Top-tier Garage Spaces a Hot Commodity in New York City

In an era of tightening parking maximums for development and great calls for transit-oriented development and walkable cities, private parking has gone upscale in New York City and developers and real estate agents say it’s in hot demand at record-high prices.

The New York Times this weekend ran a story about upscale parking in New York apartment and condo buildings.

“With their herringbone-pattern ceilings, app-based vehicle-retrieval systems and furnished waiting rooms, garages currently being constructed in residential developments seem designed to take the lowly parking spot to new heights,” the article says.

“Even more significant may be the fact that the facilities are often private, aimed at those who can fork over hundreds of thousands of dollars for parking rights. No day-trippers in search of space by the hour need apply.”

Real estate agents quoted in the story say on-site parking is a wanted amenity among upscale buyers and that spaces, some of which are priced as high as $800,000, are marketable features that help new developments stand out.

“Efforts to discourage driving by making it tougher to park may not have had the desired effect. Indeed, cars are on the rise, or at least holding their own,” the story says. Read it here.