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$185,000 Parking Spaces Are Coming To Brooklyn

You can park your car in the street for free or pay six figures. Now, it’s up to you.

By Jeff Vasishta October 28, 2016
Photo courtesy of NY Curbed

Somewhere a developer is high fiving his investors. “I told you I’d keep construction costs down,” he’s saying. In the craftiest ploy since the emperor’s new clothes, The Parking Club has made a bet that they could charge people $185,000 for a single parking space. And they might just get away with it.

Lonicera Partners bet that the number of condos being built on former parking spaces will leave the city’s drivers with a dilemma when storing their rides. They have developed The Parking Club, whose first project is a 130-space garage at 185-187 Pacific St., in Cobble Hill. Sales have just been announced the NY Post revealed.

Photo courtesy of Newsweek

The space is bound to draw ire from housing activists bemoaning New York’s lack of affordable housing. But in a city where the divide between the rich and poor seems to be forever increasing, the space is in line with increasingly pampered amenities being on offer to the one percent.

“As parking continues to disappear, I think it’s an opportunity for developers going forward to build parking developments,” Jamie Anthony of Lonicera Partners, told the Post. “Demand is going to continue to go up … it’s going to become more of a valuable commodity.”

The Parking Club has teamed with valet app Luxe. For an average of $5 per hour, 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 Park Slope, Brooklyn Heights, Cobble Hill and Boerum Hill.

Additional valet service also includes gas fills, car washes, monthly maintenance and yearly registration inspections. There’s also a sports a lounge with newspapers and coffee in the Cobble Hill building, where drivers can wait until their wheels are delivered. However, according to Bloomberg Businessweek, it’s a lot harder for parking services like Luxe to turn a profit than investors initially thought because of the high cost of on demand parking and that pesky little business of having to pay employers for their time.

Equally ridiculed but perhaps a more feasible proposition for pampered Park Slope parents was the stroller valet service offered 251 First Street earlier this year. A room capable of containing 50 strollers was allocated in the building’s ground floor and a valet/doorman service dispensed to ensure a seamless transition for tiny tushes from condo to carriage.

A pricey as it seems, in New York, $185,000 for a dedicated, always and forever parking spot isn’t, apparently a bad deal. Aside from the common charges ($140 per month—yikes, that used to be the entire price for Brooklyn parking!) and taxes ($200-$230 per quarter) a number of new residential developments, like 565 Broome Soho and 42 Crosby, include parking in their plans, but they’re reserved for homebuyers. At the latter, spaces cost a cool $1 million apiece. If your car could cook you a meal and clean the apartment, it might be a good deal.

Jeff Vasishta

ABOUT THE AUTHOR Jeff Vasishta

ABOUT THE AUTHOR Jeff Vasishta

Jeff is a writer, husband and father but not necessarily in that order. As a music journalist he counts Prince, Beyonce and Quincy Jones amongst those he’s interviewed. He's also owned and flipped homes in Brooklyn, NJ, CT and PA.

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