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May 27

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$1 Million Dollar Parking Spot

Parking in any major city these days can be expensive.  Not to mention difficult to find as well.  However, would you pay $1,000,000 to have your own parking space?  The New York Post reported that the price of a particular parking space, which is 12 feet wide, 23 feet long and 15 feet high, is exactly $1,000,000.  I guess when you consider it is located in a building with a prominent Manhattan, New York address, and is to accompany an 8,000 square foot town house, it might be a bit more palatable.  The story also indicated the following:

  • The parking spot costs more than six times the national average price of a single family home
  • Buying this spot would be the equivalent of paying $115 ticket for illegal parking every day for 24 years

So why would someone pay this ridiculous price for a parking spot?  Someone who wants complete privacy, such as a celebrity or mogul.  You can drive in without being seen.

About the author

Anand Khemlani

I am a founding member of Fulcrum Inquiry, an accounting and economic consulting firm that performs damage analysis for commercial litigation, forensic accountings, financial investigations, and business valuations. I am a Certified Public Accountant (CPA), Accredited in Business Valuation (ABV), a Certified Fraud Examiner (CFE) and am a licensed Real Estate Broker. I regularly serve as an expert witness involving results of my forensic accounting assignments and damage analyses. My resume is available on Fulcrum's website

Permanent link to this article: http://betweenthenumbers.net/2012/05/1-million-dollar-parking-spot/

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