12 July 2007

Parking Spot in Manhattan $225,000

Yes, it is crazy and a sign o' the times but hey, if you can afford to live in Manhattan and have wheels, then I guess its not that bad to own a spot like you own your crib.

Still, in Houston, $225,000 will buy a 3-bedroom house with a game room, den, in-ground pool and hot tub.

In Manhattan, it will buy a parking space. No windows, no view. No walls.

Parking spots are in such high demand that there are waiting lists of buyers.

Eight people are hoping for the chance to buy one of five private parking spaces for $225,000 in the basement of 246 West 17th Street, a 34-unit condo development scheduled for completion next January. The developer, meanwhile, is seeking city approval to add four more spots.

Parking in new developments is selling for twice what it was five years ago. Naturally.

Although spaces in prime sections of Manhattan are the most expensive, even those in open lots and in garages in Brooklyn, Queens, Riverdale and Harlem are close to $50,000, although at least one new Brooklyn development is asking $125,000.

Read more from Das Times

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