By Dan Kedmey
September 9, 2014

A new luxury development in New York City is pushing Manhattan’s gilded real estate market to new heights.

Some parking spaces in the development will be selling for $1 million a pop, the New York Times reports, in a city where every square foot of space is fast becoming a luxury.

The new housing unit rising above the cobblestoned streets of the SoHo neighborhood will sell 10 parking spaces in its basement at a rate of $5,000 to $6,500 a square foot, or a few thousand dollars more than the three-bedroom apartments upstairs. Because parking, perhaps even more so than real estate, is all about location, location, location.

[NYT]

Contact us at editors@time.com.

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