(Photo from the 70 Washington website)

A NY Daily News article pointed out that a rooftop cabana sold for $325,000 recently at 70 Washington street. (This reminds me of the NY Times article from a few weeks back on Manhattan parking spaces going for $225,000.) There are a total of 22 cabana’s (which include access to water, gas, and electricity) that range between 300 sq ft to 579 sq ft. The most common cabana size is 571 sq ft that was offered by the sponsor at $200,000 when units went on the market in 2005 and raised to $225,000 by 2006. “The most recent sale price was at least 30% higher than initial cabana prices.” With prices rising so quickly, will more cabana owners sell for a quick $100,000 profit?

{Cabana craze hits the roof, 31July2007, NY Daily News}
{Cabana Prices at 70 Washington Up 30 Percent, Brownstoner}