News

Good Morning New York Real Estate

Voice AmericaSeptember 16, 2014

Parul Brahmbhatt is featured in this weekly online real estate segment alongside host Vince Rocco and a panel of industry experts.

NYC’s 20 Best Nabes for Young Families (Including 5 You May Not Have Considered)

Brick UndergroundSeptember 16, 2014

Choosing the right neighborhood is an individual endeavor for anyone. But add a kid or three to the mix and it gets exponentially more difficult. For one thing, real estate brokers are barred by federal discrimination laws from steering clients with children to areas that might fit best. (Even describing an apartment as “family-friendly” is verboten.)

 

 

For another, as more public and private schools open up, including in the outer boroughs, parents don’t necessarily pick where to live based on school choice alone.  “Now when I have parents tell me what neighborhood they’d like to live in, I can generally give them three or four decent public schools in those neighborhoods,” says school consultant Robin Aronow, founder of School Search NYC.

 

Finally, with prices ticking upwards across the boroughs, buying or renting in the go-to kid-friendly neighborhoods may be wildly out of budget. “People should look at places in Queens and Brooklyn that aren’t immediately transparent and obvious, but because of, say, green space or close proximity to public transit, would lead them to believe that over time this is going to accrue value," says Michael Graves, a broker with Douglas Elliman.

 

 

With that in mind, BrickUnderground spoke to parents, real estate brokers and school experts, and sourced data on prices, listings, schools, crime and more to rank the 10 best neighborhoods for young families. (You’ll find an explanation of our methodology at the end.) The first half of this list is made up of under-the-radar ‘hoods that are (nearly) perfect for raising children, while the second half rounds up  some of the classic spots to raise a family.

Family Week

Brick UndergroundSeptember 15, 2014

Q. I'm shopping for a co-op, and I have two young children. Will they have to do anything as part of my application for an apartment, like come to the board interview or get reference letters? Will I get turned down if they don't like my kids?

 

A. It’s a curious feature of the co-op application process in New York City: board members will scrutinize your dog’s behavior and breeding, with some going so far as to “interview” Rover or review his training certificates, but won’t do the same for a buyer's kids. For you, that means your little ones get a pass, our experts say. 

 

“When I first read this, I had to look at the calendar but alas it is not April 1. I have never in my 22 years [of working in real estate] heard of a board asking to interview children nor asking for reference letters for children,” says Douglas Heddings, the executive vice president of sales at the brokerage CORE​. “Oh, and I would be stunned to hear that someone was turned down over their kids. But with a co-op, no one ever knows as they do not have to provide a reason for denial.”

 

Likewise, Deanna Kory, a broker at the Corcoran Group, has never heard of a board interviewing children, especially if they’re on the younger side. “It's one thing if there were older children that were going to be part of the family and they were using [the co-op] on a periodic basis, but even then I haven't had that happen.”

 

That said, it doesn’t hurt to have your own references gush about your children in their recommendation letters, notes Heddings. (For more on putting together reference letters, click here.) “If your children are ‘challenging,’ you can tell your friends to skip that,” he says. 

 

 

It's also worth keeping in mind that boards increasingly check Google, Facebook and Twitter for clues to a buyer's worthiness, and they'll check your kids' pages too. If Junior has some questionable content up there—one Upper East Side co-op found ties to a hate group on the Facebook page of a potential buyer's child—the prospect of a board application might provide the perfect excuse to delete it. 

Would You Pay $1M to Park Your Car?

MSNBCSeptember 13, 2014

In light of the million dollar parking spot being offered for sale in Soho, we sent comic Jamie Kilstein out to talk to the developer and ask some folks on the street if they’d pay $1 million to park their car.

Top Residential Agents of the Week

The Real DealSeptember 12, 2014

Price: $11,000,000

Listing brokers: Tom Postilio, Mickey Conlon and Shaun Osher of CORE

Address: 135 West 69th Street 

Landmarked Fort Greene Stable Perfectly Suited for Two-Legged Residents with $1.2M to Spare

6SqFtSeptember 12, 2014

It’s hard to imagine a place as crowded and cosmopolitan as New York City once being filled with the clip-clop of equine hooves, but at the turn of the century it is estimated there were 130,000 horses working in Manhattan—more than 10 times the number of taxicabs on the streets here today! In most cases, the stables that housed our four-legged friends have long since been razed to make way for buildings more suitable to modern commercial enterprise or human occupancy.

