New York’s $500,000 Parking Spaces

J.C. Howard

J.C. Howard | Dec 22, 2017

We’ve all done the dance. Street sweeping day means you have to park on the other side on Tuesday night, but that side only allows two-hour parking between 7am and 7pm, plus the street one block over is only for cars that weigh exactly 4,221 pounds and are painted blue. Car Talk's own division of Murkey Research concluded that 70 percent of owning a car is looking for a place to park it. Another 45% is trying to remember where you parked.​

Well, that trouble soon will be over for 40 residents of 565 Broome Street in New York’s SoHo neighborhood in Lower Manhattan. The soon-to-be completed luxury tower south of Houston will provide 40 parking spaces.

For just $550,000 each, residents will say goodbye to street parking in favor of a spot in an automated garage. I know what you’re thinking, “You, said $500,000 now you’re upping it by $50K? What kind of bait and switch is this?” But it’s not my fault, the market is a harsh mistress; she moves so quickly.

The plan is for the complex to house 115 units ranging in price from $1million for a studio to $20million for a 4-bedroom penthouse. 40 of those units can choose to have their own parking for what could amount to half the price of their housing unit. Is that a deal, or what?

Of course, there’s also the option of just living in the car that’s parked in that space that cost over a half million dollars!

Another creative solution to New York's parking problem.


The luxury parking spaces—that are rumored to be plated with 10k gold (a rumor that I’m officially starting)—are more than 8,400 times the cost of a “General No Parking” ticket fine in Manhattan ($65), which begs the question: Wouldn’t it just be cheaper to park in a no parking space? If you read the first paragraph, you'd know we're not that great at math, but it seems to us you'd have to be ticketed more than 8000 times to equal the price of the spot, and last time we checked, there are only 365 days in the year!

Of course there's an upside to paying more for your parking space than you paid for your entire car-- it makes a great anecdote for your next cocktail party. (That's the only upside we can think of. Anyone?)

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