding for their startups.

For example, Mehta met Dee Murthy about three years ago at a Pitch and Run meetup. Murthy, in addition to co-founding the LA-based The Run Club, was building a B2B inventory marketplace startup, Ghost. After getting to know Murthy and Ghost on the run, Mehta co-led the company's seed round in 2021, and the startup has since become one of Eniac's fastest-growing portfolio companies. Ghost raised $40 million in Series C funding in October.

Eniac will also lead the pre-seed round for Pitch and Run co-founder Kevin Weatherman's latest startup, which is in stealth. Weatherman is an investor himself, having made more than 100 angel investments in early-stage startups, some of which he was introduced to through the Run Club.

And for Pitch and Run member Shahn Christian Andersen, his connections through the club regularly intersect with his work life. The founder and CEO of a stealth tech construction startup said that he's had Pitch and Run members pop up by surprise in due diligence calls from VCs. He also spent months running next to a woman who ended up being a member of the VC firm that was investing in his company.

Earlier this year, Mehta launched PNR Ventures, a syndicate for Pitch and Run members to combine their shared tech experience and capital into an investment vehicle. PNR's investment thesis includes backing early-stage founders who have the resiliency to "go the distance" of building a startup.

As a serial connector — Mehta and Eniac are well-known in the New York tech scene for hosting events and initiatives throughout the year and through programs like New York Tech Week – Mehta says that creating a running community has had the most impact on founders, who show up for a variety of fitness reasons — whether it be to finish a 5K, ruck, or train for an ultramarathon.

Mehta himself completed his fifth New York City marathon earlier this month, sharing the course with 25 other Pitch and Run members.

"Founder peer groups, dinners, and coffees are amazing and great, but there aren't nearly enough of these communities," he said. "Pitch and Run is an intense personal and professional support group that has really transformed a lot of lives."

• The last meatpackers in NYC's Meatpacking District are getting ready to close shop.
• Last month, NYC's mayor announced plans to develop the site near Greenwich Village and the High Line.
• Once a meat industry hub, the district now hosts luxury brands and nightlife venues.

The era of New York City's Meatpacking District as a neighborhood where people actually pack meat is coming to an end.

Late last month, New York City Mayor Eric Adams unveiled plans to redevelop the district's last operating meat market after its tenants accepted a deal from the city to move out — and in the market's place could come a 60-story tower.

Once brimming with hundreds of butchers, slaughterhouses, and packing plants, the Manhattan neighborhood now has only a handful of meatpackers left, and they're preparing to close up shop, the Associated Press reported this week in a retrospective looking back at the district.

Under the city's plan, the 66,000-square-foot Gansevoort Market would become Gansevoort Square, which, according to the mayor's office, would feature 600 mixed-income housing units, a new open pavilion, and a culture and arts hub.

And a New York state senator said there's a plan to build a 60-story skyscraper in the area — something a local historic preservation group said was out of scale for a neighborhood with mostly low-rise buildings.

The city hasn't confirmed the plans referenced by State Sen. Brad Hoylman-Sigal in a recent email newsletter he sent to constituents. The community group Village Preservation said Monday that a tower plan would likely be formally announced at an upcoming neighborhood Community Board meeting.

A building that tall would dramatically alter the neighborhood's skyline, where the current tallest structure, The Standard Hotel, is 19 stories tall. The mayor's office didn't immediately return a request for comment on the possible skyscraper development.

Meanwhile, though an eviction date has not yet been set for the building's meatpacking tenants, they're getting ready to say goodbye.

One of them is 68-year-old John Jobbagy, whose connection to the district goes back more than 120 years. His grandfather started butchering there after immigrating from Budapest in 1900, the AP reported.

Back then, the Meatpacking District looked — and smelled — a lot different from today, where high-end retailers like Gucci and Rolex now line the streets alongside cocktail bars, clubs, and luxury apartment buildings. In 2025, high-end French crystal company Baccarat is moving into the neighborhood, Women's Wear Daily first reported this month.

"I'll be here when this building closes, when everybody, you know, moves on to something else," Jobbagy told the AP. "And I'm glad I was part of it, and I didn't leave before."

Jobbagy told the AP that he started working for his father in the area in the late 1960s, at a time when chicken juices dribbled into the streets, and workers relied on whiskey to keep themselves warm in the refrigerated lockers.

Jobbagy later opened his own business there, which he's held onto as the neighborhood changed over the years, the AP reported.

The neighborhood became a gritty nightlife and sex club scene in the 1970s and, by the early 2000s, a hip, up-and-coming area where "Sex and the City's" Samantha Jones chose to live amid sex workers, leather bars, and an incoming Pottery Barn.

In 2009, the railway that once transported millions of tons of meat, dairy, and produce through the district was turned into a public park, the High Line.

But Jobbagy told local outlet amNY he isn't too broken up about leaving the neighborhood that would now be unrecognizable to his father or grandfather.

"It's been a long time coming," Jobbagy told amNY. "The transformations have been taking place for the last 20 years. We're well aware there are far better uses for this property than an aging meat warehouse. I'm not really sad at all."

Change has always been part of the district's DNA, and New York City's.

"It wasn't always a meatpacking district," Andrew Berman, the executive director at historic preservation group Village Preservation, told the AP. "It was a sort of wholesale produce district before that, and it was a shipping district before that." In the early 1800s, it became home to a military fort, built there over fears that the British would invade during the War of 1812.

