nyc BLOG estate

nyc BLOG estate

$225,000 Parking Spot: If you're lucky

In many markets throughout the country $225,000 gets you a three bedroom house with perhaps a nice back yard.

There have been many new developments in Manhattan the last several years. Many do not have garages which can be a deal breaker for many new condo buyers.

Many buildings that do have garages usually have an outside vendor running the garage and anyone can rent a spot if they are available. A parking spot can cost any where from $350 to $600/month or more depending on the location. Some coops own garages and the spaces are for residents only.

New York Towers where I currently have an exclusive listing charges $250/month for residents. 2 Fifth Avenue a prestigeous coop in Greenwich Village has parking spots available for shareholders at discount rates.

Some of the new developments such as The Onyx Chelsea, a new 52-unit condo at 28th Street and Eighth Avenue, is selling parking spots. The first two spots sold for $165,000, the third for $175,000 and the last two for $195,000. Each space will include about $50 in monthly maintenance costs. There are three buyers on a waiting list.

While the mayor is pushing for "congestion pricing" trying to impose an $8. per day charge for cars below 86th Street in Manhattan between 6 a.m.and 6 p.m - doesn't seem to be stopping anyone who wants a car in Manhattan that can afford it.

What's $8.00 a day when you can pay $225,000 plus $50/month maintenace to have a car. Since Manhattan has become very suburbanized and since so many of the new Manhattan buyers are from the suburbs, Why should they give up their cars? If they can afford a quarter of a million dollars to park it - they should be entitled to drive it.

According to The New York Times eight people are hoping for the chance to buy one of five private parking spaces for $225,000 in the basement of 246 West 17th Street, a 34-unit condo development scheduled for completion next January

Parking is at a premium in Manhattan. You get what you pay for and for many buyers $225,000 is a bargain.

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