Luxury Condo Offers $500,000 Parking Spaces

At 150 Charles St. in Manhattan's West Village, a luxury condo tower is selling underground parking spots for $500,000 each, catering to its wealthy celebrity residents like Ben Stiller and Jon Bon Jovi. The 92 parking spaces, previously available only for rent, are selling quickly due to a significant parking shortage in the area, as many buildings lack garages and others are converting them into condos. Developer Alex Witkoff noted that for owners who have spent up to $35 million on penthouses, the price for parking may seem reasonable. The building, completed in 2015, has all 91 units sold and offers a rare opportunity for buyers to secure a parking spot in this prime location. Comparatively, a decade ago, parking spots at another Manhattan building were priced at $1 million, but with only 10 spots available. In related news, Cooper Union's termination of a ground lease with RFR over unpaid rent highlights ongoing issues in the New York real estate market.