In New York’s SoHo district, the parking spaces for the new residential building at 42 Crosby Street are selling for $1 million.
That’s just the parking space.
In Toronto, for comparison, parking spots generally begin at $35,000, though a spot at the Four Seasons will cost about $100,000.
At the Crosby Street building, only ten 200-sq.-ft. underground spots are available for those also purchasing units in the building, and they vary in price from $5,000 per square foot to $6,666 per square foot. The luxury suites located above them, meanwhile, are priced at “just” $3,170 per square foot.
Shawn Osher, the founder and CEO of the brokerage that is handling the sales of the building, said the group is looking to set the benchmark for the area.
“In real estate, location defines value and parking is no exception to that rule,” he said, adding that there are “few to no options” for parking in Manhattan, and particularly in the SoHo neighbourhood.
Ironically enough, the land that the under-construction building is set to occupy was previously a parking lot.
Even agents in Canada’s priciest markets will be green with envy when they hear just how high prices have risen for something as small as 200 sq.-ft. in NYC – and that’s without marble countertops and hardwood floors.