 

Fortunately, the Feuchtwanger Stable located at 159 Carlton Avenue in Fort Greene didn’t meet a similar fate. Nearly a century after its construction in 1888, this gorgeous Romanesque Revival building was designated by the National Register of Historic Places and subsequently underwent a stunning condo conversion now home to a lovely one-bedroom apartment.

 

Outside, the property’s first floor features three wide, round arches once used as entrances for the horses, and now serve to highlight the building’s classic appeal. Inside, the apartment’s high ceilings, wide plank floors and original post-and-beam features accentuate every inch of the 1,360 square-foot space and beautifully complement the dramatic open plan and thoughtful finishes.

 

In addition to an enormous living room, dining area, office (check out the terrific rolling wood door), and completely renovated kitchen with breakfast bar, the apartment features an authentic loft space perfect for a den or small guest bedroom.

 

Location-wise, you couldn’t ask for more, with direct access to Fort Greene Park, the BAM Cultural District, the thriving Myrtle Avenue and Fulton Avenue corridors, and DeKalb Avenue’s restaurant row—all simply a short stroll away.

 

 

While it’s true we owe the horses of New York City’s past a debt of gratitude for their critical role in its history, we are also thankful their overwhelming presence on the streets of Manhattan in the 19th century meant that one-of-a-kind homes like this are here for us to enjoy today.

The 44 New Developments Hitting The Market This Fall

The Real DealSeptember 11, 2014

Just because fall is coming doesn't mean things are about to cool down. From 57th Street to City Island, the real estate market is still booming, with 44 developments preparing to unleash hundreds of new homes—both condos and rentals—onto the market. Highly anticipated projects like the conversion of the Verizon Building and the glitzy 515 High Line are joined by under-the-radar boutique Brooklyn developments, while a few long-in-the-works buildings (looking at you, Fortress of Glassitude) are finally ready to make their debuts. See something missing from the map? Leave a comment or send a note to the tipline.

Million Dollar Parking Spot

ABC - Jimmy Kimmel LiveSeptember 11, 2014

In New York there’s a new condo development that is also selling parking spots for one million dollars. They will be available to residents only on a first-coIn New York there’s a new condo development that is also selling parking spots for one million dollars. They will be available to residents only on a first-come-first-served basis. We have to admit, they are pretty nice. nice.

NYC Condo Sells Parking Spots For $1 Million

NPRSeptember 10, 2014

And that brings us to today's last word in business, where to park a million bucks - well, in a parking space in New York City. A new luxury condo in lower Manhattan is offering underground parking spots that will cost $1 million each. We're told that is more per square-foot than the apartments being sold above the parking spaces according to The New York Times. The Department of City Planning says the number of off-street parking spaces in New York City has declined by 20 percent since the late '70s, going down even as the population of the city has gone up. That has driven up the price of residential parking in New York City to an average $136,000 per spot by one estimate. And remember, that is the average space, $136,000. That much money would not even get you a single wheel in one of the new million dollar spots. That's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

10 NYC Parking Spots Are Going For A Mind-Boggling $1 Million Each

Huffington PostSeptember 10, 2014

As worsening income inequality and a serious lack of affordable housing place ever more strain on vast numbers of New York City residents, a new luxury apartment building in Manhattan is offering several $1 million parking spots for uber-wealthy buyers.

 

The 10 spots, located underground at 42 Crosby Street, in the SoHo neighborhood, will accompany apartments reportedly selling for between $8.7 million and $10.45 million, The New York Times reports.

 

"The parking spots, some of which will be a generous 200 square feet, will run between $5,000 and $6,666 a square foot," writes the Times, "whereas the nine three-bedroom units upstairs will range between $8.70 million, or about $3,170 a square foot, and $10.45 million, around $3,140 a square foot. Monthly carrying charges for the three-bedrooms will run as high as $8,880 ($18,360 for the $25 million duplex penthouse)."

 

We wish we could say we're completely shocked, but the story is all too familiar. Back in 2012, a Manhattan residence at 66 East 11th Street made jaws drop by placing on the market a $1 million dollar parking spot. The meagre garage space offered a width of just 12 feet and a length of 23 feet.

