In one of the world’s most expensive cities, $250,000 can buy you a myriad of living options, perhaps a down payment on a multimillion-dollar home or a cozy apartment in a bustling neighborhood. However, in Brooklyn, it can also secure you a parking space in a unique development known as a “car condominium” or “car condo” in Brooklyn, New York.
A Unique Parking Structure
The Park Slope Garage Condominium, located at 841 Union Street, opened its doors in 1986 and was the first parking facility in New York to sell individual parking spots as condominiums. With 145 designated spaces, this garage has transformed the way New Yorkers think about parking, turning it into a valuable real estate asset.
The Cost of Convenience
Recently, a parking spot in this facility fetched around $250,000, in addition to monthly fees exceeding $400. When the garage first opened, spots were selling for about $29,000, a price that seemed outrageous at the time. Fast forward to today, and those early buyers are reaping the rewards as parking prices have skyrocketed.
You can read the full story at Streetsblog NYC.