New York City Parking Spots Cost $1 Million — The C Train Isn't Looking So Bad Now, Is It?
Interested in moving to Manhattan? And bringing your car? Well, get out your check book, because do I have a deal for you! NYC parking spots cost $1 million down in the trendy neighborhood of SoHo... so I'm gonna go ahead and stick with the subway, thanks. Now would be the appropriate time to roll your eyes.
According to the New York Times, 10 parking spaces beneath 42 Crosby Street, a new luxury apartment complex in lower Manhattan, are going for $1 million a pop. Interested in buying one? Unfortunately, the spots — which range from 150 to 200 square feet each — will only be available to those purchasing one of the 10 units in the condominium above, and on a first come first serve basis nonetheless. The craziest part? The spaces technically cost more per square foot than the apartments themselves
Yup, the Times notes that, when you do the math, each of the spaces is worth anywhere from $5,000 to $6,666 a square foot. However, the actual apartments — which, in total, cost between about $8.70 million and $10 million each — go for only $3,170 to $3,140 per square foot.This means, that the parking spots are worth between $1,000 to $2,000 more per square foot than the actual units. (Unless you get the $25 million penthouse, in which case we should go out for lobsters this afternoon. You're buying.)
So what's so special about these parking spots? Other than the fact that they're in a prime part of town? Well, purchase of one comes with a 99-year lease, and the apartment complex above was designed by "starchitect" Annabelle Selldorf. You also have to luxury of parking your car in the building — as opposed to a couple blocks away (heaven forbid!). Oh, to be the one percent!
As tempting as this potential impulse buy is, I think I may pass. My $30 MTA pass may not be glamorous, but it works just fine.