 

More recently, an NYC developer provoked outrage after proposing a plan to outfit a new luxury condo building with a designated "poor door" from which lower-income residents would enter and exit.

 

According to Gawker, separate entrances for wealthy and poor residents are pretty common in New York buildings that designate some of their units for low-income tenants.

Parking Spaces in New York Go on Sale for $1 Million

The IndependentSeptember 10, 2014

Parking spaces in New York are being sold for $1 million (£620,000) as developers try to cash in on a shortage of car parks.

 

A luxury development at 42 Crosby Street in the fashionable SoHo district of Lower Manhattan is offering 10 underground parking spots to residents,the New York Times reported.

 

The site itself is a former car park but spaces are at a premium in the packed district and with the nine three-bedroom flats above costing up to $25 million (£15.5 million), estate agents believe clients will pay the price.

 

At around $5,500 (£3,400) a square foot, the spaces are more expensive per unit than the apartments upstairs, and anyone buying one is only paying for a 99-year lease that expires if they move out, rather than owning it outright.

 

Shaun Osher, founder of the brokerage firm handling sales at 42 Crosby, said there are “few to no options” for parking in the area, let alone a private spot in your own building.

 

“We’re looking at setting the benchmark,” he added. “In real estate, location defines value and parking is no exception to that rule.”

 

Parking spaces elsewhere in New York have been seen selling for up to $500,000 (£310,000) and it is not the only city being affected by rocketing prices.

 

In July, a garage in Kensington went on the market for half a million pounds - the same price as an eight-bedroom Georgian mansion in Yorkshire, or a stunning light keeper's house in Scotland.

 

Measuring almost 9ft wide and 18ft long, if you rip out the cupboards, it also comes with a £280 a year “service charge”.

 

Estate agents described it as a “valuable asset” and assured prospective buyers it could “accommodate cars as large as a Range Rover or a Bentley Continental”.

Is This the World’s Most Expensive Parking Space at Over £600,000?

Irish MirrorSeptember 10, 2014

Developers are charging sky high prices for underground parking spaces in the heart of Manhattan, New York.

 

At an eye-watering $1m apiece, the 10 parking spaces may include some storage space and electric charging stations for those who need them, but still come in at more than FOUR times the national average house price in the USA, which is $217,800.

 

The exclusive development of 10 three-bedroom units in Lower Manhattan's Crosby Street is ironically on the site of a former car park. The real estate comes in at $8.7m per apartment, except for the $25m duplex penthouse.

 

Shaun Osher, founder and chief executive of the brokerage firm CORE in Manhattan which is handling the sale of 42 Crosby, said: “We’re looking at setting the benchmark. In real estate, location defines value and parking is no exception to that rule.”

 

He said that in Manhattan's SoHo district there are "few to no options" for parking, let alone a private spot in your own building.

 

According to the New York Times, a private garage with space for two cars at 66 East 11th Street was listed for $1 million by the Manhattan real estate firm Delos last year.

It is still available in conjunction with the sale of the building’s $50 million dollar penthouse. In April 2012, a parking space at 60 Collister Street, a loft condominium building in TriBeCa, sold for $345,459.

 

Over the last year, residential parking spots in Manhattan have been selling for an average of $136,052, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel.

 

Buyers at 42 Crosby Street who pay $1 million for their parking spot will not actually own it. There are 99-year licenses available for each spot.

 

The license entitles buyers to use the space as long as they are residents of the building and requires that it be sold in the event of a move.

 

 

$1 Million Parking Spot Highlights the Insanity of New York Real Estate

Yahoo! SingaporeSeptember 10, 2014

If you're shopping for a luxury condominium in New York City, chances are having a designated parking spot is more important than a building with a gym, or even a view. Hell, you'd probably ditch the doorman, too.

 

The problem is that parking seldom comes free. Buyers need to budget extra to snatch one of the building's limited spaces.

 

Those moving into a new luxury development in SoHo, however, will need to do more than set aside some spare change. Parking at 42 Crosby Street is being offered at a staggering $1 million per spot. Or the equivalent of three 5,000 sq.-ft. mansions in Indianapolis.

