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$1 Million Parking Space to Be Manhattan's Most Expensive

May 22, 2012|9:21 am

Finding a parking space in any city can prove troublesome, but for the right price anyone can buy their own private spot.

The city's most expensive parking spot has been revealed as a private garage at 66 E. 11th St., and will soon be on the market for a staggering $1 million. The listing price is several times the cost of the nation's average home.

"It's for someone who wants complete privacy," Prudential Douglas Elliman Vice Chairman Dolly Lenz told the New York Post.

"You can drive in and not be seen again. It's for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy."

The parking space which is about 12 feet wide, 23 feet long and 15 feet high will be able to accommodate more than one vehicle; it will even have a curb at the street for direct access to the building.

The parking spot will have its own deed and sales contract, and its owner will be responsible for maintenance fees.

The space will be tied to the building's 8,000 square-foot townhouse or penthouse which is the buildings prime rental. The penthouse also features a 3,000 square foot private terrace and other luxuries such as heat reflexology flooring, according to the building's owner Morad Fareed.

The city's most expensive parking spot is expected to be available by the fall, after construction is complete and the Attorney General's Office approves the building's conversions.

"If you have an opportunity to buy a space in your building, you're going to take advantage of that," said Robert Knackal, chairman of Massey Knackal, a Manhattan real estate firm.

"The reality of New York City is that people are willing to pay more for a parking spot than the average person in the country pays for a home."

Source URL : http://www.christianpost.com/news/1-million-parking-space-to-be-manhattans-most-expensive-75328/