Tuesday, September 9, 2014

Want this NYC parking spot? It will cost you $1 million.

According to the New York Times, the new luxury building going up at 42 Crosby Street will be offering ten underground parking spots for the cool price of $1 million each. Spots will be up to 200 square feet, and some will come with charging stations and storage.

However, even for $1 million, you won't actually own the space.  Buyers (who must live in the building) will receive a 99 year license, which will allow them to use the space for as long as they live in the building.  Once they move out, they will be required to sell the parking spot.

So is a million dollar parking spot really worth it? Apparently the answer is yes.  "The No. 1 amenity is parking,” said Beth Fisher, a senior managing director of Corcoran Sunshine, which is marketing 56 Leonard. “In the luxury market, parking is really one of the key, key features that distinguish one development from another.”

“Most ultra-high-net worth individuals have car collections as well as service vehicles for their staff,” says Giles Hannah, a senior vice president of Christie’s International Real Estate. “Parking is in serious demand and has proven an excellent investment with no sign of a decline.”

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