May 21, 2012 at 11:19 AM ET
In many parts of the country, a million bucks will buy you a mansion. In New York City, you can get a 12-foot by 23-foot slab of concrete. Yes, Manhattan's first $1 million parking space is scheduled to go on the market this fall.
This seven-figure private garage is in an eight-story, prewar loft building in the city's Greenwich Village neighborhood. It previously had been converted into a parking garage and is now being turned into half a dozen new luxury condominiums, according to the New York Post.
The parking space, dubbed "the city’s gaudiest garage" by the Post, will have a separate deed and sales contract. Based on an average 6 percent commission, this means a real estate agent could earn $60,000 — roughly $10,000 more than the median household income in the U.S. — for selling this parking spot.
The largest unit in the building will be an 8,000-square-foot penthouse with a 3,000-square-foot terrace that will be listed for just under $39 million, the newspaper reported. Only buyers of that penthouse or another 8,000-square-foot unit in the building will have the chance to buy the parking space. In addition to the seven-figure price tag, the owner will be charged maintenance fees on the parking spot.
So what does the owner get for a million bucks plus maintenance fees? Direct street access thanks to a curb cut in front of the garage door, along with 15-foot ceilings. The ceilings are high enough that the spot can be "duplexed;" that is, an elevator can be added so the owner can stack two cars in the space.
This two-for-one capability might make $1 million seem like a little bit more of a bargain, but the owner would still have to get a $115 parking ticket every single day for 24 years straight to equal the cost of the spot, the Post calculated.