Only in New York.
A new residential building in Soho is selling its 10 underground parking spots for $US1 million a pop, The New York Times reports.
Even for Manhattan, the price is astronomical. According to the Times, residential parking spots run an average of $US136,052, or about an eighth the cost of the spots at 42 Crosby Street.
But with the condos selling for $US8.7 million to $US25 million, maybe a million for parking isn’t out of the question.
“We’re looking at setting the benchmark,” Shaun Osher, the founder and chief executive of the brokerage firm which is handling the sales and marketing at 42 Crosby, told the Times. “In real estate, location defines value and parking is no exception to that rule.”
According to the Times, residents would be shelling out between $US5,000 and $US6,666 per square foot for the parking spots, in comparison to about $US3,150 per square foot for their actual apartment.
Owners will essentially have the parking spot for life (or 99 years), but would have to sell if they ever moved out of the Annabelle Selldorf-designed building.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.