Sales Beat

Midtown Retains Title for Most Expensive Place to Park as Another Parking Garage Nets Multiple Millions

(Credit: Women's Health)

New York City.  Land of opportunity.  Safe haven for foreign investors.  And home of the multi-million dollar parking garage — thanks to the highest parking rates in the country.

The latest parking lot to sell this month was scooped up by Imperial Parking Systems Inc. at 304 West 49th Street for $14 million, city records show.

The sale highlights the continued viability and high profitability of running and operating parking garages in the city, which the latest data shows is still the most expensive place to park.

A parking rate survey by Colliers International for 2012 comparing parking rates in locations throughout the United States shows New York City still has the highest rates by far after taking the crown during the previous year. Read More