Speed Reads

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Want to park your car at home? That will be $1 million

For just $1 million, you can lease your very own parking spot in the SoHo neighborhood of New York. Of course, you also have to shell out $8 to $10 million for an apartment at the 42 Crosby Street development, but that's just a minor detail.

Parking is a nightmare in the area, and brokerage firm CEO Shaun Osher told The New York Times that "in real estate, location defines value and parking is no exception to that rule." At 42 Crosby, there will be 10 apartments, with 10 spots available on a first-come, first-served basis. The three-bedroom apartments will cost about $3,100 a square foot, while the parking spaces will run between $5,000 and $6,666 a square foot. Because the spaces are being leased for 99 years, the resident must sell their spot if they decide to sell their apartment.

Although $1 million for a parking spot seems obscene, it's not out of the ordinary to spend a lot on a space in New York City; The Times reports that spots have been selling in Manhattan for an average of $136,052 over the past year. There's no word on the type of car you can afford to buy after spending so much on less than 200 square feet of parking space.