Waiting List for $225,000 Parking Space in Manhattan - Mercedes-Benz Forum

 
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post #1 of 10 (permalink) Old 07-13-2007, 05:08 PM Thread Starter
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Waiting List for $225,000 Parking Space in Manhattan

In the Space-Starved City, a Spot to Keep Your Car Is Money in the Bank


A $225,000 parking space is a smart investment in some parts of New York City

For $225,000 you can buy a Maserati Victory, a purebred Arabian racing horse and in many parts of the country, a nice home.

In Orlando, Fla., you could get "a beautiful two- or three-bedroom house in a gated community with a two-car garage and a front yard," said Bonnie Lindenbaum, a real estate broker.

But in New York City $225,000 will get you an 18' by 9' parking space in the basement of a new condo building going up in the Chelsea neighborhood.

"Is there a couch and a kitchen and a stove down there too?" joked one Manhattan resident.

Parking Space Is Money in the Bank

Over the past 50 years the number of cars in the United States has more than tripled, but construction of parking garages hasn't kept pace.

And in space-starved Manhattan, a parking space is considered prime real estate. There's actually a waiting list for the $225,000 spot.

Paul Vinci is an insurance salesman who bought bought his parking space for $90,000 two years ago.

People thought he was nuts, until he was offered $150,000 for it three months later. He considered selling the space, but now he's glad he didn't

"So to hear today, that it's gone up another $100,000, I'm very happy," Vinci said.

Some people who don't even own cars are buying parking spaces in New York as an investment and renting them out.

But the parking madness isn't just a New York thing. In Boston, parking spaces can go for as much as $175,000, and in Chicago, people pay up to $75,000.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #2 of 10 (permalink) Old 07-13-2007, 05:31 PM
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All I can say is "WOW"
post #3 of 10 (permalink) Old 07-13-2007, 09:30 PM
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That's about what I paid for Marlboro lights and Red Bull this year.

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post #4 of 10 (permalink) Old 07-13-2007, 09:32 PM Thread Starter
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Cudda had a whole buncha weed, whites and wine for a lot less.......

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #5 of 10 (permalink) Old 07-13-2007, 09:33 PM
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Personally, I'm hooked on the sugar free Red Bull. I buy it by the case at Costco.
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post #6 of 10 (permalink) Old 07-13-2007, 11:35 PM
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WOW

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post #7 of 10 (permalink) Old 07-13-2007, 11:59 PM
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Why do I think that the fanatic islamic zealot whackos could rationalize this as another reason to attack us? And as upside-down as this is, why do I think the rest of us would be inclined to agree?

Car, thirty or forty grand. Insurance, couple hundred a month. Quarter mil for a parking place.

How often could you take a cab -- or even a limo -- everywhere...and not come close to spending that kind of money? That's just nuts.

Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal sharing of misery. (Winston Churchill)
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post #8 of 10 (permalink) Old 07-14-2007, 03:49 AM
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I hate NY. Could never live there. Would rather rather live in an other country. Quality of life sux too.
post #9 of 10 (permalink) Old 07-14-2007, 05:01 AM
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Shit, they should pay ME not to drive or park my car in New York City.That blows, really hardcore.


About 15 years ago, they started selling "Condo" parking places in Pacific Heights
(a tony neighborhood in San Francisco) when I was living there, and they cost $13,000 each.

Everybody was laughing about that crazy idea, at first, but guess what?

People bought them.

Jim
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"I swear to god, it's like I live in a trailer of common sense, and stare out the window at a tornado of stupidity." >'='<
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post #10 of 10 (permalink) Old 07-14-2007, 08:28 AM
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Originally Posted by cascade
Shit, they should pay ME not to drive or park my car in New York City.That blows, really hardcore.


About 15 years ago, they started selling "Condo" parking places in Pacific Heights
(a tony neighborhood in San Francisco) when I was living there, and they cost $13,000 each.

Everybody was laughing about that crazy idea, at first, but guess what?

People bought them.
Hmm, any chance I can sell a spot in my garage for something close to a hundred grands?
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