NYC: Where Parking Spots Sell for $80K

NYC: Where Parking Spots Sell for $80K

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Expensive Parking Spots Because of Limited Parking Film Shoots
As if parking isn’t hard enough to find in nyc… many residents find film shootings a nuisance not a novelty.

How Much Would You Pay For Guaranteed Parking?

In NYC, space is a commodity not a right. Expensive parking spots are just a part of living here. Whether you’re driving around or taking the train, space is hard to find. Parking, especially in the outer boroughs, is of high value to many neighborhood residents who own cars. There are alternate side parking rules which only allow parking on certain days. It’s practically impossible to hoard a good spot. And you have to fight amongst all the other cars forced to move from that street as well.

For that reason, many folks try to avoid street parking, even though it is free. Instead, they will purchase guaranteed parking in a parking lot or garage. There is a huge market for this.

A spot in a Park Slope Brooklyn parking garage sold for $80,000!

Someone spent EIGHTY THOUSAND DOLLARS on empty space. That’s how important space is. Having guaranteed space, for some, is well worth the high expense.

According to the parking garage, this is their most expensive sale to date. Similar to purchasing a condo, you still need to pay taxes and monthly maintenance fees.

Let’s not get started on Manhattan, where parking spots easily go for $1 Million. Purchasing empty space isn’t only a nyc thing though, a parking spot sold for $82K in San Francisco earlier this year.

How Important is Space To You?

While I can’t comprehend spending any huge sum of money on empty space, I am spending extra in rent just to have a 1 bedroom apartment. Just to have guaranteed space. I could live with roommates and save $400/month but my guaranteed personal space would dwindle from a whole apartment to just one little room. Not having a car really limits your amount of personal space. I decided last year that I do value my space and the extra rent was worth it to me.

How far do you go to ensure you have space?

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10 Replies to “NYC: Where Parking Spots Sell for $80K”

  1. That is just so crazy. I have heard about this a couple of times. I guess if you really need the space though, then it might be considered a “need” to some?

    1. Technically it could be looked at as an investment. If you know a neighborhood well enough, you could purchase a spot in what you think is an “up and coming” neighborhood then hope to sell it for profit years later…

      1. I was just thinking that as I was reading your post. The investment side of it sounds great. I’m sure that there are plenty of places in the city where it’s just going to keep growing. Now I just have to find that $80k I have lying around somewhere :)

    1. Some people need cars for work but… most don’t. No idea why having a car is important enough to invest that much in a parking spot.

    1. Yeah! The only thing I can think of is if the person needs their car for work? You’d think if you can spend that much on a parking space then you can afford a driver!

  2. Parking spots are crazy expensive…for that amount of money, you can buy a house in many small towns! Another thing that boggles my mind is that even after you buy the parking spot, often times you still have to pay a monthly maintenance fee! Maintenance fee for what?! Unbelievable.

    1. Yes! That parking garage in particular charges a couple hundred dollars of maintenance fees a month. I guess if you spend $80K on a spot, you got a few hundred bucks to burn…

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