The parking spot on East 11th Street, which is undergoi... The parking spot on East 11th Street, which is undergoing renovations (Google).
The most expensive parking space in New York City history is now for sale.

The $1 million price tag for the 23-foot-by-12-foot slab of space on East 11th Street has already provoked a wave of reactions from experts. Depending on your location, and perhaps the size of your wallet, the cost of the space is:

A) A sign that the convalescing real-estate market has returned to full health.

B) An ostentatious and tone-deaf display of excess.

C) A desperate indication of how parking-poor Manhattan has become.

To a prospective buyer, the cost of the space might be tempered by a need for privacy. "You can drive in and not be seen again," Prudential Douglas Elliman vice chairman Dolly Lenz tells the New York Post. "It's for the type of person who finds that attractive."

The spot is currently set for single-car usage, but the next owner, Lenz says, could opt to add an elevator to double capacity. The space will not be offered to just anybody. A developer in charge of renovating the eight-story loft is converting it into six luxury condominiums.

Although the parking spot comes with a separate deed and sales contract, the buyer must reside in the building.

The $1 million asking price for the spot is more than six times the national average of the price for a single-family home. A driver could pay New York's $115 ticket for illegal parking every day for 23 years – and still pay less than the buyer of the million-dollar spot.

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    • 1 Second Ago
      • 3 Years Ago
      • 3 Years Ago
      For anyone who ascribes to the socialistic 'spread-the-wealth' theory, I hope you see the flaw in the subtle liberal spin behind this news story. A $1 million price tag on this parking space in no way supports any optimistic claim that this could be a sign of a healing economy. Nonsense! The owner of the space and any serious buyer of the space are sufficiently wealthy to be unaffected by the current economic downturn. One million dollars seems excessive, but parking spaces sell for tens of thousands of dollars in less congested urban areas than this section of Manhattan. 'Janet2derek' -- there's nothing "disgusting" about it. It's a function of capitalism, supply and demand and affordability. The price is just out of reach for most of us, even if we could use the space! Would it be right of someone who can't afford $200 per month rent to call you a "slimeball" because you own a home valued $200,000? Of course not.
      • 3 Years Ago
      Whoever is trying to sell this is delusional.
        • 3 Years Ago
          • 3 Years Ago
          The million dollars isn't being destroyed, it is just changing hands. The assets(money and parking spot) can still be used by both parties after the sale. 10 years from now these assets can still be used to help start businesses and employ people. If given to the government it most assuredly will be an asset destroyed and be doing nothing productive for anybody in 1 year. If all money deemed "excess" is taxed in and spent by the government then where does money come from in the future to start businesses. 20 Billion extra in the hands of a Warren Buffett is going to be a lot better for providing jobs and food for people for decades compared to the government. The government is a reckless custodian of wealth.
      • 3 Years Ago
      Ah, the perfect place to park my Ford Fiesta!
      hello asca
      • 3 Years Ago
      disgusting. I would not pay a million dollars for a parking space if it was sitting dead center in time square.
      • 3 Years Ago
      @kskbills yes, its not for dumb hicks like you a33hole
      • 3 Years Ago
      A private parking single garage, with a locked door, in London is $400,000 - $500,000. within walking distance to Piccadilly or downtown.
      • 3 Years Ago
      Capitalism has ruined the world.
      • 3 Years Ago
      Rack Conveyor Installations Inc. has installed many Phantom Park car lifts. Turning One car units into two car units. And will do this one for free, just pay travel, per diem.
      • 3 Years Ago
      Bitch all you want about conspicuous consumption. Whine about the rich getting richer(see Sir Romney). Be angry, sad, frustrated. Say out loud you would never do it. But in the end, you are probably more like me: if I were earning over $1,000,000 a year, and drove any nice to fabulous car, AND wanted to live in NYC, I would buy that place and the best of the condominiums above it in a heartbeat. If I were that person, while i might be sympathetic to those less fortunate than I and might give to many charities to help those same people, I would want my STUFF safe. And if i lived in NYC I would have to have at least one car and some motorcycles to escape to my country place once in a while. So let's be honest here shall we? paul tallahassee
        MIKE HALL
        • 3 Years Ago
        Paul ,you are one of the few honest posters, of course we would all love to be rich ,and only those couch potatoes sitting on their behinds , waiting for obama to tax the rich and give more to them, will cry. If the truth be told ,they would all love to be rich,just like the rich, and only lazy people, and jealous people can never climb that tall ladder to riches.
      • 3 Years Ago
      Only goes to show how totally krazee & out of line our country has become. Sad commentary.
      • 3 Years Ago
      AVARICE AND GREED knows no bounds
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