In a cramped city crawling with cars, a parking lot or garage is a gold-plated amenity for a New York City co-op or condo. Just as we need a place to lay our heads, we also need a place to stable our precious sedans and SUVs. Adequate parking is an important selling point to potential residents, a perk to current residents and a possible source of revenue for the building if extra spots are available.
Newer technology and engineering are paving the way for many buildings to solve the problem of inadequate parking. This article will explore and illustrate some of these newer technologies and discuss how they might be of value to New York City co-ops and condo boards and managers who manage their parking facilities.
Parking is Scarce
Not many co-op or condo buildings in the city have their own parking facilities and those that do may only have space for 10 or 12 cars.
The percentage of buildings that own on-site parking space is estimated to be less than five percent, according to Steven Aiello, senior vice president of Standard Parking Corporation, a parking and transportation management services company with more than 2,000 parking locations through the U.S. and Canada.
In some of the outer boroughs where larger complexes exist, the percentage might be considerably higher—more along the lines of 75 percent for complexes with at least 30 units.