In the parking industry, timing and location make the difference between a 9 x 15-foot slab of concrete and a revenue-generating asset. Depending on the location and time, that slab of concrete can be worth $5 or $25 per day. Premium parking can generate demand that will push the price though the stratosphere. So, how premium can a parking space get? How much will someone pay to park his car in that perfect spot?
I recently heard about a parking space for sale in Manhattan’s Chelsea neighborhood; asking price: $250,000. Yep, that’s a quarter of a million dollars for access to one parking space. In a place like Manhattan, parking is almost always at a premium. It’s the same conundrum that befell the first citizen to purchase a brand-new Model-T Ford: “So where do I put this thing?” Today, with triple the number of cars on the road than 50 years ago, the parking industry is still finding new and better answers to that question.
Premium parking is one way to make sure that those perfect parking spots get some amount of turnover and that the available spaces in a place like Manhattan are shared. Although $250,000 may be a bit on the high side, premium parking is dictated by time and location, and everyone has a shot at the perfect spot–if you can afford it.