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Tags: parking garages in new york | major cities | luxury real estate

NYC Parking Spaces Now Go for $600,000

NYC Parking Spaces Now Go for $600,000
Porsche Cayenne (Dreamstime)

By    |   Wednesday, 23 November 2022 11:11 AM EST

Major U.S. cities can take a tip from the price of the automated parking garage spaces in New York now being sold alongside its multimillion-dollar condos and co-ops: $300,000 to $600,000 price tags.

The futuristic parking garages, run with robotic elevators, can cost $1 million to install and fit more cars than a standard garage since they don’t have horizontal ramps or driving lanes, CNBC reports.

The rare, high-tech amenities can charge so much for each space because parking, already at a high premium in New York, is likely only to worsen as the city installs more bike lanes and imposes additional driving tolls.

One such garage is at 121 East 22nd Street, a condominium near Gramercy Park. Lori Alf purchased one of the garage’s spaces for $300,000, to go along with the $9.15 million five-bedroom apartment she gifted to her children, who are now spending more time in Manhattan.

All Alf and her children need to do to park the family’s Porsche Cayenne is drive up to the garage’s kiosk and wave a small radio frequency ID. Then, they press a button on the kiosk and the kiosk elevator takes the car below ground level to the garage, where no humans are allowed.

Before parking the car, cameras scan it to make sure its doors and trunk are closed and that there are no stray objects or humans in the kiosk.

Retrieving the car is the same process in reverse. Parking and summoning the car both take just 2 minutes and 15 seconds.

One perk Alf particularly likes is that when she’s ready to go, the kiosk turns her car around to face the street.

“Who doesn’t live for a robot that sets you in the right direction in New York City?” Alf says.

CNBC found another automated garage at 520 West 28th Street, where parking spaces start at $450,000. Another, at 220 Central Park South, had parking spots listed for $750,000. Corcoran realty says its luxury apartment listings with garages cost a minimum of $595,000 a spot.

Wealthy buyers like not just the convenience of the robotic parking garages but also the fact that they are totally private, safe and sanitary, the latter being a concern for buyers since the coronavirus pandemic erupted.

The astronomical asking prices for parking spots in New York made the $300,000 cost seem practical to Alf.

As her broker at Douglas Elliman, Senada Adzem, put it: “As crazy as it may sound, $300,000 for a residential parking spot is considered a reasonable price in New York City.”

And for electric vehicle charging? It’ll set you back just $50,000 more.

© 2022 Newsmax Finance. All rights reserved.


StreetTalk
Major U.S. cities can take a tip from the price of the automated parking garage spaces in New York now being sold alongside its multimillion-dollar condos and co-ops: $300,000 to $600,000 price tags.
parking garages in new york, major cities, luxury real estate
439
2022-11-23
Wednesday, 23 November 2022 11:11 AM
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