"So it's had many lives, and it's going to continue to have new lives," Berman told the AP.

• Jessica Chestler, 33, wanted to buy a home and was financially able to do so without a spouse.
• In 2022, she bought a three-bedroom home in Williamsburg, Brooklyn, for $3.25 million, entirely on her own.
• Chestler said that making all the decisions for her home herself is a double-edged sword.

This as-told-to essay is based on a conversation with Jessica Chestler, a 33-year-old real-estate agent with Douglas Elliman, who purchased a home without a cosigner or spouse.

New data from the National Association of Realtors shows that from July 2023 to June 2024, single female buyers made up 20% of all homebuyers, significantly outnumbering single male buyers, who accounted for just 8%.

The interview has been edited for length and clarity.

During my 20s, my love life wasn't a priority. I was focused on building a foundation for my future.

I've been in the real-estate industry since I was 21 years old. It's been a 24/7 job, and I've worked incredibly hard to get where I am today.

I co-own a business with my partner, and we manage a real-estate team that operates between New York and Florida, though I primarily work out of New York.

While we handle transactions across various price points, our team specializes in high-end luxury properties, and we sell anywhere from $150 million to $300 million a year.

New York is one of the most expensive places in the country to buy a home.

People want to live here for many reasons, especially for the lifestyle it offers. It's one of the few places in the world where you can catch a Broadway show, sit at Michelin-star restaurants, or visit a local bodega — all while connecting with people from every background at any time of day.

Affording homeownership here has become increasingly difficult.

I've always recognized New York's value, so early on, I set a goal to buy a home here as soon as possible. I'm fortunate to have made that happen on my own.

I was in the financial position to buy on my own

In 2022, as a single woman, I purchased a three-bedroom condo in Williamsburg for $3.25 million with a 30% down payment. My home has 1,700 square feet of interior space and an additional 1,000 square feet of exterior space.

I saw the purchase as an opportunity to secure a valuable property at a price below its true market value.

Back then, interest rates were very low, and the real-estate market was booming — a very different world. I got a 10-year mortgage at a 2% interest rate, with a monthly payment of about $4,000.

Although I've always worked on commission and never had a traditional salary, I felt comfortable buying at that price. I knew my monthly costs, and I understood my financial situation.

The building I live in is by the waterfront and has a doorman, a variety of amenities, and relatively low monthly maintenance fees.

Most importantly, it has a tax abatement for another 15 years, so I pay just $9 in taxes each month. For most apartments of my size, the taxes are usually much higher — like a four-figure number.

I wanted to live in a place that could accommodate my future family and also serve as a solid investment. I'm confident that if I ever decide to rent or sell my condo, it will offer a strong return.

The value of Williamsburg has gone up exponentially in recent years.

It used to be more of an industrial neighborhood, but it has since been gentrified — for better or worse. Still, home prices in the area are slightly lower than in other parts of Brooklyn and Manhattan.

People like living in Williamsburg because there's a lot of opportunity. It's a bit calmer than Manhattan; you're close to the airports, and there are amazing parks, restaurants, and shops. It also is a large community with a strong neighborhood feel.

Buying a home without a spouse has pros and cons

I worked with a designer from London to completely gut and renovate my condo.

I don't want to share exactly how much I spent, but I worked with an Architectural Digest-level designer and architect, and it took about 18 months to finish.

Not a single thing from the original apartment remains. I updated both the indoor and outdoor spaces and added new floors throughout the home. I also added new bathrooms, updated closets, installed radiant heat, and replaced the AC unit's coverings.

I'm very happy with the results. I designed it with the vision of having a family in the future while also building it out to be my dream home.

I do receive a lot of offers from people who want to buy it in the mail, but unless someone is willing to pay an astronomical price, there's no reason for me to move. Like I said, I bought it with the intention of living here with my future family.

I had the freedom to renovate my home however I wanted

One of the benefits of buying and renovating a home alone was that I only had to consider myself.

I didn't have to worry about anyone else's opinion. I loved the apartment, knew my numbers, and was confident I could make it work — that comfort was really important to me.

When you're buying a home with someone else, there's obviously a lot more to consider, especially if you're not married.

There's always that uncertainty: What if the person you're buying with doesn't like it or wants a different lifestyle? What if they want to live in a different neighborhood? What happens if you break up — how do you divide the assets?

There's a certain trepidation — whether you're a woman or a man — when you're single and unsure about your future, which can make people hesitant to buy a home.

Since they're uncertain how their life might change, many singles choose to rent.

The harder parts of homeownership

The biggest drawback of owning a home alone is that I'm responsible for every decision and everything that could go wrong. As someone who works 24/7, this can be difficult to handle at times.

Looking back on my renovation and now knowing how intense a complete gut job can be, it would have been nice to share the experience with someone I was excited to live with.

I truly love my home; I've built my own equity here, and it's a space I look forward to sharing with someone else someday.

The old script of what is expected of women is very different now.

Like me, many other single women are choosing to buy homes independently, and it's an incredibly empowering achievement.

For those considering buying a home, I think it's important to talk to a real-estate agent to understand the process and ensure it's the right decision for you.

At the very least, it will clarify whether it's a good fit. At best, you'll have a place to call your own.