 

The new development, designed by Annabelle Selldorf, will feature ten luxury apartments; nine priced between $8.70 million and $10.45 million, with the penthouse set at $25 million, according to the New York Times. Each of the ten parking spots will be 200 sq.-ft., and provide a small storage area and a charging station for the inevitable Tesla.

 

Despite shelling out the equivalent of four Ferrari 458 Italias on parking, or more than the $920,000 median sales price for an actual Manhattan apartment, the buyers won't own the underground space. They'll receive a 99-year license, and be forced to sell that license if they ever decide to move.

 

Extravagant NYC apartments commonly arrive with pricey parking, but when you're paying $50 million for a home, an extra $500,000 is almost irrelevant. At $8.70 million, however, the additional $1 million for parking at 42 Crosby Street does seem excessively steep, making the thought of walking a block or two that much more appealing.

 

But as any real estate agent in NYC will tell you, parking is currently the city's most sought-after amenity; a concept that seems baffling to those of us outside city walls. And this isn't the first million dollar parking spot to arrive on the market, and they had no trouble finding willing customers. With more cars than parking spaces, developers can, and do, charge a premium. Meaning buyers will only be too happy to hand over that extra mill.

On the Market: New York Foundling Finds $45M Buyer; Vogue Deems Bushwick Cool

New York ObserverSeptember 10, 2014

Dan Doctoroff has found an outlet for his energies after agreeing to step aside to let Bloomberg resume leadership of his eponymous company come 2015, Crain’s reports—the former deputy mayor will be devoting more time to the Culture Shed in Hudson Yards, on whose board he already sits.

 

The New York Foundling home has found a buyer willing to pay $45 million for its Greenwich Village home, The New York Daily News reports;  the foster-care-focused non-profit paid a mere $3 million for the building in 2002. And while the sale is undeniably a boon for the non-profit, which will move operations to 16th and Sixth, it also raises the question of what happens if and when Manhattan becomes primarily a place for the single-family residences of rich people. This, naturally, will be the former Foundling Home’s fate, which has been purchased by—who else?—an unnamed buyer.

 

Further evidence that the end of Manhattan is upon us: parking spaces in Soho are now going for $1 million, according to The New York Times. Sure, parking in the city can be hell, but is there really a good justification for the fact that the parking spots at 42 Crosby will be going for more per square foot than the apartments? Of course, it should be noted that no parking spaces, these included, have actually sold for anything approaching $1 million.


But there’s always Brooklyn, which is especially desirable now that Vogue has given Bushwick it’s seal of approval, deeming the neighborhood the seventh coolest in the world. Still, though it’s no longer “disfavored,” as Gothamist points out, it still falls behind Shimokitazawa, Japan and West Queen West, Canada in hipness. And next year, goddamn Ridgewood will probably steal all the attention.


This should life your spirits, though: Bushwick Daily has a rundown of all the ridiculously Bushwick-themed merchandise out there, from North Face jackets to Van’s sneakers.

 

And in proof that there’s more to real estate than cold, hard cash, the owner of Junior’s has decided to turn down a slew of big money bids to buy the restaurant’s desirable site in Downtown Brooklyn, DNAInfo reports. The largest, a $45 million offer from the Chetrit group, would have ousted the purveyor of cheesecakes and other decadent diner goodies from its longtime home. Other, lesser offers would have allowed them to stay, albeit at the base of a condo tower. “I have never felt better in my life,” said owner Alan Rosen of the recent decision.

 

Billionaire industrialist and arch conservative David Koch sprays his name all over yet another venerable New York Institution: the Met. Crain’s reports that the museum’s new $65 million plaza—financed, of course, by Mr. Koch—was unveiled with a choral rendition of “New York New York” by a Harlem Team Choir. Said Mr. Koch of his improvements: “It feels illuminated. I am so pleased with the project and what it means for the museum and the city.”

 

Another way to spend a small fortune: try to buy enough co-op shares to take over a 19,000 square-foot building and transform it into your personal mansion. That’s what Aby Rosen of RFR Holdings is attempting to do with a 10-unit building at 1025 Park Avenue, according to The Daily News. Mr. Rosen, apparently looking for some distraction after putting the whole Picasso curtain thing behind him, is apparently undaunted by the debacle that was 22 East 71st.

