14 DAY TRIAL // If you worship your car and also have quite a lot of money to spare, here's what you can do to make sure that your four-wheeler knows exactly how you feel about it: gift it with a $1 million (€0.77 million) parking spot.
In exchange for this sum, your car will get to take relaxing naps in a high-end underground garage and, since it will share this establishment with just 9 other four-wheelers, you won't have to worry about it being stressed by too much commotion.
So, where is this wondrous underground garage located?
The $1 million parking spots are expected to soon be made available to folks in SoHo, a neighborhood in Lower Manhattan, New York City, The New York Times tells us.
Thus, it is in this part of the US that the Atlas Capital Group is now busy erecting a 10-unit luxury apartment building. The building in question is currently under construction at the intersection between Broome and Crosby Streets.
When completed, the luxury apartments will sell for somewhere around $8.7 million - $10.45 million (roughly €6.7 million – €8.1 million). Simply put, real estate investment, development and management firm the Atlas Capital Group will make quite the profit.
Information shared with the public says that the possibly diamond-encrusted parking spots that will soon be made available to SoHo's wealthiest each cover an area of about 200 square feet (approximately 18.5 meters), so claustrophobic cars should have no trouble residing here.
When factoring in their price, this means that these parking spots are to sell for a whopping $5,000 to $6,666 (€3,876 – €5,168) per square foot. By comparison, the apartments built on top of this outrageously expensive garage will sell for $3,170 to $3,140 (€2,457 – €2,434) per square foot.
In case you've got lost in numbers (they are pretty impressive, so there is nothing to be embarrassed about), let me break it down for you: the folks who will one day live in this building in SoHo will in a way pay more for their car's crib than for the apartment they will get to call their home.
Not such an outrageous price tag after all
This might come as a bit of a shock but, as it turns out, neither the luxury apartments nor the parking spots accompanying them is as expensive as regular folks must surely think them to be. On the contrary, real estate experts claim that, given their location, the price tag is perfectly acceptable.
“We’re looking at setting the benchmark. In real estate, location defines value and parking is no exception to that rule,” says Shaun Osher, founder and chief executive of the brokerage firm CORE. “The No. 1 amenity is parking. In the luxury market, parking is really one of the key, key features that distinguish one development from another,” adds Beth Fisher, a senior managing director of Corcoran Sunshine.