Who Wants To Buy A $1 Million Parking Spot In SoHo And Not Actually Own It?

September 10, 2014 | Sophie Weiner

A new apartment building on Broome and Crosby Streets in SoHo has added ten parking spots available to condo owners for $1 million each. The New York Times compared the price of the condos with that of the parking space to determine that the garage space costs considerably more per square foot than the apartment itself.

The parking spots, some of which will be a generous 200 square feet, will run $5,000 to $6,666 a square foot, whereas the nine three-bedroom units upstairs will cost between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot. Monthly common charges for operational expenses and taxes for the three-bedrooms will run as high as $8,880 ($18,360 for the $25 million duplex penthouse). But the parking spots, which also provide a bit of storage space and a charging station, if not views, will not rack up additional monthly charges.

Even more absurd than paying this much for a place to park your car — those who get the spots will not actually own them. Instead, they will have a 99 year license for the spot, which only allows them to keep it if they continue to live in the building.

It is certainly a luxury to have your own parking spot in a city where most people use public transit — 75% of Manhattanites don’t even own a car.

“When someone is paying $50 million for an apartment, another $500,000 for the luxury of not walking a block or two and having your own spot, I guess it becomes a rounding error,” Izak Senbahar, the president of another luxury building development company, explains. (Image: Curbed)