New York City’s first $1 million parking hits the markets
A parking space today is as much a status symbol as a home itself. Well, today the price of owning a parking space is almost as much as a home itself. Yes, believe it or not, New York City’s first million-dollar parking space is actually on the market! The private garage at 66 E. 11th St. is sure to catch the eye of more than a few elite New Yorkers. The private garage is about 12 feet wide, 23 feet long and more than 15 feet high. It can also be “duplexed” if the buyer decides to install an elevator lift. What is more, the parking space will also come with its own deed and sales contract, and be charged maintenance fees.
Last year, developer Morad Fareed purchased the eight-story prewar loft building for $120 million and is in the process of converting the former parking garage into six luxury condominiums with mammoth, 15-foot-high ceilings. The parking spot will go to the 8,000 square-foot town house or to the penthouse according to Fareed.
The city’s expensive garage will hit the market this fall, after construction is complete and the Attorney General’s Office signs off on the building’s condo conversion. Wonder who will be lucky enough to call New York City’s first million dollar garage his/her own?