We are Manhattan New York condo specialists, we sell many Manhattan Condos to international and out of town buyers, a common Manhattan NY Condo question that always comes up is, “Does this Condo have a Garage in it?”
The answer is that not all Condominium buildings will have a garage, most will not. If the Manhattan New York condo has a garage often the garage will be owned and operated by a separate company or vendor independent of the condo association. So if you own or rent an Manhattan New York apartment in the building, it DOES NOT automatically come with a parking spot.
In some Manhattan New York New construction buildings that have built in garages where you have had the opportunity to purchase your own parking spot. When you buy a parking spot it will often be like purchasing any other “real property.” You will have monthly or yearly operating expenses to own it. You could rent it out to other people just like an apartment depending on the rules of the garage.
Often what we find extremely useful is if you can gain access to the garage from within the building. This is where we see some real utility of having a garage in the building. Those days when you are dropping off groceries, luggage and you can go directly from the car to the condominium elevators and up to your apartment is a terrific convenience amenity to have at your disposal.
If there is a garage in your building but it is operated independently of the condominium association people ask if they get a discount for parking there. That answer depends on the arrangement the building has with the garage. We would lean towards saying that probably not. You will rent the space like anybody else, but the benefit is that being able to use a garage that is right next to or within your building will be very valuable especially on those cold rainy winter days when you are coming back from the airport or when your car is loaded with groceries.
How much will a parking spot cost? That is a very typical question and it really depends on the location and demand for a garage in the particular area you are looking in. The price typically has a strong correlation to the pricing of apartments in the area. Typically areas with a high demand for apartments will have an equally high demand for parking and therefore the price will reflect that high demand. I have seen parking spaces be as high as $1000/month and sometimes as low as $200/month in certain parts of Manhattan. The best way to find out is to just ask and you will quickly see what the pricing for your neighborhood will be.
Other Frequent Asked Questions:
Can I get more discount as an ALL CASH buyer?
