Yes, it’s true. The value of having your very own private NYC parking space in your own home has just been set at $1 million. According to The New York Post, ‘the private garage at 66 E. 11th St. costs six times more than the national-average price of a single-family home’ and ‘buying it would be the same as paying a $115 ticket for illegal parking every day — for 24 years’.
The average monthly NYC parking garage rate in Manhattan right now is about$450 (including tax), and that comes with a valet to take your car and bring it back to you. The advantage of parking right in your house, as most suburbanites know, is that it’s easy to carry packages right into the house. But if someone is paying $1 million just for a parking space, do we really think he is she is actually doing the food shopping, picking up the dry cleaning, or taking the dog to the Vet?
This private garage is in a former 8 story prewar loft parking garage building that was purchased in 2011 for $120 million. The developer plans to convert this garage into six luxury condos. The penthouse will be 8,000 square feet and include a 3,000 sq ft terrace for a listing price of $38.8 million.
Is there a catch? Of course! You have to purchase a unit in the building first…
Personally, I say hire a full-time driver to be at your beck and call for $100,000 a year.