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.