No free parking: Cars cost New Yorkers $1,000,000
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.