The New York Post reports the parking spot will be about 12 feet wide and 23 feet long. It will be located inside an eight-story luxury condominium building at 66 E. 11th St. The $1 million parking spot is likely to be leased to the future owner of the building's "centerpiece," an 8,000-square-foot duplex penthouse.

"It's for someone who wants complete privacy," Prudential Douglas Elliman Vice Chairman Dolly Lenz tells the Post. "You can drive in and not be seen again. It's for the type of person who finds that attractive. It could be a celebrity or a business person who is camera shy."
Leasing the spot will require the purchaser to sign a deed, sales contract and even pay additional maintenance fees, according to the developer Morad Fareed.
The Post notes that the cost of the spot will be six times the national cost of a single-family home.
If you have $1 million to spare, it might be worth the peace of mind, rather than attempting to recreate the "world's tightest parking spot," which also occurred in New York.
Back in 2002, it was reported that comedian Jerry Seinfeld was spending more than $1 million to build his own private parking garage. But that was to house his private luxury car collection, with an estimated 20 parking spots.

source: yahoo