What will $1 million buy in New York City? A diamond-encrusted Cartier men’s watch. A small fleet of 2014 Bentley Continentals. Or maybe your very own parking spot in SoHo. A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs. The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building being developed by Atlas Capital Group at Broome and Crosby Streets, itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.
You’ve gotta hand it to the folks at the Federal Reserve. They have succeeded in destroying the American middle class while simultaneously creating a vibrant market for oligarchs to flip million dollar parking spaces in less than six years. That is truly a historic achievement in societal destruction. Ultimately, we’ll know it’s all over when Goldman securitizes parking spaces and successfully unloads the paper onto the New York State pension: