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HomeReal EstateThe way forward for parking is in New York — and it...

The way forward for parking is in New York — and it prices at the very least $300,000 per area

Look inside a hi-tech parking spot that costs $300,000

Hidden deep beneath a few of New York Metropolis’s most luxurious condominium buildings is an unique world of futuristic parking areas the place high-end automobiles are parked and retrieved by robotic parking programs. 

The high-tech spots are a uncommon amenity within the Huge Apple, and if you’d like your automobile to occupy one in every of these VIP areas you have to be able to fork over a whole bunch of 1000’s of {dollars}.

The spots are solely accessible to residents of buildings the place the residences will set you again a number of million, and if you’d like your automobile to dwell there too you may want between $300,000 to $595,000 extra to attain some valuable area within the personal storage.

CNBC discovered two buildings in Manhattan providing spots on the market inside a so-called robo-parking storage.

The primary is situated at 121 East twenty second Road close to NYC’s Gramercy Park the place a 140-unit condominium constructing developed by Toll Brothers affords 24 automated parking spots.

Excessive above the twenty second St condominium’s underground storage is the wraparound terrace of a 5-bedroom duplex condominium that just lately bought with a $300K parking spot for $9.45 million.

DroneHub Media

Earlier this month, Lori Alf, a full-time resident of Florida, picked up one of many uncommon parking areas for $300,000 when she bought the constructing’s priciest unit: a 5-bedroom duplex spanning virtually 3,800 sq. ft.

She informed CNBC the bundle deal, which totaled $9.45 million, was a present to her kids who are actually spending extra time in New York.

The sun-drenched dwelling space inside Lori Alf’s penthouse unit at 121 E twenty second St.

Toll Brothers Metropolis Residing

Now when Alf or her youngsters wish to park the household’s Porsche Cayenne within the condominium’s storage they pull as much as a kiosk the place the wave of a small radio frequency ID tag unlocks entry to a subterranean automobile lair the place no people are allowed. 

Urgent a button on the kiosk sends a jolt of life into an empty metallic pallet one degree beneath. It slides throughout a monitor onto a strong carry that sends the empty pallet up towards ground-level to fulfill the Alfs who can then rigorously place their automobile on high of it.

As a automobile enters the automated system a movement board delivers messages to the motive force to guarantee the automobile is positioned correctly for the parking course of to start.


Earlier than their wheels are whisked away, a set of cameras scan the system’s entryway to substantiate the automobile’s trunk and doorways are all closed — and that there are not any objects or people left behind that may impede the automation. 

When the scanners ship the “all clear,” the pallet, with automobile on high, disappears into the ground, pausing briefly because it descends into the basement to spin the automobile 180 levels earlier than slotting it into one of many empty areas.

The system can carry and shuffle two dozen automobiles throughout 4 rows and two ranges. 

A automobile parked on the decrease degree of the automated parking storage at 121 E twenty second St the place costs begin at $300K per spot.


Retrieving the automobile is lots like making a variety from a large merchandising machine. Residents swipe their RFID tags as soon as once more, and the system delivers their automobiles in about 2 minutes and 15 seconds.

One of many perks for Alf: She by no means has to place the automobile in reverse to exit the constructing.

“The automobile is turned for you by the robotic,” she informed CNBC. “Who would not dwell for a robotic that units you in the best route in NYC?”

Pedro Fernandez, a neighborhood gross sales consultant for Klaus Parking, the corporate that bought the German-made parking system to the constructing’s developer, informed CNBC it is probably the most automated storage he is ever put in in Manhattan. 

The corporate’s top-tier system usually prices between $50,000 and $70,000 per spot put in. Fernandez mentioned builders make investments over one million {dollars} within the clever parking infrastructure as a result of it is tremendous environment friendly at arranging automobiles and maximizing area.

The view contained in the robo-parking machine at 121 E twenty second St reveals a system of pallets and hydraulic lifts that maneuver automobiles round a two-tier subterranean parking construction.


“There was no different approach to park 24 automobiles,” Fernandez mentioned of the storage area underneath 121 East twenty second Road.

