A new SoHo development is getting 10 underground parking spots that each cost a cool $1 million a pop.
The parking spots will be available to the buyers of 10 luxury apartments at Atlas Capital Group’s 42 Crosby Street. While the building’s penthouse will cost $25 million, the nine other units will be offered at either just under $9 million or about $10.5 million.
Although the apartments are for sale, the parking spots can only be leased for 99 years, or until the owner moves.
Such an extravagant purchase might seem unfathomable to the average New York state citizen, whose income is about $48,109. Even when building their own homes, people wouldn’t want to drop a million bucks on parking.
“For a million dollars, you could build one of our custom luxury homes as a vacation home where you wanted, still have enough money to shuttle back and forth regularly and people would not question your judgement over paying a million for a parking space,” says Erik Cocks – Arthur Rutenberg Custom Luxury Homes.
Whether or not the average American can fathom making such an expensive investment, it stands to reason that the parking spots could be snatched up by the world’s ultra-rich elite. After all, there are international business magnates, wealthy heirs and new rich tech moguls who are buying palatial homes in New York city, making million dollar renovations, and then choosing to live there for only a few days of the year.
“They like to be able to reference in conversation their home in New York, their home in Paris and their home in London,” says Frances Katzen, a New York City luxury real estate broker. “How many people can really live like this? Not many. It’s obscene.”
Perhaps just as obscene as the very notion of a $1 million parking spot.