Monday, November 17, 2008

What Makes New York City Amazing, $801,000 for a Storage Room!

A basement storage room sold for $801,000 in the renowned Dakota apartment building. The Dakota, located on Central Park West, is most well known as the home of John Lennon and still is the current residence of Yoko Ono. The apartments sell for upwards of 10-20 million dollars.Now this was no ordinary damp tiny storage room. The room was about 800 square feet had 20-foot-high ceilings and two windows. There is a bathroom and electricity wired already into the unit. Despite The Dakota being one of New York City’s most expensive and desired buildings there is no common exercise room for the building residents. The new owner of the storage unit was planning on converting the room into a small gymnasium and opening it up to the buildings residents. How altruistic of him!!
Space is at such a premium in New York City that I not really that surprised by this sale. First is the fact that if you can afford a $20 million dollar apartment, an $800,000 storage unit is probably not too much of a stretch in your budget. If you look at the price per square foot it really is not that much in New York City standards. It’s just at $1,000 a sq/ft, some condominium buildings have been selling at $3,000+ sq/ft recently.

I live in the Upper West Side and I walk by the Dakota to go to Central Park. It is an extraordinary building. The location is perfect right at 72nd and Central Park West. The architecture is absolutely eye-catching. You can’t help but check out the building. I’ve never been in any of the apartments in The Dakota, but when I do I will make sure to ask if a basement storage room comes with the unit knowing what one could sell for.

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