• Jul 12, 2007
To give you an idea of how much of a premium Manhattanites place on parking, consider that a new condo development on the Lower West Side is selling five guaranteed parking spaces for $225,000 apiece. That number is on top of whatever the condos themselves cost. The knee-jerk reaction is, of course, to laugh and dismissively say something like, "Who in their right mind is going to pay that to park their car?"

There are eight people vying for those five spaces.

[Source: The New York Times]

That's just one of the anecdotes told by Vivian S. Toy in this New York Times piece. The hefty charge for parking spaces is not an isolated thing, either. Granted, prices vary from neighborhood to neighborhood, but as the Times reports, even guaranteed spots in open lots in the outer boroughs can sell for around $50,000 a pop. Some buy the spaces as investments, renting them out to cover the costs. There's a story of one family that bought three spots even though they have one car, because if they have friends or family visiting, it makes life easier. Another woman tells the Times she regrets not ponying up $165,000 for a parking space -- now unavailable -- when she bought her Manhattan condo. And that's her family's secondary residence.

Much of this stems from the fact that there are fewer places to park now than before, as garages are vanishing at rates faster than new ones are erected. It's a bonanza for developers, as the underground areas they turn into parking garages for their condos have the same property value as the above-ground living sections. For obvious reasons, however, parking garages don't cost nearly as much to build, and people are clearly willing to part with big bucks for the convenience and security of not having to street park. Click the "Read" link to check out the article in full, and be happy if you're not paying as much for a parking place as some people do for a house.


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  • 16 Comments
      • 7 Years Ago
      $225,000 at 5% interest yields $937.50 a month. I would rent a parking spot at much less than that and have a nice dinner with the remainder of the change!
      • 7 Years Ago
      Too much $$$ = Too little brains
      • 7 Years Ago
      ...and this is why the Smart car has drawn some massive appeal.. to a very specific market. Park it where nothing else fits, save $211,000.
      • 7 Years Ago
      I live in South Fla, and stayed at a hotel on South Beach for spring break with some friends. The parking there was beyond horrible, and the valet attendants for the spots we got for a day, trashed our cars. Mine came back with some sort of sand coating all over it. The person at the hotel's front desk told us stories of the valets parking the cars on the side of the roads and getting tickets, then they just throw them out leaving you to get the bill in the mail later. I can't even imagine a place like NYC. I'd prefer to visit, not live there.
        • 7 Years Ago
        Your comment has no relevance to BUYING parking in NYC. Valet has it's risks anywhere you go, but we weren't discussing valet parking.
      • 7 Years Ago
      Not crazy at all. When your paying $450-$700 a month (4,800-8,400 a year) to park a car, it's not crazy at all. Add to the fact that you have to pay 10% or 19% tax on monthly parking (resident, non resident) on top. Then, I assume you could likely get a interest exp benefit on your Fed taxes (if tied in with your condo)!

      Wait, where are these parking spaces?
      • 7 Years Ago
      They're not right...in the head.
      why pay that much to live so close to so many other people. Thank God I dont have to pay that much to live in suburbia.

      only partly joking. i know some people love it but it escapes me.
      • 7 Years Ago
      Matt Damon.......
      • 7 Years Ago

      I hear that the Watchtower society in Brooklyn is selling some of their property. Maybe it can transformed into parking lots.
      • 7 Years Ago
      That is an extreme case but it does point out a larger issue, that is all of the spaces we get for free. For example at my job I have free parking at a 7 floor facility for which my employer fits the bill. Those funds indirectly affect my pay b/c my employer is subsidizing the cost of my space. A more fair system would to be either charge the actual cost of the space to all who want them or give credits to employees who do not use the spaces. Either way the costs are internalized and users have incentive not to use those spaces. Of course this system though it is more fair mainly benefits tree huggers, public transit users, and cyclist who are in the minority hence the reason the topic is rarely brought up.
      • 7 Years Ago
      yea! other people pay more than i do for stuff. they must be idiots! and they must be greedy, too!
      • 7 Years Ago
      That's exactly why I will never live in a big city, I can't stand the parking problems. Even in Chicago which is not nearly as congested as New York parking is $15 for like 12 hours.
      • 7 Years Ago
      Nothing crazy about that, just free markets at work. People are free not to buy the spaces if they don't value them that highly.

      Other options include walking, public transit, or just not living in Manhattan.
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