$1 Million Parking Space For Sale In New York City
Even if you had the cash, would you pay that much for a parking space in New York City?
Most sane people would say no.
At 12 feet wide and 23 feet long, it’s not that huge of a parking space. Many local homeowners have garages bigger than that. And the million dollar price puts it far above the average value of a home in America.
But, this particular spot will be available in a new ultra-luxury condo development in Manhattan, the toniest part of New York City.
Parking expert Mark Lawrence a co-founder of parking commerce website SpotHero.com definitely wouldn’t pay it.
“Ha, wow, that’s crazy,” chuckles Lawrence. “I can think of a lot of cool things to do with $1 million, and this would not be one of them.”
But is there a comparably expensive parking spot in Chicago?
According to parking expert and SpotHero.com co-founder Mark Lawrence, no.
“The most expensive non reserved monthly spot (in Chicago) is $385 a month right near the Board of Trade,” said Lawrence. “For reserved, the price goes up from there. $400, $500, is not uncommon.”
Lawrence points to a 2010 Collier’s study of national parking rates that shows rates have decreased 9.7% since the 2009 report. The study claims Chicago’s parking prices rank 4th in the nation after New York, Honolulu and Boston.
SpotHero.com is a locally based website that helps drivers find the best parking deals in Chicago and helps parking garage and individual spot owners find cars to fill their spaces.
Would SpotHero be interested in helping the New York real estate developer find a buyer for their parking spot?
“I think it would be a great PR stunt for SpotHero and our reputation if we were able to boast a $1 million parking space sale.,” chuckled Lawrence. “That said, it really defeats the purpose of the company, which is to offer low-cost, high-convenient and easy parking.”
In the meantime, if you’ve got some extra cash burning a hole in your pocket, someone has the world’s most exclusive parking spot for your car.
Here’s the full story, “The $1 million parking space.”
Hat tip to Steve Rhodes, Editor-in-Chief of The Beachwood Reporter.