$1 Million Parking Space: Only in New York City

 @ceylanwrites on May 21 2012 3:38 PM
#1 million parking space
Back in the day a million dollars would buy you a solid chunk of Manhattan real estate, now it can buy you a 12 foot parking space. Reuters

Back in the day a million dollars would buy you a solid piece of Manhattan real estate, now it can buy you a 12 foot parking space.

The private garage located at 66 E. 11th Street in Manhattan,  is the city's first million dollar parking spot, according to the New York Post. Its 12 feet wide, 23 feet long, 15 feet in length and can be duplexed if the buyer wants to insert an elevator life for an additional car. 

It may seem like an unnecessary expense, even for the richest A-listers, but Dolly Lenz, Prudential Douglas Elliman Vice Chairman, told the New York Post that the space has been designed for people who want utmost privacy. 

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, she said. 

The space is about six -times more expensive than a typical family home in the U.S, according to the Post. If you have an opportunity to buy a space in your building, you're going to take advantage of that, Robert Knackal, chairman of Massey Knackal, told the New York Post. The reality of New York City is that people are willing to pay more for a parking spot than the average person in the country pays for a home.

The parking space is part of a building, which was purchased by developer Morad Fareed last year. The building's penthouse apartment is listed for $38.8 million, according to Lenz. 

In addition to the private garage the building's shower water comes enriched with  vitamin C and Aloe Vera, as well as lighting and air quality that ensures better sleeping patterns for its occupants, the Post reports. 

Manhattan has the most expensive parking in the U.S, according an annual report by Colliers International.

The report found that the median monthly rate for parking in midtown and downtown Manhattan costs between $533-$541. 

New York is sort of the bellwether for parking among major cities in the U.S., said Ross Moore, chief economist at Colliers International, which has monitored national parking prices since 2001. 

As the office market fills up, almost by default, the garages fill up and prices rise,Moore added. There really wasn't much building in the parking garage market, so supply isn't going up much.

Midtown Manhattan has the most expensive daily parking rate  at a median of $40 per day. That said, buying a $1 million dollar parking space would equate to paying a $115 ticket for illegal parking every day for 24-years, according to the Post.  

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