Suffice to say, parking is a big deal in New York City. On any given day, you will find hoards of people swarming the densely populated city streets in hopes of getting a good parking spot—or any spot, for that matter. Tourists circle madly around Manhattan in hopes of finding a spot within a five-mile radius of the bars, art galleries and restaurants they patronize; locals heading home from work prowl their neighborhoods, trying to squeeze into the limited parking spots while others camp out in their front seats for hours to avoid losing their spot for street cleaning.
Not only is parking limited, it’s incredibly expensive to boot. The 277 Park Avenue parking garage wins the prize for the steepest parking rates, charging $29 per hour (plus a $10 surcharge for SUVs). That New York City doled out its first $1 million parking spot in 2012 says a lot about the shortage of parking in the city, as well as what it's worth to some residents to have a dedicated spot they don't have to fight for on a daily basis.
In-House, On-Site Parking
Sure, owning a condo or being a shareholder in a co-op promises residents a place to sleep at night, but as far as their vehicles go, shelter is no guarantee.
“Believe it or not, there are not many parking garages in condos in New York City,” says Hector Chevalier, the senior vice president of SP+, Inc., a national company and the largest provider of parking facilities in the New York/New Jersey area. “Despite the fact that the island is huge and has thousands of buildings, the condominium buildings don’t tend to have garages. The majority of garages are underneath rental buildings and commercial buildings.”
Alfred Nicasio, a senior management executive with Manhattan-based Lawrence Properties, agrees, estimating that only 10 of the 60 plus properties his company manages offers residential parking.