Sterling Place Parking Spot Goes for $10K
Today in Brooklyn parking prices: a spot in the garage at 475 Sterling Place, between Washington and Classon Avenues, just traded for $10,500. Not bad when you compare it to a spot in Brooklyn Heights, which can go for as much as $110,000. Obviously the demand for parking isn’t in the same on the Crown…
Today in Brooklyn parking prices: a spot in the garage at 475 Sterling Place, between Washington and Classon Avenues, just traded for $10,500. Not bad when you compare it to a spot in Brooklyn Heights, which can go for as much as $110,000. Obviously the demand for parking isn’t in the same on the Crown Heights/Prospect Heights border as it is in THE Heights, but it’s hard to put a price on the safety and convenience of being able to park in your own building.
The $10,500 was the price for the parking space which was purchased in conjunction with a 2br/2bath condo apartment with a recorded price (according to Streeteasy) of $530,000. If the parking space had been sold separately from the apartment, say to someone who had previously purchased an apartment but not a parking space, the price would likely have been higher. Recorded prices for parking spaces in this building over the last two to three years seem to have varied from $0 to $25,000 (full list price at the top of the market). All cash buyers at the bottom of the market seem to have had strong bargaining power, and other buyers less so.
Amazing the city is still giving away the street spaces for nothing while taxing the hell out of our paychecks.
The Love Lane Mews is an experiment in overpricing.
I know this is only an asking price but aren’t the parking spaces in the Love Lane Mews condo conversion going for $250,000 (or $1,250 psf for a 10′ x 20′ space)? I took a tour of the property a couple of months ago and thought that is what the listing broker told me but not 100% sure as I went into a mild shock upon hearing that number.
If the garage owner just sold all of the existing spaces, which I believe there were at least 300, at say $150,000 per space their profit would have exceeded what they might currently be expecting. They would have avoided all of the brain damage associated with redeveloping the property.
When I moved to Brooklyn eleven years ago, I used the garage across from Macy’s for long term parking while I was on vacation. When I got back they charged me for one day. I shrugged it off. Few months later I went away for a weekend, same thing.
So I started putting my car in the garage on Sunday night/Monday morning, and leaving it until Friday. Every time, I would pay for one day’s parking when I picked it up.
Finally after about 10-11 months they wised up. Walked up there one Friday night, and there was a boot on my wheel. I think they charged me for one week plus some nominal nuisance fee amount ($30-50), probably $150 total. I just laughed it off and went back to dealing with alternate side.
I’m a bad, bad person.
An indoor garage is a real amenity during blizzard season.
I pay $100/mo. for our lot at my co-op @ PH/CH border; such a luxury to pull into the space.
There are common charges of about $30 per spot.
Right around the corner at Classon and St. Johns there is a gravel lot with a chain link fence that goes for either $175 or $200 a month. So, 10,500 for a spot on a paved lot (it’s not a garage) seems pretty good. If you tied that into a 30 year mortgage, you’re looking at about $85 a month total cost for a secure, off the street spot. Not too shabby!
(IIRC most of the units paid $15k for the spots when the units were originally sold)
i bet there is a monthly “maintenance” fee or the like that brings the overall cost closer to a normal garage spot rental. if not, this is a steal.