A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.
The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building being developed by Atlas Capital Group at Broome and Crosby Streets, itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow…
The number of off-street parking spaces in the city was 102,000 in 2010, or about 20 percent less than in 1978, when there were 127,000 spots, according to the Department of City Planning. While scarcity is a factor in the price of parking, $1 million for a parking spot may still be a reach.
Last year, a private garage with space for two cars at 66 East 11th Street was listed for $1 million by the Manhattan real estate firm Delos. It is still available in conjunction with the sale of the building’s $50 million dollar penthouse. In April 2012, a parking space at 60 Collister Street, a loft condominium building in TriBeCa, sold for $345,459.
Over the past year, residential parking spots in Manhattan have been selling for an average of $136,052, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel.
Actually, that $1 million gets you a 99-year lease contingent on living in the building.
I understand some of the shock registered in the New York Times or at Slate, but at the same time, this is high-end real estate with the precious commodity of a parking spot. There are plenty of people who make the general argument that parking rates should rise in places like New York City to encourage more residents and visitors to use public transportation instead. Can one be in support of higher parking prices and then not like limited parking in this facility going for really high rates? Granted, there are lots of good things that could be done with $1 million – and even the Times article notes that this parking spot costs more than four times more than a median home in the US – but that could be said of a lot of consumer goods.