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Property Bubble

Think Ireland's property market is bad? This New York parking space costs $1million

Can I get a tracker mortgage on that?

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A PARKING SPACE at the apartment block being built on this construction site in New York will set you back a million dollars. That’s around €775,000.

Just to put that in perspective, the average three-bedroom semi in Dublin currently costs €348,333.

The New York Times reports the 10 underground places at 42 Crosby Street will cost more per square foot than the apartments upstairs. The parking spots will run between $5,000 and $6,666 a square foot.

The three-bedroom apartments will cost around $8million to $10million a go, or about $3,100 a square foot.

As a comparison: For around the same price as that single parking space, you could buy this giant Victorian gaff in Harolds Cross:

Or this double-fronted pile in Sutton:

Speaking about the New York development, brokerage firm CEO Shaun Osher says there are “few to no options” for parking in SoHo, just northeast of the World Trade Center site. He says his firm is “looking at setting the benchmark.”

- Additional reporting from AP

More: 7 castles that cost less than a two-bed gaff in Dublin>

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