Only in New York! Wealthy property buyers splash out up as much as $57.5M for condos inside converted PARKING GARAGE

A rundown parking garage in New York's West Village is about to take on a new lease of life as a developer with vision plans to convert it into the city's latest luxury apartment block - with buyers splashing out a cool $57.5 million.

The building, which has been standing since the 1930s, became something of a relic of the area's industrial heritage with its shattered glass windows and battered roll-up doors. Inside were parking spaces for four levels of cars. 

But in 2022, a developer acquired the parking facility for around $64 million. But rather than demolish the building entirely and replace it with a new residential sky scraper, there are instead plans to keep the original structure while transforming the place into seven high-end condos.

Wealthy buyers are already snapping up the units with a contract on a $57.5 million penthouse inked and two other units priced at $32 million and $22.5 million each. 

A dilapidated parking garage in New York's West Village is set for a luxurious transformation into high-end condos, fetching up to $57.5 million per unit. Picture, artist's impression

Originally erected in the 1930s, the building will retain its original structure only instead of parking spaces it will comprise of seven multi-million dollar units

The building will appeal to discerning buyers seeking privacy and luxury and is poised to make it one of the city's most lucrative residential ventures

The building has served as a garage since it was built in the 1930s

Construction has not yet started on the visionary project which is expected to be completed around 2026.

The building will keep its industrial facade, complete with parking garage markings, while the rear will be razed to make room for the luxurious residences.

The garage's steel framed windows and soaring 14-foot ceilings set it apart from typical parking structures. 

Prospective buyers are said to appreciate the building's inconspicuous look and its integration into the neighborhood. 

Listing agent Jim St. André of Compass highlights that privacy is paramount for these discerning individuals, often equating it with the ultimate luxury.

“People in show business…. calculate whether or not they can live in a certain building by how long it takes for the paparazzi to find them once they leave,” St. André said to WSJ. 

One of the building’s two penthouses is already in contract, last priced at $57.5 million

The units include a penthouse asking $57.5 million and two other units priced at $32 million and $22.5 million apiece

The rear of the property will be demolished to make way for ultra-high-end residences

The units will have steel casement windows

The garage is shown in 1940, when an elevated railway line ran next to it

By the time the entire building is sold, the developer, Alf Naman, believes the property will have raked in $245 million with  the remaining penthouse believed to be listed at a price close to $85 million. 

Together, the seven home building will comprise of two penthouses, two townhouse-style residences, and three loft-style homes.

The building will also come complete with various amenities including a doorman, gym, sports court, and a limited number of parking spaces.