The future of parking is in New York — and it costs at least $300,000 per space

Hidden deep beneath a few of New York City’s most luxurious residence buildings is an unique world of futuristic parking areas the place high-end automobiles are parked and retrieved by robotic parking programs. 

The high-tech spots are a uncommon amenity within the Big Apple, and if you would like your automotive to occupy one among these VIP areas you have to be able to fork over lots of of 1000’s of {dollars}.

The spots are solely accessible to residents of buildings the place the flats will set you again a number of million, and if you would like your automotive to stay there too you may want between $300,000 to $595,000 extra to attain some valuable house within the personal storage.

CNBC discovered two buildings in Manhattan providing spots on the market inside a so-called robo-parking storage.

The first is situated at 121 East twenty second Street close to NYC’s Gramercy Park the place a 140-unit condominium constructing developed by Toll Brothers provides 24 automated parking spots.

Earlier this month, Lori Alf, a full-time resident of Florida, picked up one of many uncommon parking areas for $300,000 when she bought the constructing’s priciest unit: a 5-bedroom duplex spanning virtually 3,800 sq. toes.

She advised CNBC the package deal deal, which totaled $9.45 million, was a present to her youngsters who at the moment are spending extra time in New York.

Now when Alf or her children need to park the household’s Porsche Cayenne within the condominium’s storage they pull as much as a kiosk the place the wave of a small radio frequency ID tag unlocks entry to a subterranean automotive lair the place no people are allowed. 

Pressing a button on the kiosk sends a jolt of life into an empty steel pallet one degree beneath. It slides throughout a observe onto a strong elevate that sends the empty pallet up towards ground-level to fulfill the Alfs who can then fastidiously place their automotive on prime of it.

Before their wheels are whisked away, a set of cameras scan the system’s entryway to substantiate the automotive’s trunk and doorways are all closed — and that there aren’t any objects or people left behind that may hinder the automation. 

When the scanners ship the “all clear,” the pallet, with automotive on prime, disappears into the ground, pausing briefly because it descends into the basement to spin the car 180 levels earlier than slotting it into one of many empty areas.

The system can elevate and shuffle two dozen automobiles throughout 4 rows and two ranges. 

Retrieving the automotive is rather a lot like making a variety from an enormous merchandising machine. Residents swipe their RFID tags as soon as once more, and the system delivers their automobiles in about 2 minutes and 15 seconds.

One of the perks for Alf: She by no means has to place the automotive in reverse to exit the constructing.

“The car is turned for you by the robot,” she advised CNBC. “Who doesn’t live for a robot that sets you in the right direction in NYC?”

Pedro Fernandez, a neighborhood gross sales consultant for Klaus Parking, the corporate that bought the German-made parking system to the constructing’s developer, advised CNBC it is essentially the most automated storage he is ever put in in Manhattan. 

The firm’s top-tier system sometimes prices between $50,000 and $70,000 per spot put in. Fernandez stated builders make investments over 1,000,000 {dollars} within the clever parking infrastructure as a result of it is tremendous environment friendly at arranging automobiles and maximizing house.

“There was no other way to park 24 cars,” Fernandez stated of the storage house beneath 121 East twenty second Street.

The self-parking system can unlock extra areas per sq. foot as a result of it would not require the ramps and driving lanes you see in most standard garages, he stated.

​”As crazy as it may sound, $300,000 for a residential parking spot is considered a reasonable price in New York City,” stated Senada Adzem, a Florida-based actual property dealer at Douglas Elliman, whose workforce represented Alf in her current buy.

Adzem advised CNBC spots within the system that embody a charging plug for electrical automobiles will run you $350,000. And whether or not it is electrified or not, each parking spot carries a $150 per-month upkeep charge.

“The overall lack of parking in the city, an ongoing problem with no end in sight, will only escalate such pricing,” stated Adzem. 

She believes brief provide may flip the seemingly lavish expense right into a money-maker for house owners, who may finally resell their spot at a revenue.

Across city, parking spots are even pricier in a constructing that was as soon as residence to popstar Ariana Grande and presently homes rock musician Sting and his movie producer spouse Trudie Styler.

The value to park at 520 West twenty eighth Street begins at $450,000. 

The luxe residence, designed by famed architect Zaha Hadid and developed by The Related Companies, features a 4,500-square-foot penthouse presently in the marketplace for $16.5 million. And in keeping with itemizing agent Julie Pham of Corcoran, a parking house within the constructing’s storage can value upwards of $595,000 extra per car.

“I’d never seen anything like it before,” Pham stated of the distinctive amenity.

Residents can use an app to speak with the so-called “secured parking portal” and remotely begin the automated retrieval course of so the automotive is able to go when they’re.

While Pham would not reveal the identities of any previous or current shoppers, she did inform CNBC the automated parking was a serious draw for one well-known resident, who had a safety workforce look at the parking space previous to transferring in.

The unnamed movie star’s representatives OK’d the deal partly as a result of the star may enter and exit the storage in complete privateness, Pham stated.

 “They liked the idea that you didn’t have to engage with a valet or an attendant, or that anyone couldn’t come in right behind you,” she stated.

And throughout the pandemic, the dealer stated, residents who wished to reduce their publicity to Covid-19 beloved that they might deposit and retrieve their car with out handing over their keys to a valet.

While the automated spots are expensive, they don’t seem to be even near NYC’s most costly.

In current years, some condominium builders have pushed their asking costs for a primary concrete-and-yellow-stripe parking spot to the $1-million mark, in keeping with Jonathan Miller, president of Miller Samuel, a agency specializing in actual property value determinations and consulting. Still, he stated, it is unlikely a spot with a 9-figure asking value has ever lured in an precise purchaser.

“I never found evidence of their actual closings,” he advised CNBC.

Miller, who analyzed public information at CNBC’s request, stated one of the crucial costly parking spots bought on the town final yr was situated at 220 Central Park South, the place a parking house went for a powerful $750,000. Miller stated, based mostly on public information, it seems related to an residence within the constructing that traded for $16 million.

“It’s really tough to track since most sales are embedded in the sale of a unit,” Miller advised CNBC.

And it is even more durable to trace gross sales of spots within the newer automated programs, as a result of, in lots of circumstances the spots are literally licensed to patrons, not deeded and bought like most actual property, in keeping with brokers.

Miller stated his finest estimate for the going charge of a single NYC parking spot: “I think $300,000 to $400,000 is the sweet spot for new development.”