Posted on 09/09/2014 8:06:16 PM PDT by Olog-hai
A condo development in New York City’s pricy SoHo neighborhood is charging for a parking spot as much as it would cost to buy a nice house in Dallas or Seattle—$1 million.
The New York Times reports the 10 underground spots at 42 Crosby St. will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot. …
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Its the center of Fed money printing....
You can get a nice house in Dallas a lot cheaper than that.
Lord, how I hate big cities.
CC
The kind of people that live there often spend $1000 for a restaurant meal. They don’t care about prices.
capitalism.
The NY city govt should be encouraging the wealthy to live there cause it needs them to fund it.
People in NYC are NUTZ. The ones I worked with, kept their cars garaged in NJ, and took trains, busses, cabs to them. With a midtown or photo district parking garage spot, in the 80s, costing $1,500 - $3,000/mo, it was insane to pay that much, on top of what their shoebox appts cost.
LOL--that's about as relevant as stating you can get a good pastrami sandwich nearby.
A million bucks for a parking spot? Totally insane
Price it at what the market will bear . . . if the spots go empty, then you’re off. I’ve heard of spots going for $250K in Chicago.
Not that NYC was ever really about capitalism, save the crony “form”. Aside from that, the city has done lots to discourage capitalism. Mayor Wagner’s expansion of government in the 50s led to manufacturing fleeing the city, just for one large example.
Its clear you have zero understanding how Wall Street and the Fed work.
Yes and they should be able to spend their money as they see fit. That said, I would either use Zipcar or rent whenever I wanted a car in that situation. Driving in the city is not worth my time and I would only want a car for select trips or one offs.
Think about it - when you have the FED pumping hundreds of billions of dollars through its member banks on Wall Street in the form of QE and ZIRP, do you not think all that the money is going to land on Wall Street first in the form of bonuses and dividends for bankers?
And where are the condos you mentioned?
Duh.
I am thinking the taxes on the parking spot alone are probably around $50,000 a year.
And you should think about this: in the absence of “quantitative easing,” or whatever the Fed calls it nowadays, how much would a parking spot cost at 42 Crosby St. in SoHo?
A hell of a lot less. There's a lot of printed money out there, pushed down through the banks, that is looking for a home. And its not just the FED either, but EU as well. Stocks, property, art, football teams - most assets are having massive bubbles. Why do NY and London high-end properties boom when the economy is having the slowest recovery ever? The EU is recession, yet Germany's DAX is 2% off its all time highs. What's driving that?
How much less? Why don’t you try to undercut the market?
It’s tough to keep a car on the northeast side of Chicago, it is pure insanity to keep one in Manhattan.
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