New Yorkers may be taking to the bicycle in increasing numbers, but for many, reliance on four-wheeled vehicles persists—and with it the eternal dilemma of parking space. In the midst of a limping real estate market, parking real estate is curiously unscathed: The price for a slab of concrete in a Manhattan parking garage could buy a sizable house elsewhere in the nation.
Largely due to their scarcity, parking spaces are precious commodities—at least for East Siders like those in New York Towers at 305 East 24th Street. The luxury co-op signed a lease with Icon Parking, which will operate a bi-level parking garage beneath the building. Accommodating 146 cars, the garage will comprise the entire block.
Brian Ezratty, one of the deal’s brokers, noted that, along with residents, the neighborhood attracts numerous commuters and visitors with its “plethora of medical, dental and educational institutions.”
City ordinances stipulate that only 20 percent of buildings below 60th Street maintain parking facilities. But the high demand is nonetheless a lure for developers. A square foot of parking space is roughly equivalent in price to the average square foot of Manhattan apartment space—only without details like windows and walls.
Mr. Ezratty and Scott Ellard of Eastern Consolidated brokered the transaction, representing the board of landlord New York Towers.