NEW YORK’S $2,500/sf STORAGE ROOM AND $3,500/sf WINE ROOM.


Posted by Leonard Steinberg of COMPASS on March 5th, 2015

New records are about to be set in New York City: At the much-anticipated 83-unit 220 Central Park South designed by Robert A.M. Stern, storage rooms will be priced starting at $111,000 for 44 square feet ……or $ 2,522/sf.  This number was very recently associated with record priced properties elsewhere in Manhattan, but now just a few weeks later will be the cost of storage space without windows.  An 84sf storage space will be asking $211,000.

Even more shockingly, wine cellars will start at $133,000 for 38 square feet….or $3,500/sf. and go up to $287,000 for a larger 82 square feet space. Parking spaces will cost  $750,000.00, a thorough bargain when compared to the parking spaces in Soho located at 42 Crosby Street that made headlines by asking $1 million per space. The apartments at 220 Central Park South will be asking a little over $ 7,000/sf and up and will be competing against remaining units at 432 Park Avenue, One 57 and the other new buildings such as the Steinway Tower, the Nordstrom Tower, 520 Park Avenue and 53 West 53rd Street, the MOMA Tower.

Yikes!

 

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