$1 Million for A Parking Space — Rip off or Bargain

So a condo in Manhattan has a garage attached that you can have for an additional cool $1,000,000.  That’s plus a monthly service charge — they don’t tell you how much the service charge is, but lets assume its around $300 a month.  So far so good.

Now factor in that the space will actually handle two cars so the true cost per car is $500,000.  Now assume that you use the garage for 35 years.  That comes to $40 per day per car. Add $5 per day per car for the service charge and you get $45 per day.

Colliers says that the average rate to park in Midtown (monthly) is $578 a month and the daily rate is $40 plus tax.  Obviously you can park for less money if you purchase a monthly space (you would save about $800 a month.)  However how much is convenience worth. If you have a condo worth $40,000,000 and can afford that, what’s an extra $27 a day so you can park your car in your own building. Plus have the security of knowing your Maybach is safe, and you don’t have to walk on the city streets and mix with the great unwashed.

Maybe not such a bad deal after all…

JVH

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