No free parking: Cars cost New Yorkers $1,000,000
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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Source URL: https://www.tweentribune.com/article/tween56/no-free-parking-cars-cost-new-yorkers-1000000/

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COMMENTS (81)
  • Samantha3077
    9/16/2014 - 11:56 a.m.

    That's crazy 1 million dollars to park your car! I would rather walk and buy a house than to waste money on that. If i did buy that i would be rich and would use it a lot.

  • abbehh
    9/16/2014 - 12:54 p.m.

    Paying thousands and thousands (millions) of dollars for a parking space? that's ridiculous. Why would you pay millions of dollars for a parking space? Am I missing something here? I mean. If you have a lot of money to spend then go for it, but some people can't afford that and that isn't fair.

  • JH2001skate
    9/16/2014 - 01:01 p.m.

    That's crazy that its that much for a parking spot. And I actually wonder if people will buy one or what keeps other people from parking in others spots??

  • Donavanf-OBr
    9/16/2014 - 04:43 p.m.

    I think paying $1,000,000 for a parking spot is too much. If I had to pay that much for a spot, I would ride the city bus instead. I could also ride on the subway. I would not pay more for a parking spot than my house. I think the parking should come with the house.

  • MaxMicheletti
    9/16/2014 - 07:45 p.m.

    This article is about parking spots that are $1,000,000 dollars! At this very expensive hotel in New York. Even the rooms cost over a million dollars! I think that this is outrageous and i think that the hotel is going to go out of business because no one would want to go their because of the expensive parking spots. I know I'm not going to park there!

  • brady.q-
    9/17/2014 - 08:51 a.m.

    I think 1 million is very expensive ffor a parking lot. The bundling is very big the fire steps are their just in case an Emercgery. I think the apartments cost lots of money I think is expensive for a bedroom. I think $920,000 is lots of money very expensive

  • JB2001Doge
    9/17/2014 - 08:51 a.m.

    Wow, how inconvenient of New York to make the prices go up that bad. I mean really who will even pay for a parking spot that cost 1,000,000. Maybe celebrities, but not me....

  • Zachary658
    9/17/2014 - 11:42 a.m.

    I think it is crazy to pay that much for a parking spot. How would even buy that spot. And how has 1 million dollars for a parking spot.

  • JacobmH-2
    9/17/2014 - 06:16 p.m.

    To summarize, i felt this article was very interesting because a condo development in New York City's SoHo neighborhood has charged $1,000,000 dollars for a single parking spot. Three bedroom apartments are costing around 8-10,000,000 million dollars. However apartments at the ultrahigh end have sold for over $90 million dollars. The CEO of Brokerage firm Mr. Shaun Osher claims that there are "few to no options" for parking. In My Opinion, 1,000,000 dollars for a parking spot is absolutely outrageous! $5 dollars for an hour is more reasonable and more common then 1,000,000 dollars. You shouldn't need to pay all that money for a single parking spot. I find it incredible that such a thing exists. All in all this article was extremely interesting and i recommend it to anyone who wants to be shocked!

  • AdamY-5
    9/17/2014 - 06:43 p.m.

    Most New Yorkers can't afford a car because of the parking fees. All around New York (especially Manhattan and New York City) parking costs a fortune. Brokerage Firm CEO Shaun Osher says that there and little to few options on parking in New York. It is estimated that parking spots cost more than apartments in Soho, New York. I've been to New York and parking for one hour costs $50 at the least. Every spot in the lots are full and getting around in the traffic is horrific. If you are planning on living in New York, take the bus or the subway.

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