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Meet the $300,000 underground closet.

Of all the signs of insanity in the New York City real estate market, this one may be the most jaw-dropping yet: A 200-square-foot basement storage cage in an unfinished Manhattan luxury tower just sold for $300,000. As the New York Post rightly points out, that would be more than the price of the average home in America.

To put that figure in some visual context, I made you the below helpful chart of median home prices in a handful of metropolitan areas, as of the second quarter of this year (using data from the National Association of REALTORS):

So what does $300,000 buy you in one of these New York storage units? Per the Post:

They have no walls, carpeting or shelves but are made of tightly woven crates secured with padlocks. For a monthly maintenance fee of up to $20, they include electricity and security cameras.

You do not even want to know what the three-bedroom Tribeca apartment that came with this cage costs...

Top image: Click Images/Shutterstock.com

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