The Million Dollar Parking Spot

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You’ll need a trunk full of cash to park here.

The city’s first million-dollar parking space is on the market.

The private garage at 66 E. 11th St. costs six times more than the national-average price of a single-family home.
Buying it would be the same as paying a $115 ticket for illegal parking every day — for 24 years.

For moguls or celebrities, however, the rare commodity of a Manhattan parking space inside their building, with a curb cut at the street, is a huge status symbol and selling point.

“It’s for someone who wants complete privacy,” said Prudential Douglas Elliman Vice Chairman Dolly Lenz. “You can drive in and not be seen again. It’s for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy.”

The hot space is about 12 feet wide, 23 feet long and more than 15 feet high.

The spot could be “duplexed” if the buyer decides to install an elevator lift so he or she can slide both the Maserati and the Lamborghini in at the same time.

The parking spot will have its own deed and sales contract, and be charged maintenance fees, just as a condo would.
The city’s gaudiest garage is expected to hit the market this fall, after construction is complete and the Attorney General’s Office signs off on the building’s condo conversion.

Last year, developer Morad Fareed purchased the eight-story prewar loft building for $120 million and is in the process of converting the former parking garage into six luxury condominiums with mammoth, 15-foot-high ceilings.

The jewel in the building’s crown is the 8,000 square-foot duplex penthouse, with a private 3,000 square-foot terrace, which will be listed for $38.8 million, according to Lenz.

The parking space isn’t the only amenity: the shower water will be pumped full of vitamin C and aloe, and the apartments will have heat reflexology flooring.

The lighting patterns and air quality in the building are designed to provide its residents with a better night’s rest.

“The parking spot will go to the 8,000 square-foot town house or to the penthouse,” Fareed said.

The sky-high price for a slab of concrete is a sign of a resurgent real-estate market, experts said.

“If you have an opportunity to buy a space in your building, you’re going to take advantage of that,” said Robert Knackal, chairman of Massey Knackal. “The reality of New York City is that people are willing to pay more for a parking spot than the average person in the country pays for a home.”

The city’s second most expensive parking spot is a 300-square-foot “en suite” sky garage that’s inside of a $7 million penthouse at 200 11th Ave.

–Annie Karni, The New York Post

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