Condo development in New York City charging $1 million for parking spots
Digital Reporter
Wednesday, September 10, 2014, 3:06 PM - A condo developer in New York City's ritzy SoHo neighbourhood is capitalizing on limited space in the area by charging $1 million for a parking spot -- that's $250,000 a tire, the New York Times points out.
The 150-200 square-foot spots will be offered on a first-come, first-serve basis to buyers of a new, 10-unit luxury complex.
The condos cost between $8.70 million and $10.45 million and are less per square-foot than the parking spots, which run for $5,000-$6,666 per square foot. The condos average out to about $3,100 per square foot.
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“We’re looking at setting the benchmark,” Shaun Osher, founder and chief executive of the brokerage firm handling the condo sales, told the New York Times.
“In real estate, location defines value and parking is no exception to that rule.”
Mr. Osher added that there are "few to no options" for parking in SoHo, and private spots in a residential building are practically unheard of.
Interestingly, an old parking lot was used as the development site for the luxury condos.
