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...