Back to Analyst

How Much Would You Pay for a Parking Spot?

|

Many of us take for granted the fact that when we drive home we can easily park our car in the garage, driveway or on a nearby street. Most folks never give it a thought. But in the nation’s largest cities, all space is at a premium—and the value of that real estate always seems to creep higher.

What would you pay to reserve your space? If you live in Brooklyn, how does $185,000 sound?

The New York Post is reporting that The Parking Club, a renovated 130-space parking garage in Brooklyn’s Cobble Hill neighborhood, has just launched sales with pricing from $185,000 per spot. It’s not the city’s first parking garage “condo”—defined as a garage whose spaces sell as deeded condominiums—but it’s the first to pair those spaces with Beverly Hills-style valet service for buyers.

Thanks to a parternship with parking and valet app Luxe, space owners get pick-ups and drop-offs anywhere in the company’s Manhattan and Brooklyn service areas. In Manhattan, coverage runs up to 125th Street, and in Brooklyn across a swath that includes Park Slope, Brooklyn Heights, Cobble Hill and Boreum Hill.

Valet service also includes gas fills, car washes, monthly maintenance and yearly registration inspections. And should owners want to pick up their rides themselves, the 20,000-square-foot facility also sports a lounge with newspapers and coffee, where they can wait until their wheels are delivered.

“As parking continues to disappear, I thik it’s an opportunity for developers going forward to build parking developments,” says Jamie Anthony of Lonicera Partners, which developed The Parking Club. “Demand is going to continue to go up…it’s going to become more of a valuable commodity.”

It’s profitable for developers—in addition to the $185,000 purchase price, space owners pay condominium-style common charges ($140 per month) and taxes ($200-$230 per quarter). But it’s also a deal for buyers. While a number of new residential developments include parking in their plans, they’re reserved for homebuyers and can cost a cool $1 million apiece, so The Parking Club’s costs come at a much greater value for folks unwilling (or unable) to shell out for seven-figure parking spots.

Any buyers out there?

For budget-minded drivers, GasBuddy is the travel and navigation app that is used by more North American drivers to save money on gas than any other. Unlike fuel retailer apps, as well as newer apps focused on fuel savings, GasBuddy covers 150,000+ gas stations in North America, giving drivers 27 ways to save on fuel. That’s why GasBuddy has been downloaded nearly 90 million times – more than any other travel and navigation app focused on gas savings.