While it may seem counterintuitive in a city that has become a sea of glass luxury condos, several small walk-up buildings are quietly being built from the ground up, while others are being renovated.

The idea of building a walk-up in today's ultra-luxe (albeit economically tanking) market may seem quaint - down-at-heel New York City tenements come to mind. But the walk-ups being built and renovated today are a different breed than their older counterparts, and some developers say the interest in them is a sign that buyers are tired of big, cookie-cutter condos.

"There may be increased attraction to small buildings as people get disillusioned by larger developments, which are big and impersonal at times, and can seem all the same," said Lindsay Barrett, a vice president at Corcoran.

Brokers say it's unusual for a new structure, even a small one, to be built today without an elevator. However, it is still happening in some cases. The majority of the walk-up buildings on the market today are actually conversions, likely to have both original detail and new additions, such as custom kitchens and finished roof decks meant to attract buyers who don't mind a few flights of stairs.

"You might lose some people who don't want to walk up the stairs, but others will be committed to buying a unit because it's unique," said Matthew Blesso, the president of Blesso Properties.

Brokers and developers noted that walk-ups can also be a relatively affordable alternative for condo buyers - a selling point in a down market like this one.

Trevor Stahelski, a partner with Cardinal Investments, recently developed 212 East 70th Street, a four-story walk-up. He said the building sits in a neighborhood of doorman co-ops and single-family brownstones that are not options for first-time apartment buyers.

"We saw it as an opportunity to make starter apartments with charm. There's no product like it in the neighborhood," Stahelski said, adding that 90 percent of the building's 16 units were sold in the first two weeks, at $1,000 per square foot for 600-square-foot one-bedrooms.

Unlocking walk-up funding

Getting financing in this credit-crunched market is tough for any project, and can be even more challenging for smaller developers who don't have the same kind of access to capital as some of the big players in the city. However, the perception that small buildings carry less risk is, in some cases, helping to spur interest from investors.

"If you have the means, you'll go for the bigger project, but you can still make good money on smaller projects by finding your niche," said Stahelski.

Stahelski developed another walk-up conversion, the five-story 245 West 115th Street, which also had a quick buyout period.

"We took 15 units and turned them into eight one-bedrooms. We sold those for $650,000 to $750,000, and sold 20 studios for under $400,000 apiece," he said. "People said no one would buy up there, but it sold out within weeks."

The cost of building or converting a walk-up tends to be more straightforward than that of financing a larger building, where common charges tend to be significantly higher because residents pay for amenities such as gyms or doormen.

Common charges in larger buildings can run around $500 to $1,000 a month, while small buildings charge around $200, said Cecilia Mackie of Mackie Developments. She added that although adding an elevator in a small building increases the common charges, the sales prices for apartments in small buildings are about the same regardless of elevators.

Developers say that the average cost of installing an elevator is about $120,000 to $140,000, but the decision to put one in a small building is largely about space, not cost.

Mackie, who is building two four-story, eight-unit walk-up buildings from the ground up in Williamsburg, decided against elevators to conserve space. "Trying to put two one-bedroom apartments per floor in a 25-by-55-foot area with an elevator would make the apartments very small," said Mackie. By skipping elevator installation, the apartments will be 620 square feet.

Keeping the climb

Some developers specialize in restoring existing walk-ups. Architect and developer Alex Barrett of Barrett Design and Development works primarily in Carroll Gardens, Brooklyn, and his projects are all conversions of existing brownstone buildings, including one four-story walk-up on Union Street and another on President Street.

Corcoran's Lindsay Barrett - Alex's wife and the buildings' broker - said including elevators in these buildings is often impractical, and that instead they focus on "maintaining the integrity" of the structures.

The Barretts said that clients who move to this part of Brooklyn are not counting on living in an elevator building. "There's no resistance to walk-ups here," said Alex Barrett.

His wife argued that walk-ups don't attract or shut out a specific type of buyer. "You can't generalize; we had a couple with kids who bought the top duplex at our building on 240 Carroll Street, and they're very happy," said Lindsay Barrett. "And another couple with children bought the fourth-floor apartment at 321 Union Street."

For his part, Stahelski said that the buyers for 212 East 70th Street included "young urban professionals, people looking for a pied-…-terre and foreigners who wanted an investment property."

And while some say that the top floors of walk-ups sell for less because of the higher climb, Mackie has had success with her development.

"The top floors still go without difficulty," she said. "Selling them is no problem because of the views and lack of noise. And, the rule of thumb is to add about $10 per square foot for each floor you go up."

However, other market players say that walk-ups shut out some buyers. "Walk-ups are very difficult in that they limit your base to people who are single and have no kids," says Richard Shiu, developer at New York Real Estate Partners.

Not saving headaches

David Kramer, a principal with the Hudson Companies, whose company is building nine four-story walk-up townhouses at Third and Bond streets in Carroll Gardens, said that the margin for error is no different than that for larger buildings.

"We're still faced with excavation, underpinning, construction and marketing challenges consistent with all of our projects. We're not saving ourselves any headaches by pursuing this housing type," said Kramer.

Some developers say the small size of a walk-up building can help with making a project that's already been started in this market financially feasible. That's because there are fewer units to worry about selling as buyers become more hesitant.

"Developers with 100-unit buildings are sitting with 70 units still vacant, and they're freaking out," said Stahelski, the Manhattan developer. "I have a building with seven units, and I can turn it into a rental project if need be. It's much easier to rent seven units than 70."

Lindsay Barrett said that previous projects had sold relatively quickly, in some cases off the floorplans. However, she noted that a recent renovation, the four-story, five-unit 277 President Street in Carroll Gardens, still has two unsold units. "We are feeling the impact of the economic downturn," she said, though she noted that showings have been very active for both units.

Some developers have their doubts about betting on walk-ups in such a fragile real estate market. "This type of building isn't necessarily better right now. In this economy, you'd want to open it up to as many people as you could, instead of limiting yourself," said Shiu.

But Susan Singer, senior vice president at Corcoran, had a more optimistic view. "I think that probably in a small building, there is much less to contend with, fewer people to satisfy, and a shorter selling time," she said. "You can close and move on."