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New York Reaches Real Estate Milestone

RENEE MONTAGNE, HOST:

Good morning. I'm Renee Montagne. New York has reached a real estate milestone - its first million dollar parking spot. That's the asking price for a private garage in Manhattan's East Village. The 12 by 23 foot space comes with its own deed and maintenance fees, just like the luxury condo it's attached to. The New York Post has calculated the investment this way: it's the same as paying a $115 parking ticket every day for the next 24 years. It's MORNING EDITION. Transcript provided by NPR, Copyright NPR.