Sixteen months have passed since the Annabelle Selldorf-designed 42 Crosby Street passed muster with the Landmarks Preservation Commission, and now that the development is finally on the verge of skyward construction, the development team revealed more details (and a rendering) to the New York Times. The juiciest of those details is that the 10 underground parking spaces in the development will be offered for saletechnically, 99-year leaseat the mindboggling price of $1 million. As the paper points out, "more than four times the national median sales price for a home, which is $217,800." The 10 parking spots will range from 150 to 200 square feet, so that price works out to $5,000 to $6,666 per square foot, making the parking more expensive than the 10 units upstairs. Isn't this city just the best?
By a price per square foot comparison, the condos are a downright steal, and they are significantly larger than the parking spots (no micro units here!). There will be nine three-bedroom units asking between $8.7 million and $10.45 million, so between $3,170 and $3,140 per square foot. The sprawling duplex penthouse will ask $25 million.
Shaun Osher, the founder and chief executive of CORE, which is marketing 42 Crosby Street, told the Times, presumably in all seriousness, "We're looking at setting the benchmark. In real estate, location defines value and parking is no exception to that rule."
· Million Dollar Parking Spot [NYT]
· 42 Crosby Street coverage [Curbed]