Studios may be a dime a dozen, but large studios with a terrace nearly as spacious as the cozy interior are rare. PHC at 220 Madison is such a rarity, and in this market where smaller apartments are in high demand, it will likely sell quickly. Upon entering this home, you are immediately struck by the loft-like atmosphere of the space, thanks to the high ceilings and the open-plan layout. The second thing that catches your eye is the enormous sliding door and the expansive terrace beyond. The benefit of the current layout is that when you sit on the sofa (as the bed fades into your peripheral vision), the space feels like a large, open living room with direct access to the terrace. However, when you wake up, the entire area feels like an oversized bedroom, as all you see is an open space and a large sliding door. The home features a comfortable, windowed, open kitchen equipped with all the necessary appliances to be considered "gourmet." It also includes an updated bathroom and a "bonus space" currently without a defined purpose, but its most unique feature may well be its true attic, complete with a suburban-like trapdoor and folding ladder. Enough about the interior; I'm sure you are reading this because of the terrace, and what a terrace it is! Located in the quieter part of the building, it offers open views that include an up-close view of the Empire State Building. The western exposure ensures ample direct sunlight for most of the afternoon. In fact, the owners installed a large, electrically retractable canopy. It's substantial enough to cover both a dining and lounging area while leaving plenty of space exposed for sunbathing and a hot tub. So, don't be fooled; although designated as a studio, this home is clear proof that not all square footage is equal, as it offers more than anything else in its price range.