No free parking: Cars cost New Yorkers $1,000,000 A row of buildings in New York Citys SoHo district (ThinkStock)
No free parking: Cars cost New Yorkers $1,000,000
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A condo development in New York City's SoHo neighborhood is charging $1 million for a parking spot.

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

The three-bedroom apartments will cost around $8 million to $10 million. That's about $3,100 a square foot.

Brokerage firm CEO Shaun Osher says there are "few to no options" for parking in SoHo. The neighborhood is just northeast of the World Trade Center site.

The million-dollar parking spots will cost more than four times the national median sales price for a home. That is $217,800, according to Zillow.com.

The Times reports that median sales price of a Manhattan apartment reached $920,000 in the second quarter of 2014. Apartments at the ultrahigh end have been selling for more than $90 million.

Were looking at setting the benchmark, Osher told the newspaper. In real estate, location defines value and parking is no exception to that rule. In SoHo, Osher said, there are few to no options for parking. So having a spot in your own building is very valuable.

Those who pay $1 million for a parking spot at 42 Crosby St. will not actually own it, either, according to The Times. The condo is selling 99-year licenses for each spot. A license entitles buyers to use the space as long as they are residents of the building. The space must it be sold in the event of a move.

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COMMENTS (80)
  • katrinak-Koc
    9/15/2014 - 08:48 a.m.

    That is just crazy to think that people will spend that much money for a parking space! No wonder it is so hard to live in NY with all the high costs and crazy prices. I could never fathom spending that much!

  • orahf-
    9/15/2014 - 01:17 p.m.

    The story was about expensive parking spots in New York City. It had parking spots that cost $1,000,000. They did not have a lot of spaces to park cars in. I think that it was a lot of money for a parking spot.

  • Ally.
    9/15/2014 - 01:30 p.m.

    That is a lot of money for a parking spot. I would not like to live there. 1 million dollars wow that's more than what i could afford!!!

  • Kyank-OBr
    9/15/2014 - 01:59 p.m.

    I think that this a really good article!! It was weird that they were going to charge $1 million for a parking spot! I think that $6,666 is better because that price was mentioned concerning an apartment. This is all I have to say about that costly parking spot.

  • Wilfreda-OBr
    9/15/2014 - 01:59 p.m.

    How can someone pay that much for a parking spot? I think that the amount of one million dollars is how much it cost to make it. Maybe they wanted to be rich and overcharge for that parking spot. I certainly would not pay that much money just to park there in New York City. Only the very rich could afford that.

  • 08Avery-May
    9/15/2014 - 02:17 p.m.

    That is outrageous!! Who would pay that much for a parking spot? I guess only the rich can live in that area. But why are they so much?

  • MaggieM-3
    9/15/2014 - 09:07 p.m.

    Apartments in New York are very expensive and even parking spaces can cost a fortune. In the SoHo district a new condo development is charging 1 million dollars for a parking spot. There is really no place to park in SoHo so the residents are going to have to pay the outrageous price. The parking spots are even more expensive per foot than the apartments up stairs. The price of a high end Manhattan apartment can reach to 90 million dollars. The parking price really reflects how expensive it is to live in Manhattan. I think that 1 million dollars for a parking spot is outrageous and I also think it is really unnecessary to have a car in Manhattan. There are subways, trains and buses and cabs that can get you anywhere in the city. Everything is so close together that walking is also a great option, and with the traffic in Manhattan you are almost better off walking at rush hour or on busy streets.

  • Eriku2
    9/15/2014 - 09:14 p.m.

    I think that even though parking is limited it shouldn't be so expensive. People could get a million dollar home somewhere else and have a better house for the same amount of money that they are spending now. I think that they should change the price of parking.

  • KevinK-4
    9/15/2014 - 11:38 p.m.

    I think it is kind of a rip off. From my understanding most people in New York city ride the subway and the bus. If I lived there I would take the subway and bus everywhere and when I needed to go out of town I would rent a car. You also have to think of gas and repairs to your car which adds up overtime. I think the best option is to not have a car if you lived in New York City.

  • cm2001KING
    9/16/2014 - 08:40 a.m.

    This is ridcioulous 1 million dollars for a parking spot you better take your butt down to the $9 an hour one because you would have to be at least will smith rich to buy one of them that's crazy

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