Car Condos: Garage Hires Luxury Broker to Sell Parking Spots

The operator of an Upper East Side garage has hired a hot-shot real estate broker to market its parking spaces as condos, Crain’s reports.

Centerpark converted its garage at 301 East 69th Street (between First and Second Avenues) into a condominium, and has now retained the services of Douglas Elliman’s Kirsten Jordan to list the individual ‘units.’

car condos Upper East Side

via Google Maps

Spaces are ranging in price from $199,000 to $350,000, though all 23 of them measure 185 square feet. So maybe the $350K price tags will be reserved for the last remaining spots.

As it is the case with any NYC condo, owners will be subject to common charges and property taxes, the latter of which are projected to be $3,720 annually.

A listing for one of the spaces invites prospective buyers to “Revel in the advantages of ownership of a parking condominium,” also stating that like at residential condos, the spots can be rented out.

Centerpark CEO Gregg Reuben tells Crain’s that outdoor dining patios created by the Open Streets initiative – combined with new bike lanes – have eliminated as many as 10,000 parking spots, and that garages have been increasing their monthly rates. Reuben “estimates that at least three of the firm’s other 17 Manhattan rental garages could go condo.”

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