Sales officially launched today at 42 Crosby Street, Atlas Capital Group’s 50,000-square-foot Soho condominium designed by Annabelle Selldorf of Selldorf Architects. Nine three-bedroom residences and a penthouse at the seven-story luxury residence will start at $8,250,000 (the penthouse is going for $25 million). According to the press release, the building’s design offers “a contemporary interpretation of the Soho neighborhood’s cast iron architecture,” and of course, there’s those $1 million parking spots.
42 Crosby Street
Car-owing New Yorkers can probably recite year-round alternative-side parking laws on cue, but most will also tell you how they loathe circling their block for 20 minutes, tracking which days to stay put, the inconvenience of babysitting a spot before the switch, figuring out a cluster of parking signs or, worse yet, arguing with a paid-for parking squatter. It often drives one batty.
Yet, there is an option and that’s paying for a monthly but costly sliver of asphalt—hopefully an elevator ride away or at the very least, a quick walk a few doors down. However, the key word here is “paying” and if you live in New York, that slice of space could put you back a pretty penny, especially if you’re shoveling out dollars for one in a new development.
Unless you’ve been living under a real estate rock, there’s no doubt you’ve read about the $1 million dollar spaces at 42 Crosby Street’s garage in SoHo. Is this lofty price tag for parking a market first? Nope.
- The Arthur G. Cohen Estate has put in a $205M bid for the Chelsea Dream Hotel. [CO]
- New York isn’t expensive as you think it is. If you’re rich by U.S. standards, you’re probably also rich by New York standards according to these two graphs at Slate and Vox. [Slate/Vox]
- The Annabelle Selldorf-designed 42 Crosby Street will have $1M parking spots. [NYT]
- Lightstone Group has struck a deal with the EPA to clean up a toxic Gowanus site in order to bring 700 new condos the area. The decontamination effort will cost the developer $20M. [Crain’s]
42 Crosby Street (left); The proposed Gowanus condos (right)