If you know/understand Manhattan real estate, you wouldn’t be shocked by million dollar prices to get a piece of property in Manhattan, but how about a million dollars for a parking spot?
At the new development, 42 Crosby Street (rendering shown above), a 10 unit condominium building being built, they are offering 10 parking spots for $1 million each.
With the spots ranging from 150-200 square feet, the cost of the parking spots will be from $5,000 to $6666 per square foot, where as the apartments above go for around $3150 a square foot, making your parking spot cost more per square foot than the space you live in.
To get the spots, the developer had to get a special permit from the city, which normally limits the parking spaces in new buildings to no more than 35 percent of the units in the building.
The spots will be offered on a first come first served basis to buyers in the building.
You won’t actually own the spot after paying $1,000,000 for it. It is selling it as a 99-year license for the spot, and it is only valid as long as you own a unit in the building, if you end up moving out of the building you will be forced to sell the spot too.
The kicker? The building is built on what used to be a parking lot.