Saturday, December 3, 2011

An $800,000 Parking Space in Manhattan's Suburban Neighborhood of Chelsea

Glauco Lolli-Ghetti lives in an 11th-floor apartment in the Chelsea neighborhood of Manhattan. His unit has a parking space which happens to be in him living room. Here is the NYTimes story, and some explanation:
Mr. Lolli-Ghetti has one of the world’s most expensive parking spaces, a costly talking point in a city where residents spend dearly to shelter their cars. His three-bedroom apartment at 200 11th Avenue — now on the market for $7 million — includes a 300-square-foot “en suite sky garage” that would be valued at more than $800,000 if priced at the same rate per square foot as the rest of the apartment.
It is not the parking spot in the sky attracting buyers to the new 19-story building at 24th Street, Mr. Lolli-Ghetti says, but the Hudson River panorama, the floor-to-ceiling windows and the thousands of square feet of space. Still, the sky garages in the building, which was designed by Annabelle Selldorf, are what has drawn the most attention.
“This is about as close to a suburban home that you can achieve in an urban area like New York,” he said. “You walk out your door and three steps later you’re in your garage.”
Yep, one of the things that attracts residents to Manhattan is the suburban feel.  I will also note that street parking outside of this building is free.

Is this a trend? We don't know, but other buildings are doing this:
Jonathan Miller of Miller Samuel Appraisers said there was no rule of thumb for how much a parking spot adds to the value of an apartment. 
“It was clearly a marketing hook,” he said. “It doesn’t mark the beginning of a trend.” 
Despite the building’s delayed opening — it was originally set for completion in 2009 — there are signs that the concept may hold some appeal, at least at the top end of the market. Last month, plans for a 57-story building in Miami Beach with apartment parking were approved. The project, a joint effort of the Porsche Design Group and a local developer, suggests that there are wealthy drivers who will pay for the privilege of pulling up directly to their front door.
In any event, there aren't very many people who can afford $800,000 for a parking space so if it is a trend it won't be a national craze.
 
 
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