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Spaces are in such demand that there are waiting lists of buyers. Eight people are hoping for the chance to buy one of five private parking spaces for $225,000 in the basement of 246 West 17th Street, a 34-unit condo development scheduled for completion next January.
The monthly cost of owning such a spot is around $300 assuming you do a 20% down payment. The cost of renting this spot in the future will likely not exceed $200/month (and probably will be a little less). In cases like this it just doesnât make economic sense to purchase a parking spot. Do the math carefully before buying a spot in any new or resale condo.