In Manhattan, the rise of the $1M parking spot

With Manhattan land prices growing ever pricier, it shouldn’t be surprising that parking comes at a dizzying premium. But increasingly, developers are asking $1 million or more for a humble parking spot, with at least two new developments in the city asking seven figures for their spots.

42 Crosby Street and a rendering of the completed project

At Soho’s 42 Crosby Street — a 10-unit luxury condo that is currently under construction – just 10 underground parking spaces are asking $1 million. That’s roughly four times the cost of an average single-family home in the U.S. and higher price per square foot than the condos upstairs, according to the Wall Street Journal.

And just half a mile down the road at Soho’s 15 Renwick, three parking spaces are also asking $1 million each. Core’s Tim Crowley, who handles marketing for the development, told the Journal that the developers hope the spots will sell with the building’s penthouses, priced between $7 million and $11 million.

Still, those insane asking prices still don’t reflect reality. The highest actual sales price for a single parking space in Manhattan is still just $325,000, according to real estate appraiser, Jonathan Miller.[WSJ] – Christopher Cameron