 

 

$1M Parking Spaces Pricier Than the Condos Upstairs

The Real DealSeptember 10, 2014

How much is a parking spot in New York City worth? For some, apparently, the answer is $1 million.

 

A new development at 42 Crosby Street in Soho is offering interested buyers one of 10 underground parking spots that are more expensive per square foot than the condos they accompany, according to the New York Times.

 

Residents will hold a 99-year lease on the parking spaces, which they will have to sell if they move out of the building. Atlas Capital Group is developing the property and Annabelle Selldorf is the architect.

 

Those interested will have to be quick, as the parking spaces are first come, first served. The price of the spots works out to between $5,000 and $6,666 per square foot. The nine three-bedroom condos upstairs are priced between $8.7 million to $10.5 million, or between $3,140 to $3,170 per square foot. The building also has a $25 million duplex penthouse.

 

According to the Times, residential parking spots on Manhattan run an average of $136,000. At $1 million, the parking spots at 42 Crosby are more than four times as expensive as the national median sales price for a home, the Times reported. 

New York Parking Spaces on Sale for $1 Million

The TelegraphSeptember 10, 2014

They are properties with noisy neighbours, no windows and an eye-watering million-dollar (£620,000) price tag, but estate agents are in no doubt that they will shift.

 

Ten of the world’s most expensive parking spaces have gone on sale in New York City, each costing more than four times as much as the average American home - or $250,000 (£155,000) per tyre.

 

The parking spots are being offered in an underground garage which will be attached to a luxury apartment block in Manhattan’s SoHo area.

 

At $6,666 (£4,125) a square foot, they are considerably more expensive by area than the nine three-bedroom flats they are attached to, which are on the market for up to $10.45 million (£6.47 million), or $3,140 (£1,943) a square foot.

 

And one million dollars will not even provide outright ownership of the parking spaces. Instead, the proud new “owners” will hold a 99-year lease which is only valid while they live in the apartment building, and which must be surrendered once they sell up.

 

Designed by architect Annabelle Selldorf, the new building is going up, ironically, on the site of a former parking lot.

 

Shaun Osher, of the brokerage firm CORE in Manhattan, which is handling the sale and marketing of the property, called 42 Crosby, said the chronic shortage of parking spaces in SoHo meant that the $1 million spots were certain to be snapped up.

 

He told the New York Times: “In real estate, location defines value and parking is no exception to that rule.” As well as space to park a car, the spots come with a charger for an electric vehicle and storage space - also at a premium in cramped Manhattan.

 

If sold, it is thought that the spaces will be the most expensive in the world. A private garage with space for two cars was listed for $1 million last year in New York’s East Village, but failed to sell.

 

Earlier this year, a parking space was sold in London for £400,000.

 

 

Done Deals

Real Estate WeeklySeptember 10, 2014

UPPER WEST SIDE

135 W. 69th Street

$11,000,000

 

This four-story, 19-foot-wide townhome boasts five bedrooms and three-plus bathrooms. There's also a chef's kitchen, multiple woodburning fireplaces, a terrace and a private garden - as well as a separate recording studio on the top floor. Listing agents: Tom Postilio and Mickey Conlon of CORE.

Is Paying $1 Million For A Parking Space Going Too Far?

CBS News New YorkSeptember 10, 2014

NEW YORK (CBSNewYork) — In New York City we’re no strangers to pricey parking, but is paying six figures for a spot to call your own taking pricey too far?

 

As CBS 2’s Vanessa Murdock reported, parking in New York City can be a nightmare, which is why so many are willing to fork over their hard-earned cash to avoid the hassle.

 

“Parking is like $550 a month. (Would you pay $1 million for your own spot?) No, it’s outrageous; doesn’t make sense,” said Michael Magliulo.

 

“The most anyone has paid in New York City is half a million, but I think it’s been underpriced,” said Shaun Osher, founder and chief executive officer of real estate brokerage firm Core. “Parking is a great amenity and a shrinking amenity in New York City. It’s becoming more and more valuable.”

 

So that’s why Osher’s firm plans to put a price tag of $1 million on each parking spot underground at 42 Crosby St. in SoHo.

 

“I’ve driven around three hours to find parking,” said Wendy Levitt. “(So you would pay a million dollars?) If I had the money, absolutely.”

