We all know that Manhattan real estate prices are out of control, but this story takes the madness to a new level. At 42 Crosby Street, the site for a new luxury apartment building, parking spaces are being sold for one million dollars a piece. Yes, you read that right. They’re selling parking spaces for $1 million!
Now, if that price wasn’t crazy enough, here’s the kicker:
That million dollars doesn’t even buy you ownership of the space.
Technically, you’re paying for a 99-year lease, and if you decide to sell your apartment in the building you’ll also be required to sell your parking space.
Even in New York City, $1 million is astronomical; the average price for a residential parking space in Manhattan last year was a relatively reasonable $136,052. Daily Mail calculates that these million-dollar parking spaces at 42 Crosby Street will actually cost more per square foot ($6,666/square foot) than the actual luxury apartments ($3,100/square foot). These prices are indicative of the steep rise in the cost of NYC real estate.
For those of you less concerned with where to park your car than where to put your extra shoes and winter coats, we’ve got some good news:
For just $25/month, you can add 12 cubic feet of storage space to your apartment using MakeSpace. We’ll pick up your stuff and whisk it away to our secure storage facility where we’ll create a photographic catalog of what you’re storing. When you want something back, simply select it from your online account and we’ll deliver it to you in as little as 48 hours.
h/t Daily Mail