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NYC Condo Sells Parking Spots For $1 Million

STEVE INSKEEP, HOST:

And that brings us to today's last word in business, where to park a million bucks - well, in a parking space in New York City. A new luxury condo in lower Manhattan is offering underground parking spots that will cost $1 million each. We're told that is more per square-foot than the apartments being sold above the parking spaces according to The New York Times. The Department of City Planning says the number of off-street parking spaces in New York City has declined by 20 percent since the late '70s, going down even as the population of the city has gone up. That has driven up the price of residential parking in New York City to an average $136,000 per spot by one estimate. And remember, that is the average space, $136,000. That much money would not even get you a single wheel in one of the new million dollar spots. That's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep. Transcript provided by NPR, Copyright NPR.

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