What is a garage really worth in Brooklyn?

I'm having trouble following your question (not enough coffee yet), but if I understand you correctly, I would start by finding out what such parking spaces rent for.

Asking price awhile ago in Billyburg is just not very relative at this point. You're talking Carroll Gardens.

If there's not a lot of demand, the developer can't sell the spaces, and you're in a position to "just make an offer?" Is that the situation? If so, I would offer one year of gross rental income for a similar space in a commercial lot--why not? See what they say.

I meant "relevant," not "relative." Definitely need coffee.

is it me? 50k sounds totally bananas.

What's the price per square foot on that?

There's a development in off-prime Park Slope (16th Street I think) called the Vue, where you can buy an outdoor parking space to go with your apartment for $15K or so. Just for some perspective.

I think a parking space adds nice value down the line for a resale, what a luxury to have a garage space. If you are allowed to rent it out, could generate $250-$300 per month in income. I would be willing to pay $150 to $175 dollars per F2. I know Carol gardens and parking is tight....If its 200F2, $35,000. @steve based on the income projection what value would you place on it?

http://www.nytimes.com/2007/07/12/us/12parking.html

Thanks to all, for your input. At an asking price of 55K and 212 sq ft, we are talking 269 sq ft. I think 200 sq ft/35K is reasonable considering we aren't just talking about a parking space but a (small) private garage, which has the possiblity of storage for me or any future owner, or even alternate uses other than parking a car there. Interestingly, 35K was the price in the original offering plan - I'm trying to find out whether those prices were ever amended, or to what extent the original plan binds them in terms of what they can sell it for.

Sorry, meant to write 55K for 212 sq ft = $269 per s.f.

Aargh! $259 per s.f.!!

you could break even after renting it for 212 months.

in park slope, on union st, they were selling an indoor parking spot for $50K recently. just for perspective.

i think that $35K for a garage, not a spot is very good in CG and $55K a little excessive. $45K on the money. you should also see what are the monthly costs of it. that can change the scenario down quickly.

I definitely plan to use it, not rent it, though it's nice to know I could if needed. In addition to the utility to me, I'm interested by the value it will add when I sell. So much of that is speculative based on what the market here in NY will do, but it's hard to imagine that if values hold or improve even modestly, that a private garage wouldn't fetch you an additional 10% on the value of your place - is that too much of a stretch? If it's worth 10%, then it ought to be worth the mid 40s.

the theory is, the larger the apartment, the more important (additional worth) the parking spot. people with kids will pay significantly more for it then people without. in my old building, the apartments, coops, that had parking spots "attached" to the apartment were always worth more and sold quickly.

in your situation, would you be able to sell it to another owner if the purchaser would not be interested in it? or to an "outsider"?

I believe so - the garage will be separately deeded.

I'd go closer to to 40K than 45K, depends on the maintenance costs and who's responsible for raising those costs and if the going rate in the area is indeed $250-300 (sounds high).
$275 times 12 (months) = $3300 times 12 times (rent roll) (this is not manhattan) = $39,600.

Convenience factors are a plus, stalled development projects in the area that easily convert to parking are a negative......just sayin

ab-11218, the common charges should be no more than $30/mth and the taxes (abated) are 10/mth.

truth - $300 per month is high for a parking spot, not for a separate garage. for that it is reasonable there. i have no idea what it would cost in manhattan, but, in prime areas, i would expect $500 per month easy.

johny - the maintenance is ok, just ok. the abated property taxes are high. what will they be after abatement runs out? i would expect $100 per month. now it's a $130 cost and then it's worth $25-30K if not less.

My manhattan reference was for the (12) times rent multiple.

Agreed on the abated taxes except I don't think it would reach higher than $50 per month.
Also a 10yr abatement or a 20yr abatement is a major difference.

The abatement is for 15 years, but the unabated taxes run to around 200/mth!

Ouch, that's a problem.

those taxes are insane. i would put it at about $10-15K

If the street parking situation is bad in your neighborhood, and there is no garage close to the apt, then there is no number for it. The sky's the limit to the right person. Even if you sell the apt and the spot in 10 years and you sell it for the same price, it still could be worth it for the convenience and hassle factor. If you use the car daily or almost daily and you use a garage with attendants, then you save at least 5 minutes on each pickup or drop off. Also your insurance may be less, and you know no one is driving your car. If your apt building attracts people who will pay a price for convenience, then you have your answer

The street parking is annoying because of the street cleaning rules; spots can be hard, but not usually impossible to find. There is a very nearby open air lot that rents on a monthly basis, though I haven't gotten their rates yet. To me, that would add little value over street parking, though. The private, connected 1-car garage would allow me to indulge my gearhead side, and it does have the aforementioned ultility for storage or other purposes. From that perspective, there is some truth to the "it's worth what you'll pay" theory. I'm just trying not to let my emotions get the better of me and find out what current market value ought to be. The unabated taxes don't seem extraordinarily high to me, and I'm inclined to offer $20K or $25K to get a dialog going. Please keep all these helpful comments coming...