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488 Square feet = $1.55M in New York city today!
According to New York Times latest article, one of the highest priced condominium in New York city (15 Central park West) has sold its maid's room for $1,550,000 in the 4th Quarter of 2008.

"Property records show that a 448-square-foot staff studio, or maid's room, facing an inner courtyard at 15 Central Park West sold for $1.55 million in December. That is close to the average price paid for a two-bedroom apartment in Manhattan in the fourth quarter of last year, according to figures compiled by Prudential Douglas Elliman."
These petite studios are furnished with kitchnettes, suitable for a maid, a butler or an out of town guest. The residents who had the options to purchase these units are usually owners of 4-5 bedrooms and they use these studios as a 'staff' room. This most recent sale of a staff studio work out to be whoping $3460 per square foot!
Clearly, the wealthies are always going to be the wealties, I work in the mid-luxury segment of Manhattan Real Estate market, I am still baffled by the price of this 'staff studio'... It made me wonder perhaps I should be a maid and someone will pay for my living space? :0)
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