Parking spaces in New York go on sale for $1 million
Developers believe people will pay a premium to park in luxury flats
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Parking spaces in New York are being sold for $1 million (£620,000) as developers try to cash in on a shortage of car parks.
A luxury development at 42 Crosby Street in the fashionable SoHo district of Lower Manhattan is offering 10 underground parking spots to residents, the New York Times reported.
The site itself is a former car park but spaces are at a premium in the packed district and with the nine three-bedroom flats above costing up to $25 million (£15.5 million), estate agents believe clients will pay the price.
At around $5,500 (£3,400) a square foot, the spaces are more expensive per unit than the apartments upstairs, and anyone buying one is only paying for a 99-year lease that expires if they move out, rather than owning it outright.
Shaun Osher, founder of the brokerage firm handling sales at 42 Crosby, said there are “few to no options” for parking in the area, let alone a private spot in your own building.
“We’re looking at setting the benchmark,” he added. “In real estate, location defines value and parking is no exception to that rule.”
Parking spaces elsewhere in New York have been seen selling for up to $500,000 (£310,000) and it is not the only city being affected by rocketing prices.
In July, a garage in Kensington went on the market for half a million pounds - the same price as an eight-bedroom Georgian mansion in Yorkshire, or a stunning light keeper's house in Scotland.
Measuring almost 9ft wide and 18ft long, if you rip out the cupboards, it also comes with a £280 a year “service charge”.
Estate agents described it as a “valuable asset” and assured prospective buyers it could “accommodate cars as large as a Range Rover or a Bentley Continental”.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments