$1 million parking spot in NYC

[pixy0stix]

news.yahoo.com/blogs/sideshow/1-million-parking-spot-york-city-most-expensive-174535790.html

Finding parking in New York City can be notoriously difficult. But would you pay $1 million just to have your own guaranteed spot? That's the forthcoming offer in one luxury condo building that will charge $1,000,000 for an otherwise standard parking spot in its building.

The New York Post reports the parking spot will be about 12 feet wide and 23 feet long. It will be located inside an eight-story luxury condominium building at 66 E. 11th St. The $1 million parking spot is likely to be leased to the future owner of the building's "centerpiece," an 8,000-square-foot duplex penthouse.

"It's for someone who wants complete privacy," Prudential Douglas Elliman Vice Chairman Dolly Lenz tells the Post. "You can drive in and not be seen again. It's for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy."

Leasing the spot will require the purchaser to sign a deed, sales contract and even pay additional maintenance fees, according to the developer Morad Fareed.

The Post notes that the cost of the spot will be six times the national cost of a single-family home.

If you have $1 million to spare, it might be worth the peace of mind, rather than attempting to recreate the "world's tightest parking spot," which also occurred in New York.

Back in 2002, it was reported that comedian Jerry Seinfeld was spending more than $1 million to build his own private parking garage. But that was to house his private luxury car collection, with an estimated 20 parking spots.

[bugandbibs]

I don't have to worry about this, it seems unlikely that I will ever be faced with this decision.

But, if I did have the money and lived in that building I can see negotiating buying this spot. Although anyone who pays retail is a sucker.

[emisi]

That spot seems really large to me. What are they parking, a semi?

[GailGoldie]

it's a bargain if you consider what people pay per year, day, etc
when DH was living in manhattan I spent a small fortune parking my car. If you can afford a place that big in NYC I'd think that spot wouldn't break the bank.

[emisi]

May 21, 2012 18:46:44 GMT -5 GailGoldie said:

it's a bargain if you consider what people pay per year, day, etc
when DH was living in manhattan I spent a small fortune parking my car. If you can afford a place that big in NYC I'd think that spot wouldn't break the bank.

Someone on the radio did the math, and it's like paying a $101 parking ticket every day for... I don't remember, maybe 15 years? Some crazy high number. That doesn't seem worth it to me. But I'm cheap.

[penguingrrl]

I'd pay it in a heartbeat! We're moving out of the city next month and parking is on of the biggest factors in our decision to leave. Between people vandalizing your car (we had both our side mirrors broken the same night, fixed them for $200 and had them rebroken a month later... we won't fix them again until we move), alternate side rules, cops saying you're too close to a hydrant when you're not (we've taken a tape measure to it and gotten pics and gotten out of tickets) and the stress of actually finding a spot, a million is not a small price to pay. And I'd say lifelong NYers likely pay that in various tickets and/or parking lots during their time here. This person's just paying it up front instead of slowly.

[GailGoldie]

May 21, 2012 18:49:33 GMT -5 emisi said:

May 21, 2012 18:46:44 GMT -5 GailGoldie said:

it's a bargain if you consider what people pay per year, day, etc
when DH was living in manhattan I spent a small fortune parking my car. If you can afford a place that big in NYC I'd think that spot wouldn't break the bank.

Someone on the radio did the math, and it's like paying a $101 parking ticket every day for... I don't remember, maybe 15 years? Some crazy high number. That doesn't seem worth it to me. But I'm cheap.

but some people do pay that much per day to park in the city lol. I wouldn't - but again, if you can afford to buy that place, the spot isn't too bad.

[emisi]

All good reasons I don't live in NYC. DC is expensive enough, thanks.

[UMaineTeach]

I wonder what the NY Times buy vs. rent graph has to say about how long you have to park in a spot before it makes more sense to buy.

[earlgreyhot]

I must be really used to HCOL areas b/c my first thought is "huh, yeah that could be worth it..."

Of course, *I* would never be able to afford such luxuries and so have not had a car for 8 years now.

[shopgirl07]

If you're buying a 20 million dollar apartment, surely you can throw in an extra mil for a sweet parking spot.

[heightsyankee]

I had to post this to my local family group. Some moms were bitching the other day about how people park in front of their houses sometimes. Uh, duh. We live in an inner city neighborhood in a huge metro area. I replied in the thread that we basically have it good; that we're fortunate that we don't have to pay to park in our own neighborhood. This was a perfect follow up for the whiners.

[ceejay]

Why does anyone need a car in NYC?? That was part of the reason I moved there...so I wouldn't need to buy one.

And so what if you can park at your apt, where are you going to park when you get where you are going?

I'd get a driver if I needed to be all "taxis and subways are beneath me." It can't be more than that parking space.

[penguingrrl]

May 22, 2012 6:00:15 GMT -5 ceejay said:

Why does anyone need a car in NYC?? That was part of the reason I moved there...so I wouldn't need to buy one.

And so what if you can park at your apt, where are you going to park when you get where you are going?

I'd get a driver if I needed to be all "taxis and subways are beneath me." It can't be more than that parking space.

We leave the city at least once a week to visit family and friends. Juggling kids, carseats, strollers and normal stuff on the subway and train was far beyond our capability, so we kept our car. We took our daughter up to the city from my mom's via train once and vowed never to do it again. With one overnight bag, breast pump, diaper bag, stroller, carseat and baby and a subway stop that didn'
t have an elevator we barely made it home. We also grocery shop in the suburbs because it's far cheaper than our neighborhood and a cab won't stop for you with carseat (plus I wouldn't want to install a carseat to get to the grocery store, carry the carseat through the store with us, and install it coming back... and no way in hell my kid's riding in a cab without regardless of law).