Parking Spot for Sale: $225,000

Manhattan drivers pay house rates to stash their cars
By Peter Fearon,  Newser Staff
Posted Jul 12, 2007 7:28 AM CDT

(Newser) – The price of New York City parking has doubled in five years, with some drivers currently vying for the chance to pay an astronomical $225,000 for one of five private parking spaces in the basement of a Manhattan condo, the New York Times reports. That's the price of a three-bedroom house with pool and hot tub in Houston. 

Some buyers who don't own cars buy spaces as investments.Yet despite the parking shortage, only 1% of developments include private parking. Buyers are confident prices have only one way to go: up. “There are people who have the attitude, ‘Love me, love my car,'" said one broker. For them, it's "practically a deal" to pay $225,000. (Read more real estate stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.