Manhattan Condo Owners Are Asking For One Million Dollars For Their Parking Spots.

Parking spaces have become so scarce in some big cities that wealthy buyers of luxury condos will have to fork out $1million to secure a single spot to park their cars. Prices for parking have reached an all-time high in large cities, including New York, Boston and San Francisco, according to the Wall Street Journal. At least two new residential developments in Manhattan are asking for the extortionate sum for a single parking space. And developers are even marketing the small spaces as sought-after luxury amenities with fancy brochures and promotional videos. In Manhattan’s trendy Soho, a parking space will set buyers back around four times the cost of an average family home in the country. At 42 Crosby Street in Soho, a 10-unit condominium building is currently under construction by Atlas Capital Group and expected to be complete next year. It has 10 parking spaces being built underground. Each space is available for $1million, which is more expensive in terms of square footage than the apartments upstairs. At 15 Renwick in Soho, designed by ODA-Architecture, prices for units start from $2.1million for a three-bedroom condo up to $11million for a penthouse duplex. But three private parking spots are priced at $1million each. Tim Crowley, the director of new development at Core, which is handling the marketing for 15 Renwick, said the high prices is because developers hope the spaces will be sold with one of the building’s two penthouses. Jonathan Miller, president of appraisal firm Miller Samuel, told the Journal that the highest actual sales price has seen for a single parking space in Manhattan is $325,000. He explained that million-dollar parking spaces are not close to market rate, but instead are priced proportionally to the high price tags of units in the building.

DM-Parking spaces have become so scarce in some big cities that wealthy buyers of luxury condos will have to fork out $1million to secure a single spot to park their cars.
Prices for parking have reached an all-time high in large cities, including New York, Boston and San Francisco, according to the Wall Street Journal.
At least two new residential developments in Manhattan are asking for the extortionate sum for a single parking space.
And developers are even marketing the small spaces as sought-after luxury amenities with fancy brochures and promotional videos.
In Manhattan’s trendy Soho, a parking space will set buyers back around four times the cost of an average family home in the country.
At 42 Crosby Street in Soho, a 10-unit condominium building is currently under construction by Atlas Capital Group and expected to be complete next year.
It has 10 parking spaces being built underground. Each space is available for $1million, which is more expensive in terms of square footage than the apartments upstairs.
At 15 Renwick in Soho, designed by ODA-Architecture, prices for units start from $2.1million for a three-bedroom condo up to $11million for a penthouse duplex.
But three private parking spots are priced at $1million each.
Tim Crowley, the director of new development at Core, which is handling the marketing for 15 Renwick, said the high prices is because developers hope the spaces will be sold with one of the building’s two penthouses.
Jonathan Miller, president of appraisal firm Miller Samuel, told the Journal that the highest actual sales price has seen for a single parking space in Manhattan is $325,000.
He explained that million-dollar parking spaces are not close to market rate, but instead are priced proportionally to the high price tags of units in the building.

If theres ever a blessing for living in Florida, its that we have homes with driveways and garages. Yea we get warm weather and see hot, tan, superficial chicks in bikinis, and lower cost of living, But having a place for my car when I come home within a 20 foot distance that people aren’t going to break into matters a lot. Its piece of mind. Some Mahattanites just love coming out of the wood works bragging about how great their city is and how they don’t need cars because they have the subways. Yea you get public transportation that homeless people sleep and defecate in. Real glamorous. If people in New York didn’t want their own form of transportation then there wouldn’t be a god damn ONE MILLION DOLLAR premium on a parking spot that may or may not be directly linked to your building. Its god damn insane. You can buy like 5 houses with that kind of money here. 5 houses with driveway parking. As you grow up and want to be a respectable human being you need a car and along with that in order to have piece of mind that your, at minimum, 30 thousand dollar expense is safe while its parked. Im assuming if you can afford a condo in soho you have some money, and I would splurge to have that parking spot if its connected to the building. But at some point in the dead of winter when you and your wife have that seasonal affective disorder and go park your car in a spot that cost you one million dollars you’re gonna think about giving it all up and move down south to Miami where you can dress in Tommy Bahama weather in the winter and be balls deep in some cuban pussy knowing your cars parked right outside in a residential neighborhood.

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