Space, the final Frontier Providing Storage is a Most Valuable Amenity

Say your building has some extra, unused space—perhaps in the basement, or on the ground floor near the doorman’s station. What to do with it?

Two words: Storage. Lockers.

If you already have storage lockers, install more storage lockers. It may be about the easiest decision—the closest thing to a no-brainer—a board of directors can make on behalf of their building. After all, what other building amenity pays back its initial investment in a year or two, turning a bleak corner of the basement into a perpetual money-maker while making closet-space challenged residents very happy?

Growing Space

No wonder business for storage bin installers, even through the recession, “hasn’t skipped a beat,” reports Jamie Barnard, owner of Giant Industrial Installations Inc. in College Point. After all, he explains, “they turn an unused, disorganized and cluttered basement storage room into a moneymaker for the co-op or condo. Tenant storage is one of the highest revenue producers per square foot in the building.”

Every condominium built today typically comes with storage facilities, with lockers for sale from $20,000 to $30,000 and more each. One57, an ultra-luxury condominium under construction on West 57th Street, plans to ask as much as $200,000 for some of its coveted basement lockers. Of course, with any new development, the revenue usually goes into the pocket of the developer.

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