$1 Million Parking Spot Unveiled In East Village

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The average price of an American home is about $146,000. Living inNew York Cityis a bit more expensive, as the average residential lot at $334,000. Still, neither of them can hold a candle to the new $1 million parking space unveiled in theEastVillage. The spot, a first for New York City, located at 66 E 11th St. Expected to go onto market when the gaudy garage is completed in the fall, its not just anyone with a few extra million can buy the premo location- to be eligible, they need to be a resident of either the penthouse suite priced at just under $40 million, or one of six luxury condominiums. With its whopping price tag, the wealthy car owners have the option of duplexing the 12x23' space to keep a second car on top. "It's for someone who wants complete privacy," said Prudential Douglas Elliman Vice Chairman Dolly Lenz to the New York Post. "You can drive in and not be seen again. It's for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy." The space pretty much pays for itself as it provides direct street access, allowing utmost convenience unless someone parks illegally in front of the garage door. The parking spot has its own deed and sales contract, and be charged maintenance fees, just as a condo would. However, the maintenance fees for slab of concrete, even million dollar concrete, shouldn't be extraordinarily high. "If you have an opportunity to buy a space in your building, you're going to take advantage of that," said Robert Knackal, chairman of Massey Knackal. "The reality of New York Cityis that people are willing to pay more for a parking spot than the average person in the country pays for a home."

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