Parking spaces

NYC parking spots now go for $600,000

Major US cities can tip the price of automated parking garages in New York currently being sold with its multimillion-dollar condos and co-ops: price tags of $300,000 to $600,000.

Futuristic parking lots, equipped with robotic lifts, can cost $1 million to install and install more cars than a standard garage, because they have no horizontal ramps or traffic lanes, CNBC Reports.

Scarce, high-tech amenities can cost every space expensive, as parking, already very expensive in New York City, is likely only to get worse as the city installs more bike lanes and imposes additional tolls.

One of these garages is at 121 East 22n/a Street, a condominium near Gramercy Park. Lori Alf bought one of the spaces in the garage for $300,000, to go along with the $9.15million five-bedroom apartment she gave her kids, who are now spending more time in Manhattan .

All Alf and his kids have to do to park the family’s Porsche Cayenne is go to the kiosk in the garage and wave a small radio frequency identification card. Then they press a button on the kiosk and the elevator in the kiosk takes the car below ground level to the garage, where no humans are allowed.

Before parking the car, cameras scan it to make sure its doors and trunk are closed and there are no stray objects or humans in the kiosk.

Picking up the car is the same process in reverse. Parking and summoning the car only takes 2 minutes and 15 seconds.

One perk that Alf particularly likes is that when she’s ready to leave, the kiosk turns her car to face the street.

“Who doesn’t live for a robot that points you in the right direction in New York?” Alf said.

CNBC found another automated garage at 520 West 28e Street, where parking spaces start at $450,000. Another, at 220 Central Park South, had parking spaces listed for $750,000. Corcoran Realty says its luxury garage apartment listings cost at least $595,000 per space.

Affluent buyers not only appreciate the convenience of robotic parking garages, but also the fact that they are completely private, safe and sanitary, the latter of which has been a concern for buyers since the eruption of the coronavirus pandemic.

The astronomical asking prices for parking spaces in New York City made the $300,000 cost seem practical to Alf.

As his broker at Douglas Elliman, Senada Adzem, said, “As crazy as it sounds, $300,000 for a residential parking space is considered a fair price in New York.”

What about charging electric vehicles? It will only cost you $50,000 more.

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Deena S. Hawkins

The author Deena S. Hawkins