 

“A million dollars? Come on now,” said Anne Driscoll. “If they’re allowing that for parking then I’m assuming that the affordable housing plan is not going to work out.”

 

Osher said he believes there will be a huge demand for the pricey parking spaces.

 

“This is one of the last remaining places in Soho that you could’ve parked your car," he said.

 

For now, backhoes clear the way for luxury living and luxury parking.

 

Ten spots will sit below ground with a storage unit and electric charging station included. Each space is slotted to be about 200-square-feet, so price per square foot is $5,000, Murdock reported.

 

The three bedroom luxury units above ground will cost less — about $3,000 per square foot. While a new single family home nationwide averages for just $93 per square foot.

 

Each spot is licensed for 99 years, which breaks down to $28 per day to park.

 

“It’s a bit excessive, but it’s New York City, what did you expect?” said Reena Patel.

REAL ESTATE – “Million Dollar Parking Spot,” by NYT’s Michelle Higgins

CapitalSeptember 10, 2014

“What will $1 million buy you in New York City? … [M]aybe your very own parking spot in SoHo. A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs. The million-dollar parking spots will be offered on a first-come, first-served basis to buyers at the 10-unit luxury apartment building being developed by Atlas Capital Group at the corner of Broome and Crosby.”

Buy Condo, Then Add Parking Spot for $1 Million

The New York TimesSeptember 09, 2014

What will $1 million buy in New York City? A diamond-encrusted Cartier men’s watch. A small fleet of 2014 Bentley Continentals. Or maybe your very own parking spot in SoHo.

 

A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.

 

The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building being developed by Atlas Capital Group at Broome and Crosby Streets, itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.

 

So instead of a 5,000-square-foot house with a wine cellar in Dallas or a 3,500-square-foot home with a sauna in Seattle, one could choose 150 square feet in the basement of 42 Crosby, a condominium designed by the architect Annabelle Selldorf.

 

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.

 

In Manhattan, where luxury condominiums and their lavish amenities have been commanding stratospheric prices, the million-dollar parking spots are strategically priced. The median sales price of a Manhattan apartment has been tickling the million-dollar mark, reaching $920,000 in the second quarter of 2014, while apartments at the ultrahigh end have been selling for more than $90 million.

 

“We’re looking at setting the benchmark,” said Shaun Osher, the founder and chief executive of the brokerage firm CORE in Manhattan, which is handling the sales and marketing at 42 Crosby. “In real estate, location defines value and parking is no exception to that rule.”

 

In SoHo, Mr. Osher said, there are “few to no options” for parking, let alone a private spot in your own building.

 

The number of off-street parking spaces in the city was 102,000 in 2010, or about 20 percent less than in 1978, when there were 127,000 spots, according to the Department of City Planning. While scarcity is a factor in the price of parking, $1 million for a parking spot may still be a reach.

 

Last year, a private garage with space for two cars at 66 East 11th Street was listed for $1 million by the Manhattan real estate firm Delos. It is still available in conjunction with the sale of the building’s $50 million dollar penthouse. In April 2012, a parking space at 60 Collister Street, a loft condominium building in TriBeCa, sold for $345,459.

 

Over the past year, residential parking spots in Manhattan have been selling for an average of $136,052, according to Jonathan J. Miller, the president of the appraisal firm Miller Samuel.

 

Buyers at 42 Crosby Street who pay $1 million for a parking spot will not actually own it. The condo is selling 99-year licenses for each spot. A license, unlike a deeded parking spot, entitles buyers to use the space as long as they are residents of the building and requires that it be sold in the event of a move.

 

To build the 10 spots, the developer had to get a special permit from the city, which typically limits the number of parking spaces in new buildings to no more than 35 percent of the units.

 

Parking spaces in new developments across Manhattan are selling at a brisk pace. At 56 Leonard, a 145-unit TriBeCa tower codeveloped by Alexico Group and Hines, 25 of the 28 parking spots were listed for sale in May at $500,000 apiece; all were sold within months. There is a waiting list for the remaining three spots, which the developer is holding to offer to the buyers of two remaining units. A penthouse in the building went into contract for $47 million in June 2013.

