Image courtesy of the New York Times and Vuw + Moso.
There was a time not too long when a million dollars could buy you a pretty nice place in New York City. Now, a million dollars will get you just a parking spot. According to a recent article in the New York Times, a new development in the Big Apple at 42 Crosby Street is offering residents 10 underground parking spots that “will cost more per square foot than the apartments being sold upstairs.”
The spots, which cost $1 million dollars, will be offered on a “first-come-first-served basis” to buyers of one of the 10 luxury units in the building and cost “more than four times the national median sales price of a home,” according to real estate site Zillow. Spaces in the basement of 42 Crosby Street will range from 150-200 square feet and offer some storage space and a charging station but will not come with any additional fees (that’s a win, right?).
Those who fork over seven figures for a spot, however, will not own it. The license entitles buyers to use the spot so long as they are residents of the building. Decide to sell? You’ll have to sell the parking space as well.
According to the Times, there were 102,000 off-street parking spaces in 2010, down from 127,000 in 1978. Over the past twelve months, residential parking spaces in Manhattan have sold for an average of just over $136,000.
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