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New York City's first $1 million parking spot has hit the market, and people are a bit appalled. The slab of concrete is about 12 feet wide, 23 feet long and 15 feet high. That's enough space to add a car elevator.
It also comes equipped with a different kind of elevator -- one that goes to the 8,000 square foot town house or to the $38.8 million penthouse.
Now, we know you have many a burning question about this space, but we're only going to answer one of them. Can you sell a parking spot?
It depends on the deed, actually.
Consider the parking spots in complexes or condos. Most of the time, these spots are attached to a specific unit -- you own the unit, you own the spot. Depending on the deed and contract, an owner may not be able to sell the spot. Many condos prohibit owners from selling a parking spot separately from the unit for safety reasons.
This doesn't seem to be the case with New York's $1 million parking spot. It's in a garage that is being partly converted into luxury condos, according to the New York Post. But instead of giving each unit a spot, the developers are selling it with a separate deed and contract.
This type of parking spot is a separate piece of property. It's very likely that it can be sold to a third party who does not live in the building.
So, as you can see, it's not impossible to own or sell a parking spot. It can just sometimes be a little difficult to sell one without selling your home with it.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.