For those looking to move into a Manhattan condo or co-op, there are zounds of factors that come into play while searching for the best—and most efficient—place to live. Usually, location, size, and safety are always a concern. Amenities attract buyers and renters, as well, with fitness rooms, pools, and media rooms having an increasing appeal on prospective residents.
Parking is another amenity that is gaining popularity quickly. After all, residents who own cars in Manhattan understand the parking challenges that come with owning property in the most coveted borough; the drama involved in simply finding a space is enough (and costs enough) to make one want to toss their vehicle from the Brooklyn Bridge.
Co-op and condo buildings that offer a parking facility alleviate headaches, guaranteeing residents a place to park vehicles; this convenience offers a financial boon to shareholders and unit owners by providing extra income.
Regardless of whether the facility is underneath the building or adjacent to it, there’s more to running a parking garage than just painting some stripes on the pavement and watching cash roll in. Management, allocation of spaces, and security are just a few of the considerations.
By The Numbers
In New York City, parking rules and regulations are quite different than those in most of the country. Due to the subway system and other underground infrastructures, office buildings are rarely allowed to place parking garages underneath the property (unlike other big cities where the regulations insist that buildings accommodate vehicles of those working inside).