There Will Soon be a Million Dollar Parking Space in Soho

Living out of your car might not be too bad.

The construction site of the luxury apartments used to be a parking lot. (Andrew Burton/Getty Images)

The construction site of the luxury apartments at 42 Crosby Street. (Photo: Andrew Burton/Getty Images)

Think the MTA rate hike is bad? Imagine the painful process of finding a safe location to park your collection of Aston Martins in New York City.

For the residents in the new development, 42 Crosby Street, the search is over. But the price tag for a Soho private parking space costs more per square foot than the apartment itself. The New York Times reports that the buyers for the ten condos in the Atlas Capital Group project have the rare opportunity of purchasing a license, not a deed, for a generous 200 square foot underground parking space–on a first-come-first-serve basis, of course. Each spot has a small space for storage as well as a charging station, and are priced between $5,000 and $6,666 per square foot. The residents, however, will be spared any additional monthly fees.

This price tag is even higher than the $3,170 per square foot cost of the luxury condos upstairs. The Times quotes Zillow Real Estate to illustrate that the parking spaces cost more than four times the median price for a home in the United States, which is currently around $217,800. Izak Senbahar, president of the Alexico Group told the Times, “When someone is paying $50 million for an apartment, another $500,000 for the luxury of not walking a block or two and having your own spot, I guess it becomes a rounding error”.

The rest of us may still be clutching our MTA cards, but with the realtors finally paying attention to this parking scarcity at least Bentley owners will find some peace of mind.

There Will Soon be a Million Dollar Parking Space in Soho