Who Has Enough Cash Floating Around To Pay $1 Million For A Parking Spot?

Circling the block repeatedly hunting for a free parking spot is for peons, apparently. If you really want to be burning cash, what you need is a parking spot that comes with a hefty price tag. Say, $1 million for an indoor spot in New York City? That sounds about right, if you’ve already got a bank vault full of gold to swim in.

The New York Post says the $1 million golden spot is roughly the equivalent of paying a $115 ticket for illegally parking every day for four years. Or, about six times more than the national average price of a single-family home.

So why’s it such a money spot? It’s located inside an old parking garage that is now being turned into luxury condos in the city’s East Village, and would offer whoever parked there complete privacy when going from car to home. Even fancier — the owner could install an elevator lift so the spot could hold two cars.

The spot will have its own deed and sales contract and will be charged maintenance fees, just like a normal condo. It’ll hit the market this fall after construction is complete in the building.

Who feels kind of icky now?

The $1 million parking space [New York Post]

Comments

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  1. Torchwood says:

    Al Gore: This parking spot is for you.

    • MaxH42 thinks RecordStoreToughGuy got a raw deal says:

      Time to update your material. Now it’s car lifts and Mitt Romney.

  2. unimus says:

    The New York Post says the $1 million golden spot is roughly the equivalent of paying a $115 ticket for illegally parking every day for four years.

    * twenty four years

  3. jsweitz says:

    Aha, after I RTFA, I realize that Consumerist misquoted part of the article. Its almost 24 years at $115 per day, not 4 years.

  4. Blueskylaw says:

    “Who Has Enough Cash Floating Around To Pay $1 Million For A Parking Spot?”

    What recession? Hedge fund honcho John Paulson profited more than $5 billion in 2010, possibly the largest haul in investing history, according to a news report.

    This means that Paulson was making $158.55 per second last year.

  5. spartan says:

    My job used to take me to Mojave California, a small desert town with a large (in terms of acreage) airport. Airlines from around the world would store unused aircraft in the dry desert heat. One day I happened across a Japanese TV News crew who were photographing a couple of All Nippon 747s.

    Their angle was it cost to park the 747 in the desert for a year than it costs to park a car in Tokyo for a month.

    • MaxH42 thinks RecordStoreToughGuy got a raw deal says:

      I think you a word out of last sentence.

      • spartan says:

        Their angle was it cost to ***more*** park the 747 in the desert for a year than it costs to park a car in Tokyo for a month.

        • George4478 says:

          That’s the angle? It costs more to park a plane than it does a car? Not too surprising — it a huge plane.

          Are you sure you don’t have it backwards?

        • Torgonius wants an edit button says:

          Actually, to be an interesting story, it would need to cost ** LESS ** per year to store a plane than to park in Tokyo.

        • Jane_Gage says:

          Monday just kicked your ass.

          • MaxH42 thinks RecordStoreToughGuy got a raw deal says:

            Eh, I think we can all sympathize with that.

  6. TheMansfieldMauler says:

    This anecdote proves once and for all that the economy has completely recovered.

  7. milkcake says:

    Well the article said $115 for 24 years, not 4 years. If parking is very important, I rather just park my anywhere and eat the cost of the ticket instead of buying a single spot for 1mil.

  8. SkokieGuy says:

    Does Scrooge McDuck drive?

  9. Harry Greek says:

    I love how the NYPost labels this story as “exclusive”. It’s a newstory,.. on a parking spot.

    Tomorrow’s harrowing news tale; water – people are ACTUALLY paying for water, in bottles!!!

    Murdock is such a rag twirler,…

  10. Not Given says:

    If you can pay $1,000,000 for a parking spot why not just hire a driver so you don’t have to park?

    • crispyduck13 says:

      Word. Spend $50k on a nice towncar and $50k a year for a person’s salary to drive you around whenever you want. We just saved some shmuck $900,000, I’m demanding a 10% finders fee.

      After years of Sex and the City I figured all rich people in NYC got around like Mr. Big.

    • c_c says:

      Because the same person who would buy a $1m parking spot likely has a red penis-enhancing sports car that they need to be seen driving around.

      • LisetteKoopman says:

        Ferrari’s are bad ass. Every straight guy out there would love to have one. You can’t compare a parking spot to a Ferrari. Please.

        • ARP says:

          I don’t want one. Then I’d have to worry about where I park it every time I drive and pay $1m for a parking spot. I’d rather get a nice Audi and use the rest of the money to travel somewhere.

  11. madanthony says:

    The article also says that condos in the building go for as much as $38 million. If you are spending that much, $1 million for a parking spot is just a rounding error.

  12. evilpete says:

    Can I park a RV or campervan and have my mail delivered there??

  13. Scoobatz says:

    How does does it cost to install a lift?

    Step 1 — Buy spot for $1M

    Step 2 — Install lift

    Step 3 — Sell spot for $2M

  14. gman863 says:

    Anyone with this kind of money will likely pass on the deal and hire a limo on call 24/7 with a couple of whores in the back.

    semi s/

  15. drjayphd says:

    To be fair, it’s a wiser use of your money than Scrooge McDuck’s vault, as Peter Griffin learned the hard way…

    http://www.youtube.com/watch?v=yp33zDazq1Y

  16. mikedt says:

    Makes me think of the “Bonfire of the Vanities” paragraph where he describes how easy it is to go broke in NYC while only earning millions a year.

  17. phsiii says:

    Reminds me of the old joke about the Manhattan garage with a $29.95 oil change special. Guy drops his car off one day, picks it up that evening. Next morning, he’s back. Service manager notices but decides not to say anything. Third day, same guy, same car. Service manager takes him aside and says “Sir, you realize you don’t need to change the oil every day, right?”

    “Of course!” the man replies. “But where else in Manhattan can I park all day for $29.95?”

  18. teke367 says:

    Per square foot, it’s probably the most reasonably prices real estate in all of NYC.