And in the current real-estate market, they are able to negotiate good deals on Manhattan rents.

"Yes, the center has lost momentum," he said, "but if Manhattan rents go up again, it'll recover."

But most of them are beginning to understand the validity of Manhattan rents.

With Manhattan rents averaging $2,408 a month, even a $100,000 buyout dries up after three years and five months.

It was to have been a center for design companies that could not afford Manhattan rents.

"Extra dollars for Manhattan rents are insignificant compared to access to the people who can do this."

Yet most landlords believe Manhattan rents are creeping up again.

I don't think anyone foresaw how high Manhattan rents would go.

The building targets young people unable to afford Manhattan rents, which in most new buildings start above $1,000 a month.

But as the women tell it, the recent spike in Manhattan rents made it inevitable.