Buying a Parking Space

Hey, whatever happened to financeguy?

Don't know, but you can see some sales here: http://streeteasy.com/nyc/closings/manhattan/type:parking

You could start by asking at those buildings.

Anyone have any recent experiences/data points that they can share regarding the price that parking spaces are trading? While the subset is small, if it makes any difference this would be in the village. I looked at the streeteasy data as NWT helpfully suggested, but that is a small sample and very Tribeca heavy. Thanks. You can share offline as well at nyc_sport at yahoo dot com.

How is the maintenance/CC determined for said parking spaces, and how are future increases determined? And is it better to own a parking space than to rent it? Why?

And most of all, will someone please solve the mystery of the stagnant parking cost? From the 1980s, as housing sale & rent prices have soared, and more and more suburban assholes have flooded NY, monthly 24/7 parking rates in most reasonably prime neighborhoods have stayed right around $500, give or take. And they've been doing the tile-puzzle thing with the cars since back then, so it's not like they can squeeze more cars in now than then.

We need higher parking rates! And MUCH MUCH higher dog rent/maintenance, I might add.

Sign the petition!

If "prime" neighborhoods you mean UES/UWS, there is ample parking to begin with, there has been virtually no loss of parking, and relatively little population increase. Still, I have no idea what you are talking about re stagnant parking costs, or who was paying $500 in the "1980s." I paid $135 a month for my first space in a full service garage downtown in 1990. If you wanted to park in the lots on east or hudson river in the early 1990s, it was about $75 per month but you paid $5 to retrieve the car. I now pay $600+. Different garage, but only 20 blocks away from the first one that was 1/5 the price 23 years ago.

Here is why it is better to own. I have had to change garages 3 times in the past 10 years. Each time, the garage was torn down/turned into condos. Two more nearby garages just closed. The city makes it nearly impossible to include parking in new developments. The data NWT pointed to suggests that 8x10 foot parking spaces are trading at $250-300K. That makes those undergrounds spaces worth way more psf than the apartments above.

A parking space that is 8x10 must be a typo. minimum 8x18 if not 8x20. The city allowed the developer to build new buildings without the inclusion of any parking space. They purposely did that so that the building can pass the environmental impact statement (EIS) easier in the name of encouraging transit use.

Is there another source? Odd you can search for parking in recorded sales, but not sales listings.

The few I've seen were for sale only to owners of apartments in the building. Sort of like storage space, when those have separate tax lots.

Most garages are kept by the sponsor and leased out to an operator.

There is or was a garage in Park Slope that was run as a co-op.