South Africa

A parking spot for $1m

11 September 2014 - 02:06 By © The Daily Telegraph
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Image: thinkstock

Residents wanting to buy a parking space with their flat in New York will have to shell out $1-million (almost R11-million) - making the space worth more per square metre than the flat itself.

The new development in SoHo has 10 underground parking spots, which each cost four times the median price of a US home.

Three-bedroom flats above them go for $8-million-$10-million.

The building's owners said they were "setting the benchmark" for parking and "location defines value".

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