$1 Million for Parking Spot in New York City’s Greenwich Village

For a one million dollars, can be purchased a bunch of expensive things. But, spend $1 million on parking spot? You see well, Manhattan’s first $1 million parking space is scheduled to go on the market this fall. And to be more unbelievable, the dimension of the parking spot is 12×23 foot. This New York’s most expensive private garage is located in an eight-story, prewar loft building at 66 E. 11th Street. The owner of a luxury condo in Greenwich Village decided to renovate the eight-story loft by converting it into six luxury condominiums.
The garage at 66 East 11th Street in New York City

$1 Million for Parking Spot in New York City's Greenwich Village

Although the parking spot dubbed “the city’s gaudiest garage” by the Post, comes with a separate deed and sales contract, the buyer must reside in the building. By selling this parking spot, a real estate agent could earn  $60,000, roughly $10,000 more than the average annual income in the U.S.,if we take into account an average 6 percent commission. “It’s for someone who wants complete privacy,” Dolly Lenz, vice chairwoman Prudential Douglas Elliman, the real estate firm representing the property, explained. “‘You can drive in and not be seen again. It’s for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy.” However he explained, a simple calculation is that a driver could pay New York’s $115 ticket for illegal parking every day for 23 years, and still pay less than the buyer of the million-dollar spot.

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