I can't see why it would make a bad wine cellar, per se, but you want to make sure that it doesn't ruin your wines.  I believe the typical temperature of a wine cellar is between 50-57 F on a consistent basis, and a pretty decent humidity level.  I've never been to the Northeastern coast, so I don't know what kind of humidity you get, but wine cellars need a decently high humidity level, roughly 60%.  Gauge what your weather's like, and if your cellar gets hot in the summer, you may need a cooling system for the cellar, or a refridgeration system.  Otherwise, if your home stays relatively cool, you should be all set :)

Hope that helps!

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