$1 Million Parking Space in SoHo?

There are a few things you can buy in Manhattan that are less than $1 million, but most people don’t count a cup of coffee and a newspaper as anything exciting. In terms of real estate, $1 million won’t go a long way in Manhattan, unless the home you’re looking for is for your vehicle. It’s all about location in Manhattan, and right now SoHo is the place to park your car. However, you’re going to pay for it.

At 42 Crosby Street, a new luxury apartment building with 10 units, you can purchase a private underground parking spot. The cost for this parking spot is $1 million, and that doesn’t include the price of your luxury apartment or your building amenities. The apartment building applied for and received permission to purchase 10 private parking spots underground, on the land that was actually a former parking lot.

Each of the parking spots is a different size, but some of them are as large as 200 feet. Each spots comes with a location in which you can plug in an electric vehicle, and all spots do have some storage space for your vehicle’s needs – such as strollers, extra car seats and cleaning supplies. The price tag is exorbitant, and the price per square foot is actually more expensive for your vehicle than it is for your actual home.

What makes the apartment complex think they can price a parking spot at $1 million? Convenience; that’s what. There is very little available in terms of private parking in this SoHo neighborhood, which means that people will pay whatever it takes to get one of these premium spots. The only downfall is that this price is not to purchase the spot; it’s to rent it for 99 years or until you move out of the building – whichever comes first. You will not get to pass it from generation to generation.

(Photo by Sean Gallup/Getty Images)

Written by Tiffany Raiford

Tiffany Raiford is a lifelong Floridian, wife to my high school sweetheart and mother of four littles (two girls and boy/girl twins...no, they are not identical and yes, I'm sure). My kids love to whine, so I love to wine. My loves include nap time, bed time, date night, travel and evenings and weekends when my husband is home because he handles all diaper changes.