The city's first $1 million parking space is soon expected to hit the market.
The private parking spot is located inside an eight-story luxury condominium building at 66 E. 11th St., and will come with its own deed and sales contract, the New York Post reports. Like a condo, it will be charged maintenance fees.
The space will go to the 8,000 square-feet town house or to the penthouse in the building, according to the developer Morad Fareed. The space measures about 12 feet wide, 23 feet long and more than 15 feet high. It could be "duplexed" to accommodate another car at the same time.
Realtor executive Robert Knackal observed to the Post, "The reality of New York City is that people are willing to pay more for a parking spot than the average person in the country pays for a home."
In fact, the garage space at 66 E. 11th St. costs six times more than the national-average price of a single-family home, according to the Post.
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