Community Chat

[sunala]

Here ya go

http://www.nytimes.com/2014/09/10/realestate/million-dollar-parking-spot.html?_r=0

[VanSleepy]

I'll just jump in/out when my driver pulls up.

[kittymomNC]

On 9/13/2014 Tinkrbl44 said:

Hmmmm ...... I'm getting confused by the presumed square footage ......

In NYC, 10 "luxury" apartments would be about ... what? ... 4 to 10 thousand square feet each?

Even if there were only two apartments to each level, meaning 5 stories of residence, one level of parking structure would definitely accommodate more than 10 vehicles!

Did they say how many sq ft a parking space was?

Is there a link to the story?

Apparently, I'm getting all tangled up in my underwear over this one!

Tinkrbl44, it wasn't very detailed, so I can't get you "untangled"! It was basically a "blurb" on a news show with a guy interviewing someone who I think was involved in the project. It didn't give any info about the apartments themselves, the people who brought this story were just astounded by the price of a "parking spot". I was just guessing what size a parking spot might be to accommodate whatever kind of "luxury vehicles" might be parked there, therefore the square footage was just a guess. I don't own any "luxury vehicles", but some of them are pretty good sized! My sports car wouldn't need that much space!

Edited to add: from the story in sunala's link (thank you for that!): Wow, I can't believe I guessed exactly what size parking spot a luxury car would need - I must be smarter than I thought!

The parking spots, some of which will be a generous 200 square feet, will run $5,000 to $6,666 a square foot, whereas the nine three-bedroom units upstairs will cost between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot. Monthly common charges for operational expenses and taxes for the three-bedrooms will run as high as $8,880 ($18,360 for the $25 million duplex penthouse). But the parking spots, which also provide a bit of storage space and a charging station, if not views, will not rack up additional monthly charges.

[Tinkrbl44]

Thanks kittymom ..... now THAT is what I'd call a ""high end problem"".

[Elstongunn]

On 9/13/2014 VanSleepy said: I'll just jump in/out when my driver pulls up.

Yep, if I was wealthy enough to live in a luxury apartment or condominium in NYC, I would have a service to drive me to wherever I'd want to go.

[Linders Back]

On 9/13/2014 kittymomNC said:

On 9/13/2014 Complicated said:

How much are the apartments?

They never revealed that little tidbit of information - but I can only imagine!

If you have to ask, you can't afford it. They did say the "Condo fees" are $8,000 a month and change.

[FlowershopGirl]

Hopefully it could be passed along in a will??

[Preds]

Well, I'm opting out. I need at least three and nothing is working with this arrangement.

[Tinkrbl44]

Ya know, there is actually some logic to this ..........

First, for re-sale, there's the "snob appeal", which must never be underestimated.

Secondly ....... I've heard stories that VERY expensive cars needing to be garaged costs a LOT of money in NYC .... up to $250,000 a year .... and the garage could be blocks away from your home.

If you have the convenience of having your own spot in YOUR building, the space would have paid for itself in only FOUR YEARS ........

(Laughing my behind off as I write this ......)

[sunshine45]

not surprising to me if it is a luxury apartment.

my brother has a condo just outside of DC and someone in the building was selling THEIR garage parking spot for 40000! his condo is maybe worth 400-500K in the area he is in parking is at a premium in that area also.