Manhattan Storage Units Are Now Going for $300,000

Metal gold.
  • Metal gold.

Just a quick break from stories about how Brooklyn’s real estate is turning into an overpriced nightmare: Manhattan’s real estate continues to be even more of an overpriced nightmare. By comparison, maybe things are alright. At least, we haven’t yet heard of any 200-square-foot storage units renting out for $300,000—more than the price of the average American’s house—in Brooklyn, as they seem to be in Manhattan.

Per an appropriately hysterical write-up in the New York Post, it’s happening in at least one luxury building in Tribeca, and is likely a harbinger of more absurd storage units to come. “It’s unbelievable,” said a Corcoran Sunshine executive responsible for the building, “But when you compare New York to the rest of the country, we’re limited with space. We don’t have the garage or basement, and closet space is at a premium. Storage is not an afterthought. People come in and ask about it. ‘Do you have a gym, do you have a doorman and do you have storage?'”

She also added, “Is it the wave of the future? Absolutely.” And granted, the building in question is a 145 unit luxury high rise with a $47 million penthouse set to open in 2015, so the people scrambling to move in here probably know what they’re getting into. More importantly, it doesn’t necessarily mean that everyone else who happens to pay for parking or storage in the city will suddenly be hit with $1,500-per-square-foot fees if they wish to continue doing so. But if this kind of thing really is the “wave of the future,” it’s maybe not a bad time to lock down your Manhattan Mini Storage spots while you can (or sell all your old furniture on Craigslist).

Follow Virginia K. Smith on Twitter @vksmith.

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