Midtown Retains Title for Most Expensive Place to Park as Another Parking Garage Nets Multiple Millions
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.
Midtown had an average monthly rate in 2012 of $562, followed by — you guessed it — Downtown, coming in a close second at $533.
Boston was next in line, but $157 cheaper than Midtown, at $405. To put it in perspective, those savings could buy you a pair of Wolford Classic Leggings ($150) from Saks Fifth Avenue.
The five least expensive areas surveyed were Las Vegas, Nevada ($65), Columbia, SC ($65), West Palm Beach, Florida ($56), Phoenix, Arizona ($55) and Bakersfield, California ($55), where parking garage sales typically do not yield tens of millions of dollars.
Imperial Parking Systems Inc., which owns more than 100 parking lots across the city, did not immediately return calls seeking comment for this story regarding the purchase at 304 West 49th Street. Nor did the seller of the property, one Harvey Ravner.
Earlier this month, Hidrock Realty purchased a parking garage at 59-61 West 36th Street, between Fifth and Sixth Avenues, for $28.5 million.