Some of the world’s most valuable real estate exists in New York City, and the wealth doesn’t end with residential buildings and office space. In a city with so many people and so little space, a place to park your car can be priceless. Just ask anyone who’s spent half an hour driving around Brooklyn or Queens at night looking for a parking space like it’s the Holy Grail. Because of the subway system and other underground infrastructure, office buildings are rarely allowed to put much parking underneath their property, unlike other big cities where the city insists that buildings accommodate the vehicles of all the people working inside.
“New York is the opposite because [the city government] doesn’t really want people to drive into the city, so they minimize any type of parking an office building can have,” says Gunnar Klintberg, vice chairman of Holberg Industries Inc., a large parking management firm based in Greenwich, Connecticut. “That makes parking a valuable component for any co-op or condo to be a part of, as they can utilize the extra room to make money.”
And that’s why a having a parking lot can be a tremendous perk for a co-op or condo building. But running a parking garage takes more than paving an unused lot and painting some white lines. Not only does a parking lot give residents a place to put their cars, but it also adds extra responsibilities to the overall operation and management plan.
In Manhattan, however, a parking garage is a near-must. Just about any new residential building will probably feature a garage or adjacent parking lot, and with the market so competitive, the option of paying for a parking space in the building they live in is a big draw for buyers.
“It’s just convenience,” says Andrew Grossman of GGMC Parking LLC in Manhattan. “In Manhattan, it’s a great feeling to be able to go down to your basement and get your car instead of having to walk or take a cab to get to it.”