Around the globe, $500,000 (approximately Rs 4 crore) may be enough to buy a luxury home, but in New York City, that amount only secures you a parking space. Located in the classy West Village neighbourhood, developers are offering exclusive parking spots for 150 Charles Street condo residents that come with a hefty price tag of half a million dollars. This elite 15-storey tower is home to numerous Hollywood stars and wealthy residents, including Ben Stiller, Jon Bon Jovi and Irina Shayk. Reportedly, developer Alex Witkoff revealed that these underground parking spots are selling quickly.
The underground parking space was finished in 2015 along with the rest of the building and all 91 apartments have been sold. As per Witkoff, parking is hard to find in the area and residents are ready to spend a lot of money for convenience. Speaking with the New York Post, he said, “The West Village has a growing parking shortage, which will continue to get worse, especially as many buildings are converting garages into condos. This is a rare opportunity for buyers to secure a parking spot in such a prime area.”
As it turns out, this is not the first instance of massive parking spot prices in the United States. In April, real estate agent Betsy Herald also sold parking spots for $500,000 (approximately Rs 4 crore) at the Brimmer Street Garage in Beacon Hill, Boston. According to Herald, buyers pay for their spaces entirely in cash. Similar to New York City, parking in Boston is very limited and wealthy residents don’t mind spending such a large amount to ensure their expensive vehicles have a secure parking spot.
Speaking with Boston Globe, the agent said, “If you’re purchasing a house at that level, to add in $500,000 for that parking convenience is really not that shocking. You have to look at it as a piece of land. If you took that parking space and multiplied it by 20, you have a developable piece of land in Boston, which is worth a significant amount of money.”
According to the portal, another real estate agent, Beth Dickerson sold 3 parking spaces for $ 0.5 million last year (approximately Rs 6 crore) in 2022 and another for $350,000 (approximately Rs 2 crore). Beth explained that the prices are determined by the local market. Interestingly, 10 years ago, a building in Manhattan made headlines for selling parking spots for $1 million (approximately Rs 8 crore).
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