$500,000 Parking Spots: Inside America’s Most Expensive Garage

Hollywood stars like Ben Stiller, Jon Bon Jovi, and Irina Shayk, along with other wealthy residents of 150 Charles St., now have the option to buy underground parking spaces in their luxury building for $500,000 each, according to the New York Post.

Parking Spaces at a Premium

Developer Alex Witkoff has made 92 parking spaces available for purchase, a change from when they were only offered for rent. This comes in contrast to 42 Crosby St., which made headlines ten years ago with $1 million parking spots, but only offered 10 spaces.

According to a spokesperson, the spots are selling fast. For those who have already spent up to $35 million on penthouses, the $500,000 price tag might not seem excessive. Witkoff emphasized, “The West Village has a growing parking shortage, especially as many buildings are converting garages into condos. This is a rare opportunity for buyers to secure a parking spot in such a prime area.”

The Parking garage, built along with the luxury structure in 2015, serves the 91 fully sold units in the building.

Chrysler Building Lease Termination

In other real estate news, Cooper Union has ended its ground lease with RFR, led by Aby Rosen and Michael Fuchs, over $21 million in unpaid rent for the iconic Chrysler Building. This move follows the collapse of Rosen’s Austrian partner last November and attempts to restructure the lease.

RFR is contesting the termination, but in the meantime, Cooper Union has hired Cushman & Wakefield to manage the building, with additional support from a team led by Savills. With over half of the Chrysler Building’s 1.25 million square feet of office space vacant, they have a challenging task ahead.