Parking Space in Manhattan Co-Op

To a future buyer with a car, a deeded parking space that transfers with the co-op shares may be valuable. If the future buyer doesn't have a car, and they can't sub-let it to a non resident, then they won't see much value in it. If you don't own a car, it may not make much sense to buy and hold (and pay monthly fees?) on a space in the hopes of future appreciation. Unless the garage space has been separated from the co-op and is a standalone condo with separately deeded spaces, you're not actually 'buying a space', you're either buying the shares that represent that space, and renting the space from the co-op (and paying maintenance on them), or there's some odd rental arrangement going on. Make sure you do good due diligence.

Unless developers start building lots of garages in NYC, it's likely the value of the space will go up over time, but this may be offset by overall reduced vehicle ownership as cultural and transportation norms change, and the potential costs associated with adding electrical capacity for an electric vehicle charging station for the space.

And to follow up: Consider what the history of pricing has been for a 'real' condo parking space (Brooklyn, tis true, so not a real 'comp', but a still useful reference): 845 Union Street, in Park Slope.
https://streeteasy.com/building/845-union-street-brooklyn#tab_building_detail=2

I represented buyers looking at One Brooklyn Bridge Park in the spring (which seems like it was 1,000 years ago, honestly) and at 1 BBP we were offered a spot with $67 monthly maintenance for $185K. We were also quoted that, "when available," spots in the private parking garage cost $550 a month. Hope that helps as a data point.

ali r.
{upstairs realty}

Since you mentioned upper Manhattan...which is where I specialize. I don't come across too many co-op's that have spaces for sale. Best comps I have seen are in the new condos in the 120's. 300 West 122nd has been selling spaces for $50k (they might be sold out at this point). Vandewater @ 122nd in Morningside has cut prices which if memory serves me was originally in excess of $200k...and last I checked at $125k. I just sold a 2 bed, 2 bed condo a couple of months ago with a licensed parking space and double sized storage locker for just shy of $900/sq ft.

One thing you have to look at is what the monthly is for the parking spot vs what market rate parking goes for in the area. I know of condo parking spots in Chelsea where the monthlies are over $700, which impinges on their sale value. If the exact same spots had $350 monthlies it would impact value to a large extent.

There was an outdoor space in Lincoln Towers recently for 60k with $200.00 monthly maintenance.

The monthlies for most of the buildings with private parking in Upper Manhattan are in the $200-350/month range.

Short term it may be good to have a parking space as everyone buys cars. Long term maybe not. I was in three European capitals recently. Since COVID all three have shut down numerous roads to cars and converted them to bike and bus lanes. London will soon charge about $45/day for some cars to enter and is banning pre-2015 diesels. Once you're in the city, travel times have gone up dramatically because cars are squeezed onto ever fewer roads. Paris is shutting whole swaths of the city. We in the US love our cars, but our cities will only get less friendly to private autos.