The Value of Space

More facts about spaaaaaace in New York City, particularly in the newest wave of luxury buildings:

Space with no views at the Sterling Mason, a 33-unit condominium at 71 Laight Street in TriBeCa with 24 such areas, costs between $30,000 for a 28-square-foot storage unit (or $1,071 a square foot) to $55,000 for 94 square feet ($585 a square foot). … “Storage is no longer an afterthought,” said Elizabeth Unger, a senior sales director at the Corcoran Sunshine Marketing Group, which is marketing 56 Leonard and several other uber-luxury condos. “It’s as thought-out as designing a lobby.” And with many owners requesting storage space, parking spots and other extras, she added, “it’s also an income producer.”

Buyers at 56 Leonard who pay $72,000 for a storage cage will not actually own it, however. As in many new buildings with subterranean space, they are buying long-term licenses for their storage units and parking spots, entitling them to use the space as long as they are residents of the building and requiring that it be sold in the event of a move.