For Manhattanites who require a set of wheels and a guaranteed place to park it, the cost of the car itself is a mere drop in the bucket when it comes to expenses.
DNAinfo has called the parking space the new “ultimate status symbol.”
At least two new condo developments in New York City are charging $US1 million for a permanent place to park a single car, according to The Wall Street Journal.
The development 42 Crosby St. is building 10 units in New York’s Soho district (which used to be an actual parking lot) and has 10 underground parking spots available on a first-come-first-serve basis for that magically round million-dollar price tag.
The spots measure approximately 150- to 200-square-feet, which, as the The New York Times notes, makes their price per square foot higher than that of the actual apartment units upstairs.
The cheapest apartment price per square foot at 42 Crosby St. is $US3,140; the parking spots below the building are $US5,000 per square foot.
Another building, located at 15 Renwick St. in the Hudson Square district, has only three $US1 million spaces. The WSJ reports that developers said the parking space prices are high because they expect them to be purchased in conjunction with the building’s two penthouses, which are on the market for $US7 and $US11 million.
The New York Post did the maths and these top-tier parking spots work out to be the same as getting a $US115 parking ticket every day for 24 years.
However, these $US1 million parking spaces don’t actually represent the market rate. Jonathan Miller, president of appraisal firm Miller Samuel, told the WSJ that the most expensive parking space he’s seen was for $US325,000 and the market rate is closer to that number.
Business Insider Emails & Alerts
Site highlights each day to your inbox.