It used to be that $1 million could buy you a healthy chunk of real estate–a mansion, maybe, or a few acres of land.
But in Manhattan’s tony Greenwich Village, it will buy a parking spot.
That’s right: A garage space at 66 E.11th Street will soon be offered for a cool $1 million, perhaps intended for that discerning Ferrari driver for whom a mere six-figure parking spot just won’t do.
If you think a million dollars is way too much to spend on a measly piece of concrete to park the old set of wheels, think again. “It really is the defining luxury amenity,” says Dolly Lenz, vice-chairman at New York real estate firm Prudential Douglas Elliman, which will sell the space. “You’d be surprised about how many people have big car collections. We wish we had more garage spots.”
And the specs are pretty sweet. The coveted parking spot is inside the apartment building, complete with curb cut, a rarity in the New York City parking landscape. The garage space boasts 15-foot ceilings, which allows for ample storage space, and the owner could even stack two cars onto ramps to create a duplex parking arrangement. In light of all that, “this is actually undervalued,” Lenz told ABCNews.com. “Normally, when you buy a garage, you are literally buying between two lines in a designated spot.”
Lenz has even witnessed bidding wars reaching $600,000, just for a space between two lines. That’s because–like any other luxury item, from Birkin bags to rare diamonds–it’s the scarcity of available parking in New York that creates such cache.
To put it all in perspective, Lenz says she sold a double penthouse at 200 11th Avenue to Domenico Dolce (as in, Dolce & Gabbana) for $50 million, which included two garage spots. “So there is precedent for this type of situation,” she said.
As the word has spread about the city’s swishest parking spot, Lenz has received “overwhelming interest” in buying the spot, even though she can’t even discuss sales because the plans for 66 E.11th Street haven’t yet been approved by the city.
As in, dozens of inquiries? Hundreds? She would only say, “More than dozens. We’d probably get more if I could respond.”
First dibs will go to the buyer of the building’s townhouse or penthouse; with the latter going for $38.8 million, the parking spot is just a drop in the bucket.
Lenz added: “We’re not talking about really big numbers here, at $1 million. It will be more about getting it. I think people will bid above what the asking [price] is.”