The Real Deal New York

Village parking space will list for record $1M

May 21, 2012 09:00AM

A Greenwich Village parking spot will hit the market for $1 million, making it the most expensive space in the city. The New York Post reported a 12-foot wide by 23-foot long spot in a private garage at Morad Fareed’s forthcoming condominium development at 66 East 11th Street will be the city’s first seven-figure parking space when construction is complete in the fall and the Attorney General’s office signs off on the conversion.

The development is a former eight-story prewar loft building that last served as a parking garage. Fareed’s Delos Living bought the property for $120 million and will convert it into six condos, including an 8,000-square-foot duplex penthouse with a 3,000-square-foot terrace that will be listed for $38.8 million.

The 15-foot high parking spot could also be duplexed if the buyer installs an elevator lift. “It’s for someone who wants complete privacy,” said Dolly Lenz, vice chairman of Prudential Douglas Elliman. “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.”

The post noted that the space costs six times the average price of a home in the U.S. [Post]