When a LOT of people want the same thing, that thing gets expensive, right? Welcome to New York real estate. I have a tiny place (that I’m lucky to have) in the Meatpacking District. Ten years ago when I bought the place I checked into renting a monthly parking spot in the building across the street. It was $600 a month. My exes rent stabilized apartment (which is only about twice the size of a parking space) rents for only slightly more. Now, I park my car on the street for free. In fact, my life and schedule is sort of ruled by alternate side parking.
So, a new development at 42 Crosby Street in SoHo, is offering 10 million-dollar parking spots on a first-come-first-served basis to buyers at the 10-unit luxury apartment building. (Ironically, the building itself is the former site of a parking lot.) The spots, some of which will be a generous 200 square feet, will run $5,000 to $6,666 a square foot, whereas the nine three-bedroom units upstairs are “just” $3,170 a square foot. Yes, this is our world in 2014 – ISIS and the information of human history at our fingertips, IKEA and million-dollar parking spots.