$1 Million For A Spot At The Parking Lot

LBCI Magazine
22-09-2014 | 07:39
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$1 Million For A Spot At The Parking Lot
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2min
$1 Million For A Spot At The Parking Lot
A New York property developer is offering the uber-wealthy the opportunity to buy a condo parking spot for a cool $1 million - merely six times the value of a typical American home.

The 10 parking spaces are for sale at 42 Crosby Street, the luxury apartment building under construction in the SoHo neighborhood in Lower Manhattan.

Based on the $1 million price tag, the spots are probably the most expensive residential car spaces in the country, said the broker marketing the seven-story building.

Prices for the spots compare with the U.S. median single-family home value of $174,800, according to real estate website Zillow. For that price, however, there are few if any residences for sale in trendy SoHo, known for its high-end fashion shops and art galleries

The building, designed by German-born architect Annabelle Selldorf, will include 10 luxury condominiums priced at a minimum of about $8 million, each with private elevator access.

The 150-to-200-square-foot (14-19 square-meters) parking spaces will be offered under a 99-year license to tenants, who will have the right to transfer or sell their spaces to other building residents.


REUTERS

 

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