New York SoHo Building Sells $1 Million Parking Spots, Highlighting The Insane Space-Crunch
Real estate has always been a matter of great concern for New Yorkers. The tiny island is constantly jostling for space as its population explodes at the seams. Taking advantage of the situation, a new development in the SoHo area has offered parking slots that are as expensive as many living quarters.
Parking at 42 Crosby Street, marketed by the CORE firm, sells for a staggering $1 million per spot. One could easily buy not one, but three 5,000 square-foot. mansions in Indianapolis for the same amount. Needless to say, you might consider living here only if you’re shopping for a luxury condominium in New York City and realize that having a designated parking spot is more important than a building with a gym — or even a view.
The new development, designed by Annabelle Selldorf, will feature ten luxury apartments; nine of the units are priced between $8.70 million and $10.45 million, with the penthouse set at $25 million, reported The New York Times. For a million dollars each, all you get is a parking spot, measuring 200 square feet, and a small storage area. However, considering the fact that potential New Yorkers might consider switching over to an all-electric vehicle soon, the parking slot will come equipped with a charging station. The building has just 10 such parking slots available for purchase.
Interestingly, despite shelling out the equivalent of four Ferrari 458 Italias on parking, or more than the $920,000 median sales price for an actual Manhattan apartment, the buyers won’t actually own the underground space. For a million dollars, they’ll receive a 99-year license, and will be forced to sell that license if they ever decide to move. As a sole consolation, if the owners do use the parking slot for the entire duration, the price works out to just $28 dollars a day!
But, at $6,666 (£4,125) a square foot, they are considerably more expensive by area than the nine three-bedroom flats to which they are attached. These units are on the market for up to $10.45 million (£6.47 million), or $3,140 (£1,943) a square foot, reported The Telegraph.
Is $1 million a little too steep? Extravagant NYC apartments commonly come with pricey parking, but when you’re paying $50 million for a home, an extra $500,000 is almost irrelevant. However, at $8.7 million, the additional $1 million for parking at 42 Crosby Street does seem excessively steep, making the thought of walking a block or two that much more appealing.
Still, any New Yorker — or, more specifically, a real estate agent — will quickly attest to the fact that parking is currently the city’s most sought-after amenity. Interestingly, this isn’t the first parking slot to have cost a million bucks.
[Imager Credit | CORE]
