Manhattan’s $1m parking bays

How the 42 Crosby Street scheme will look

How the 42 Crosby Street scheme will look

The shortage of parking spaces in New York is leading developers to sell garage spaces at prices that cost more per square foot than the luxury apartments they serve.

Ten underground spaces being built as part of a development in the upmarket SoHo area of Lower Manhattan are each being sold for a cool $1m (£620,000). And that million bucks only secures a 99-year lease.

The 42 Crosby Street development in the fashionable SoHo district of Lower Manhattan is offering 10 underground parking...

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