The parking spot that will set you back...$1 million

Need somewhere to park your car in New York City? No problem, but you'll need a spare $1 million.

Wondering how to spend a cool $1 million dollars?

Well here’s one way, but we’re not so sure about bang for buck.

A new apartment building in New York City’s Soho neighbourhood is selling its 10 parking spots for $1 million each.

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According to the New York Times, these underground spaces will set you back more than the actual apartments above.

The parking spots, which could be as big as 200 square feet, will cost between $5000 and $6666 per square foot.

The three bedroom apartments upstairs on the other hand will cost ‘just’ $3,140 per square foot – adding up to between $8.7 million and $10.45 million for each unit.

The one perk of the car spot over the apartment is that after purchasing the parking space you won’t rack up additionally monthly operational costs.

According to the Department of City Planning, the number of off-street parking has dwindled since the 1970s, with around 102,000 parking spots for its population of around 8.3 million.

CORE, the brokerage firm charged with sales and marketing for the building at 42 Crosby Street, is ready to take advantage of the fact that there are very few options when it comes to both on and off street parking.

“We’re looking at setting the benchmark,” Shaun Osher, chief executive of CORE in Manhattan told the New York Times.

“In real estate, location defines value and parking is no exception to that rule.”

Surely though $1 million is not what you’d call value for money – even in New York.

This article originally appeared on Yahoo7 Finance