In the uber-expensive city, it’s hard to garner a lot of attention for high priced goods. However, a $1 million parking space has succeeded in making headlines even though it hasn’t hit the market yet.
According to MSNBC:
“The private parking spot is located inside an eight-story luxury condominium building at 66 E. 11th St., and will come with its own deed and sales contract… The space will go to the 8,000 square feet town house or to the penthouse in the building, according to the developer Morad Fareed.”
As far as parking spots go, this one is a bigger than most, measuring in at 12 feet wide, 23 feet long and more than 15 feet high. It’s so large you could actually park two medium sized vehicles in it, bringing the cost of each parking space down to a downright reasonable $500,000.
The always inventive minds at the New York Post postulated that a more frugal (multi-million dollar penthouse) owner could decide to illegally park on the street everyday and rack up $115 tickets parking tickets. It would take almost 24 years to reach the million-dollar mark.
So when does the cost of private parking hit a ceiling? It looks like in New York, there’s no real answer to that question.