In New York's trendy SoHo, a cool million will buy a parking space

Wed Sep 10, 2014 5:53pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Laila Kearney

NEW YORK (Reuters) - 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.

"Anyone who lives in Manhattan and has a car knows that parking is a premium in the city," said Shaun Osher, chief executive of the brokerage CORE. "There's definitely a large demand and a short supply."

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

Osher said he expected residents of the 10-unit building to snap up the parking spots when the underground spaces, which were approved for construction this week, hit the market.

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-metre) 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.   Continued...

The Empire State Building is seen in the distance as a woman rides a Citibike in the Soho neighbourhood of New York July 27, 2013. REUTERS/Gary Hershorn