There are a lot of things people consider when they look into buying a condo or co-op in New York City. Location is important, safety is an issue, and the size of the space is always a factor. But one thing that may get overlooked is the importance of a public parking facility available to its residents.
Any car owner who has ever tried to live in the city knows what a pain it can be to find parking on a regular basis and at a price that doesn't make you want to drive your car into the Hudson River.
Co-op and condo buildings that offer a parking facility not only alleviate parking headaches by guaranteeing residents a place to park their own vehicles, but can also offer a financial boon to shareholders and unit owners by providing extra income.
"There are two benefits I see for owners," says Steven Aiello, a parking management consultant of Standard Parking in Manhattan. "One obviously is that it controls their destiny in many cases as they're able to provide parking to their own people. Then of course there's the financial aspect; they can earn a cash stream. An on-site parking facility is an asset whatever way you look at it."
In terms of parking - like just about everything else - things in New York City are quite different than most of the country. 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.