 

“When someone is paying $50 million for an apartment, another $500,000 for the luxury of not walking a block or two and having your own spot, I guess it becomes a rounding error,” said Izak Senbahar, the president of the Alexico Group.

 

Beth Fisher, a senior managing director of Corcoran Sunshine, which is marketing 56 Leonard, said: “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.”

 

In other cities where parking is scarce, residential parking also sells at a premium. Last year, a tandem parking space sold for $560,000 at 298 Commonwealth Avenue in the Back Bay neighborhood of Boston. In central London, “a secure underground parking space in Knightsbridge is now 350,000 pounds,” or $565,859, said Giles Hannah, a senior vice president at Christie’s International Real Estate. That is roughly the same price as a studio apartment in the London borough of Camden, he said.

 

“Most ultrahigh-net-worth individuals have car collections as well as service vehicles for their staff,” Mr. Hannah said. “Parking is in serious demand and has proven an excellent investment with no sign of a decline.”

Latest NYC Condo Amenity: $1 Million Parking Spot

The Miami HeraldSeptember 09, 2014

NEW YORK (AP) - A condo development in New York City's pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

Brokerage firm CEO Shaun Osher says there are "few to no options" for parking in SoHo, just northeast of the World Trade Center site. He says his firm is "looking at setting the benchmark."

Welcome to a World Where a New York City Parking Spot Costs $1 Million

SlateSeptember 09, 2014

For today’s update on how the one percent are doing—or more like the .001% in this case—we turn to the daily grind that is parking. Finding a parking spot, after all, is a pain for everyone, particularly in Manhattan. Street parking has some pretty serious downsides for the uber-rich looking to land their uber-ride for the night. First, there are human obstacles—mainly pedestrians, cyclists, taxi cab drivers, along with the occasional Elmo impersonator—that don’t care as much about your car as you do. There’s also the problem of scarcity of parking spots on the street given that pedestrian crosswalks, handicap spaces, and fire hydrants remain public goods and so far are not tradable commodities.

 

For the super-rich the problem of doing things you don’t really want to do, however, is an eminently solvable one. Enter the $1 million parking spot. The New York Times on Tuesday details this new plaything of the rich and famous—a parking place.

 

A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs. The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building… itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.

 

 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…. The number of off-street parking spaces in the city was 102,000 in 2010, or about 20 percent less than in 1978, when there were 127,000 spots available, according to the Department of City Planning… Buyers at 42 Crosby Street who pay $1 million for a parking spot will not actually own it. The condo is selling 99-year licenses for each spot.

Latest NYC Condo Amenity: $1 Million Parking Spot

The Washington TimesSeptember 09, 2014

NEW YORK (AP) — A condo development in New York City’s pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

Brokerage firm CEO Shaun Osher says there are “few to no options” for parking in SoHo, just northeast of the World Trade Center site. He says his firm is “looking at setting the benchmark.”

Latest NYC Condo Amenity: $1 Million Parking Spot

ABC NewsSeptember 09, 2014

NEW YORK (AP) –  A condo development in New York City's pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle — $1 million.

 

The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

 

The three-bedroom apartments will cost around $8 million to $10 million, or about $3,100 a square foot.

 

 

Brokerage firm CEO Shaun Osher says there are "few to no options" for parking in SoHo, just northeast of the World Trade Center site. He says his firm is "looking at setting the benchmark."

1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23 / 24 / 25 / 26 / 27 / 28 / 29 / 30 / 31 / 32 / 33 / 34 / 35 / 36 / 37 / 38 / 39 / 40 / 41 / 42 / 43 / 44 / 45 / 46 / 47 / 48 / 49 / 50 / 51 / 52 / 53 / 54 / 55 / 56 / 57 / 58 / 59 / 60 / 61 / 62 / 63 / 64 / 65 / 66 / 67 / 68 / 69 / 70 / 71 / 72 / 73 / 74 / 75 / 76 / 77 / 78 / 79 / 80 / 81 / 82 / 83 / 84 / 85 / 86 / 87 / 88 / 89 / 90 / 91 / 92 / 93 / 94 / 95 / 96 / 97 / 98 / 99 / 100 / 101 / 102 / 103 / 104 / 105 / 106 / 107 / 108 / 109 / 110 / 111 / 112 / 113 / 114 / 115

ARCHIVES