Even in this economic downturn and real estate bust, the price of a place to lay your head these days is ridiculous, especially when cheap construction materials abound in junkyards all around us.
One Brooklyn developer has recently realized that too.
Barrett’s building material of choice for the project: Abandoned shipping containers.
The New York Times says,
Mr. Barrett said the idea had come to him as he had gazed from 25 Carroll’s rooftop over a shipyard full of hundreds of such containers just 200 feet away.
“As long as we’re importing more goods than we’re exporting,” he said, “we always have a net surplus of these giant steel boxes. They’re wonderful little pieces of engineering, but just because of the laws of supply and demand, they’re practically worthless in this country. So the opportunities to reuse them are great.”
The building’s condos went on the market in in October, and all units received offers in just 5 days. The units sold from anywhere between $550 to $730 per square foot, with floor plans ranging from 800 to nearly 2,000 square feet.
That means that the cheapest possible option would have been $440,000 and the most expensive layout could have been nearly $1.5 million.
Barrett acquired the steel containers for a measly $2,400 each and have been used to construct the bulkhead of the building, housing a staircase and elevator shaft to provide roof access, a well as mechanical space.
Check out the rest of the details of the 25 Carroll Street development at The New York Times.