guest blog by Nila Ridings
Forget the permit. In this new Soho condominium building in Lower Manhattan, the parking space comes with a hefty price tag of $1,000,000,00. Certain restrictions apply.
If you sell your condo you must also sell your parking space. Actually, you don’t own the parking space. It’s on a 99 year lease, but you must find a buyer anyway. Ah, yes the HOA trickery is already present in the sales process. But since you pay one million for the parking space the HOA does not charge a monthly fee.
Let’s say you get behind on your $10,000 monthly HOA fees. (That would be the amount if you lived in a cheaper unit) Will the HOA be able to repo your car because it’s parked in a space that you don’t have title to? Or since you don’t pay monthly dues on your parking space can you just go live in your car?
Will this parking space offering start a new trend in HOA and Co-op insanity? From the contents of this article it looks like it’s headed in that direction.
What will the developers think of next?