America's Most Expensive Parking Garage Selling Spots For $500,000

Hollywood celebrities including Ben Stiller, Jon Bon Jovi, and Irina Shayk, along with other affluent residents of 150 Charles St., now have a convenient option for parking. Developer Alex Witkoff is offering condo owners in the 15-story luxury building underground parking spaces for $500,000 each, reported the New York Post. 

While 42 Crosby St. made headlines a decade ago for offering $1 million parking spots with only 10 available, 150 Charles St. boasts 92 spaces, which were previously available only for rent.

These spaces are selling quickly, according to a spokesperson. For owners who've spent up to $35 million on a penthouse, the half-million price tag may seem manageable. Witkoff added, "The West Village faces a significant parking shortage that will worsen over time, as many locations lack garages and some buildings are converting existing garages into condos. We're offering savvy buyers a rare chance to own a parking spot in this prime location."

The building's subterranean garage, completed in 2015 along with the rest of the structure, serves all 91 sold-out units.

In other news, Cooper Union's termination of a ground lease with RFR, led by Aby Rosen and Michael Fuchs, over $21 million in unpaid rent for the Chrysler Building was shocking but not entirely unexpected. The collapse of Rosen's Austrian partner last November led to attempts at restructuring the lease. RFR is contesting the termination.

For now, Cooper Union has enlisted Cushman & Wakefield to manage the tower, with support from a team of outside experts led by Savills. With over half of the landmark's 1.25 million square feet of office space available, they'll need all the help they can get.