Are You Willing to Pay a Million Dollars for Parking Spaces?

Are You Willing to Pay a Million Dollars for Parking Spaces?

Introduction

Developers in New York City believe it is possible to pay a million dollars for parking spaces. At 42 Crosby Street, a luxury residential area in Lower Manhattan, the city is facing a severe shortage of parking.

Parking Space Rentals

Currently, all parking spaces are available for lease for 99 years at prices exceeding one million dollars. Recently, parking spaces had reached around 500,000 dollars, but they have never hit the million-dollar mark.

Rental Terms

At this price, you will not own your parking space; you can only lease it. The rental agreement ends when the tenant vacates the spot.

Personal Preferences

I would prefer to pay 4,000 AED annually for parking in Dubai!