Monday, August 2, 2010

How much is a parking space really worth? An ongoing series

Today Brownstoner, a Brooklyn blog, reports that parking spaces in the city's most populous borough are selling for substantially less than in Manhattan. But they are still really expensive:
We know that property in Brooklyn Heights is some of the highest priced in the borough. It's also the hardest place to park, so it's not surprising that parking places themselves don't come cheap. For those keeping score at home, a parking spot at 60 State Street closed earlier this month for the eyebrow-raising price of $110,000. By comparison, a spot at a new condo development on Williamsburg's Northside just went for $50,912. At this rate, maybe we need to consider a 'Parking Spot of the Day' feature.

Let's assume that each parking space takes up 350 square feet. That's $1400 per square foot for Upper East Side private parking (at $500,000 per space), $315 per square foot for Brooklyn Heights, and $145 for Williamsburg. In all cases the parking spaces are selling for substantially more than construction costs.
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