$1 million doesn’t always buy much in Manhattan. But if keeping your car is a conundrum, and location is what you’re lusting after, you might find this spot in SoHo worth the dough. Keep in mind, though, the price tag is purely for the parking.
A new 10-unit luxury apartment building, 42 Crosby Street, recently requested — and received — special permitting to add the same number (10) of underground accompanying parking spots that will actually cost more per square foot than the apartments being sold upstairs. The irony? The development site was once a parking lot.
Now, some of these spots are a roomy 200 feet. And while they don’t have sweeping city views, they do come with some storage space and a charging station for your electric vehicle… albeit with a sticker about 2x the cost per square foot of your actual living space. Spots will run $5,000 to $6,666 per square foot, while units above run about $3,170 a square foot.
In an area where residential parking is beyond rare, the opulent option is actually appealing.
But beware, there is a catch. You won’t be passing down this (almost) priceless possession for indefinite generations. Each spot comes — not with a purchase deed — but a 99-year license to use only as long as the resident remains in the building, and must be sold in the event of a move.