If you are a Manhattanite and need a set of wheels along with a guaranteed parking place, you’ll need a trunk full of cash. According to many agencies, the parking space is being referred to as the new “ultimate status symbol,” and it soon will become the city’s first million-dollar parking space in the market.
How much does it exactly cost?
According to “The Wall Street Journal”, $1 million is being charged for two new condo developments in New York City only for a permanent place to park a single car. However, these $1 million parking spaces don’t represent the market rate. President of the appraisal firm Miller Samuel, Jonathan Miller, said in an interview to WSJ that the most expensive parking space he’s seen was $325,000, which was closer to the market rate.
Where is it located?
The development is at New York’s Soho district. 42 Crosby St. is building 10 units and has 10 underground parking spots available on a first-come-first-serve basis for that million-dollar magical price tag. It costs $3,140, and the parking spots below the building amounts to $5,000 per square foot. Another place at 66 E. 11th St. which is a private garage, costs six times more than the national average price of a single-family home. Buying this place would be the same as paying for an illegal parking ticket every day for straight 24 years.
You can find three $1 million parking spaces at a building located at 15 Renwick St. in the Hudson Square district. The reports of WSJ stated that developers said parking spaces to be higher than the expectations. The rare commodity of a Manhattan parking space is inside their building, especially for celebrities or tycoons. They need an area with a curb cut at the street and something which has a huge selling point and carries a sign or a symbol of status.
What is the Size?
The spots measure approximately 150 to 200 square feet as per the reports of “The New York Times”, making their price higher than the actual apartment unit. The hot space is about 23 feet long, 12 feet wide, and more than 15 feet high.
Why so costly?
Some reports have stated that it is for someone who likes complete privacy. You just have to drive your car in and never be seen again. It is basically for the type of person who would find it attractive or maybe a celebrity or business person who is camera shy. So, providing with so much luxury and ease, it is bound to be excruciatingly costly. The parking space could also be duplexed if one decides to install an elevator for the ease to slide both Maserati and Lamborghini in at the same time.
It is not easy to own a $1 million parking space, but if you are rich and living in Manhattan, then you surely can. The actual reality of New York City is that people are rich and can pay more for a parking spot than the average person pays for a home in this country. It seems a bit unrealistic, but it is the reality. People are rich, but some are excruciatingly rich.
