I am one of those financially irresponsible Manhattanites that must have a car. I have parked a string of cars at Pier 40, Red Ball Garage and now at the Automotion facility in the new 123 Baxter condominium. Each garage has cost more than the last.
A friend of mine’s father lived at Lexington and 89th Street in a rent stabilized apartment about ten years ago and paid more for his parking spot in the building than he did for his home! A useful tool to understand garage rates throughout New York City revealed that you can pay as much as $1,200 a month to park on either the Upper East or West Sides. I am sure a number of residents of these areas are paying less than that for apartments with stabilized leases.
As outdoor lots and older garages fall prey to development and parking availability dwindles, skyrocketing prices are sure to remain a reality for those that must drive. Not long ago, private spaces in a few CORE Group Marketing projects sold at unheard of prices. Is the advent of the half million dollar parking spot not far away?