In London, specifically the trendy and uber-expensive Knightsbridge neighborhood, $849,000 buys you a 350 square foot parking garage, complete with its own overhead door and separate entrance.
In Manhattan, a new ultra-luxury condo building in Greenwich Village is asking a mind-warping $1 million for a single parking space in a communal garage. To even qualify for purchase, first you have to buy one of the building’s largest condo units, which are priced from “just under” $39 million according to MSNBC’s The Bottom Line.
Outside of Manhattan, $39 million (or $40 million, with parking) is enough to buy you a sizable small town, with ample parking for thousands of your closest friends. Even by Manhattan standards, $40 million for a condo and a parking space is a bit... pricey.
Don’t think the million-dollar purchase price is a one time deal, only. As with the condo units themselves, the parking space carries undisclosed maintenance fees with it, though we can’t imagine that a parking space requires a lot of upkeep.
The money does get you direct street access (assuming that no one illegally parks in front of the garage door), and there’s a provision for “duplexing,” thanks to the garage’s fifteen-foot ceilings. Frankly, for $1 million, we’d expect the building to install a hydraulic parking lift for us, before we inked any deal.
On the other hand, as the New York Post points out, a thrifty luxury condo owner could save money by illegally parking on the street. If you racked up a $115 parking ticket each and every day, it would still take you nearly 24 years to reach the million-dollar mark.
(c) 2012, High Gear Media.