New Yorkers spending $300G on STORAGE in the basement of luxury skyscraper

[brooklynite]

Source: NY Post

It’s a cellar’s market.

New Yorkers are spending more than the price of the average American home — on storage units.

Tribeca’s 56 Leonard just sold a 200-square-foot unit for $300,000. That’s $1,500 a square foot for a metal cage in the basement of the future luxury skyscraper.

...snip...

For the price of the Tribeca storage closets, buyers could get a mountain home in Granby, Colo., where a five-bedroom, three-bath pad is on the market for $291,900. In Springfield, Ohio, an elegant three-story home with five bedrooms and four baths is available for $300,000.

Read more: http://www.nypost.com/p/news/local/manhattan/for_sq_feet_of_storage_w9R9ENZhucnese7YcaYuUN

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But try to get a Pizza delivered in Granby at 3 AM.....

Seriously, as extreme as this pricing may be, the reality is, NYC will always attract people who want to live there, and that's going to bid up the price for anything real-estate related.

[Ash_F]

1. So the economy must be booming right? /nt

[Mopar151]

3. Only for those who can afford a $300K closet. n/t

[brooklynite]

4. Actually, yes...

...and not, surprisingly, in the financial markets. Our analysis shows the most growth in education, technology, medical services and tourism (52 million visitors last year).

A related article:

Shortage of office condos spurs spike in prices

A surge in sales of office condominiums, spaces that businesses and nonprofits buy and occupy, is putting a strain on the thin supply of units in what remains a niche market.

Michael Rudder, a broker who specializes in commercial condo sales, just sold a 7,500-square-foot unit at 131 W. 31st St. to a garment company for just more than $4 million. The buyer, which went by the name Flatiron Realty in the transaction, will relocate to the space from an office it rented at 25 E. 22nd St.

Mr. Rudder, who operates an eponymous brokerage company that specializes in office condos, also just acquired a 1,500-square-foot space for his own business at 14 E. Fourth St. for roughly $1.1 million.

http://www.crainsnewyork.com/article/20130826/REAL_ESTATE/130829922

[Ash_F]

5. How are minimum/low wage workers doing up there?

Serious question, haven't been in over a decade. I can tell you it sucks down here.

[LiberalElite]

12. Here's minimum wage info from About.com

"The current minimum wage in New York is $7.25 per hour, which is the federal minimum wage. However, the NYS Legislature has passed legislation which will increase the minimum wage from $7.25 per hour to $9.00 per hour over three years, beginning with:

$8.00 on December 31, 2013
$8.75 on December 31, 2014
$9.00 on December 31, 2015
The legislation is included in the new budget which was approved on March 29, 2013.

Increases for tipped workers are not included. The current minimum wage in NY for workers who receive tips is currently $4.90 per hour for resort hotel workers, $5 per hour for food service workers, $5.50 for car wash workers, and $5.65 per hour for other service employees.

If tips aren't sufficient to reach minimum wage, the employer is required to pay the employee minimum wage. However, for tipped workers, the minimum wage will remain at $7.25 an hour for now. Reports indicate that an increased will be addressed at a later date."

According to a recent study, the average rent here is over $3,000 a month.

[warrant46]

14. How much does a beer cost in N Y city ?

[closeupready]

9. That, or else lots of fools parting with their money.

[valerief]

10. For the 1%, oh, yeah! nt

[Historic NY]

2. Too much crap an no place to store it...

hell they need to go outside the city.......plenty of storage places dot the northen counties.

[NYC_SKP]

6. Small price to pay for the 1%. More evidence of our consumeristic culture.

In the burbs nobody can park in their three car garages, they're filled with shit.

Houses have grown, the size of closets have grown, and the sense among practically every American is that they MUST have these things (so must also be able to keep them somewhere).

Manhattan apartments and lofts and condos and coops don't afford the luxury of the three car garage, so you have a new market for storage.

Makes sense to me!

[Journeyman]

7. You can get a place in Granby, Colorado, but then your crap will be 1,600 miles away. . .

It'd certainly be more fun visiting it, however.

[frazzled]

8. Considering a parking spot can cost a small fortune in Manhattan

a 10 x 20 storage unit for $300 K might not be so surprising.

A typical parking space in an average condo building's garage goes for around $20,000 - $30,000 in Chicago. (This cost is often wrapped into the sale price of the unit; sometimes sold separately; but at any rate, the owner will own 2 deeds, and pay 2 separate property tax bills for the apartment and the parking space, and they are assessed separately). Remember that lady in Boston who recently paid $560 K for 2 parking spots?

As it turns out, prime urban parking can be almost as valuable as a single-family home. A Boston woman bought two parking spaces for $560,000 at auction Thursday, winning a tough bidding war that increased by the tens of thousands at each turn.

The buyer, Lisa Blumenthal, said the spots will be used for guests and workers, at the hefty price of $280,000 each — nearly 90 percent of the worth of the median sales price of a single-family home in Massachusetts.

http://www.npr.org/blogs/thetwo-way/2013/06/14/191710851/the-parking-spots-that-cost-more-than-half-a-million-dollars

We have a storage cage for our condo, which came as part of the purchase price. But it's literally a cage: maybe 5 x 5 x 5 feet. Doesn't hold too much, but condo owners, who don't have a basement or garage really need these to store things like foldup chairs for Thanksgiving, extra suitcases, or any other junk that does not fit in the tight storage space of a typical apartment.

[valerief]

11. And that doesn't include the round-the-clock guard for each unit. nt

[rug]

13. I seriously doubt this person is originally from New York.

[Hekate]

15. There's a 622 sq ft 1BR 1BA condo 10 miles outside Santa Barbara for $309,000

But nothing for that inside SB.

Like they say: location, location, location.

[Pab Sungenis]

16. 200 Square feet?

That's not bad for an apartment in Tribeca.

Maybe a little Self Storage is called for here.