Buy Parking Space Nyc
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So you checked out the Connecticut mansion and its 30-car underground parking garage, but aren't ready to throw down $33.8 million for the 19 acres and the commute. What about spending one- or two-thirds of that for a condo in New York City and one (1) parking space A CNBC story takes a look at automated parking spots in NYC, finding them to be the new hotness among amenities packages touted with new developments.
CNBC looked at two buildings, the first offering a fully robotic parking space for $300,000 for a standard ICE vehicle, or $350,000 for a PHEV or EV. The condo units these spaces are attached to go for seven or eight figures; the cost of the space is added to that as well as the $150-per-month maintenance fee.
Machine-assisted parking isn't new in NYC, with outdoor parking lots using machines to stack cars for close to 20 years. Robotic Parking opened a municipal garage in New Jersey in the early 2000s and had some teething problems, followed by Automotion opening a public garage in NYC and getting reviews that aren't much better. Los Angeles has also been trying out fully automated public parking garages for a few years. The automated parking systems market is estimated to be worth nearly $4 billion globally by 2028. Going fully automatic in a residential building unlocks more parking spaces where space is even harder to find, since the garage doesn't need space for humans to drive around and get in and out.
Another building in the CNBC piece, at 520 West 28th Street (pictured), charges at least $450,000 for an automated space, some spaces costing more than $595,000. This one uses an app to control parking and retrieval.
NYC's long been noted for incredible prices for parking. One building sold a plain concrete parking spot for $750,000 last year, but don't be put off. You can find plenty of monthly parking spots leased for $1,000 to $2,000 per month, and a city real estate consultant told CNBC that when it comes to purchasing a space, "I think $300,000 to $400,000 is the sweet spot for new development."
Municipal parking fields do not allow overnight parking. The fields close as shown in the posted regulations for each facility. Parking after posted hours may result in a summons and leaves the vehicle at risk as there is no security at the closed facilities.
Obtaining a reservation does not guarantee that a parking permit will be issued. The customer must obtain the actual parking permit at the selected garage. The permit will be issued at the selected garage once all the required steps have been completed. A limited number of permits will be available for reservation and purchase in-person at each garage.Download the flyer (pdf)Access the Parking Reservation System
The development 42 Crosby St. is building 10 units in New York's Soho district (which used to be an actual parking lot) and has 10 underground parking spots available on a first-come-first-serve basis for that magically round million-dollar price tag.
Another building, located at 15 Renwick St. in the Hudson Square district, has only three $1 million spaces. The WSJ reports that developers said the parking space prices are high because they expect them to be purchased in conjunction with the building's two penthouses, which are on the market for $7 and $11 million.
However, these $1 million parking spaces don't actually represent the market rate. Jonathan Miller, president of appraisal firm Miller Samuel, told the WSJ that the most expensive parking space he's seen was for $325,000 and the market rate is closer to that number.
The NY State Vehicle and Traffic Law defines the permanent disabilities that qualify. If you have a permanent disability that qualifies, you can get vehicle plates for reserved parking from the DMV or a parking permit from your local government. It is illegal to park in a parking space reserved for persons with disabilities if you do not have the correct vehicle plates or parking permit. You can use the vehicle plates or par