The self-parking system can unlock extra areas per sq. foot as a result of it would not require the ramps and driving lanes you see in most typical garages, he mentioned.

​”As loopy as it might sound, $300,000 for a residential parking spot is taken into account an affordable value in New York Metropolis,” mentioned Senada Adzem, a Florida-based actual property dealer at Douglas Elliman, whose crew represented Alf in her latest buy.

Adzem informed CNBC spots within the system that embrace a charging plug for electrical automobiles will run you $350,000. And whether or not it is electrified or not, each parking spot carries a $150 per-month upkeep charge.

“The general lack of parking within the metropolis, an ongoing downside with no sign of ending, will solely escalate such pricing,” mentioned Adzem. 

She believes brief provide might flip the seemingly lavish expense right into a money-maker for house owners, who might finally resell their spot at a revenue.

A automobile contained in the automated parking storage at 520 West twenty eighth the place spots begin at $450K.

Martien Mulder & Associated

Throughout city, parking spots are even pricier in a constructing that was as soon as dwelling to popstar Ariana Grande and presently homes rock musician Sting and his movie producer spouse Trudie Styler.

The value to park at 520 West twenty eighth Road begins at $450,000. 

The $16.5M penthouse at 520 W twenty eighth St unfolds over the fifteenth & sixteenth flooring, that includes a 2,040 sq ft terrace that wraps across the constructing’s curvaceous glass facade.

Colin Miller / Associated

The luxe residence, designed by famed architect Zaha Hadid and developed by The Associated Firms, features a 4,500-square-foot penthouse presently in the marketplace for $16.5 million. And in keeping with itemizing agent Julie Pham of Corcoran, a parking area within the constructing’s storage can price upwards of $595,000 extra per automobile.

“I would by no means seen something prefer it earlier than,” Pham mentioned of the distinctive amenity.

Residents can use an app to speak with the so-called “secured parking portal” and remotely begin the automated retrieval course of so the automobile is able to go when they’re.

The $16.5M penthouse itemizing contains ten rooms and virtually 4,500 sq ft of indoor dwelling area, the asking value doesn’t embrace parking.

Colin Miller / Associated

Whereas Pham would not reveal the identities of any previous or current shoppers, she did inform CNBC the automated parking was a serious draw for one well-known resident, who had a safety crew look at the parking space previous to transferring in.

The unnamed celeb’s representatives OK’d the deal partially as a result of the star might enter and exit the storage in whole privateness, Pham mentioned.

 “They preferred the concept you did not have to have interaction with a valet or an attendant, or that anybody could not are available in proper behind you,” she mentioned.

And in the course of the pandemic, the dealer mentioned, residents who needed to attenuate their publicity to Covid-19 beloved that they may deposit and retrieve their automobile with out handing over their keys to a valet.

Whereas the automated spots are expensive, they don’t seem to be even near NYC’s most costly.

Lately, some condominium builders have pushed their asking costs for a primary concrete-and-yellow-stripe parking spot to the $1-million mark, in keeping with Jonathan Miller, president of Miller Samuel, a agency specializing in actual property value determinations and consulting. Nonetheless, he mentioned, it is unlikely a spot with a 9-figure asking value has ever lured in an precise purchaser.

“I by no means discovered proof of their precise closings,” he informed CNBC.

Miller, who analyzed public data at CNBC’s request, mentioned one of the crucial costly parking spots bought on the town final yr was situated at 220 Central Park South, the place a parking area went for a powerful $750,000. Miller mentioned, based mostly on public data, it seems related to an condominium within the constructing that traded for $16 million.

“It is actually robust to trace since most gross sales are embedded within the sale of a unit,” Miller informed CNBC.

And it is even harder to trace gross sales of spots within the newer automated programs, as a result of, in lots of circumstances the spots are literally licensed to patrons, not deeded and bought like most actual property, in keeping with brokers.

Miller mentioned his finest estimate for the going charge of a single NYC parking spot: “I feel $300,000 to $400,000 is the candy spot for brand new improvement.”

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