Quarter Of A Million Buys Car A Home
Eight bucks in congestion pricing isnt the only obstacle the citys car-owners face. While real estate market struggles around the country, [Manhattan property prices] continue to riseincluding parking spaces. Manhattan real estate agent Tom Postilio says there is a waiting list of eight people who are more than happy to pay [$225,000 for one of five private parking spaces](http://money.cnn.com/2007/07/12/news/funny/parkingspots/index.htm?cnn=yes) that will be built in the basement of a 34-unit condo development at 246 West 17th Street scheduled for completion next January.
Spots at the [Onyx Chelsea], a new 52-unit condo at 28th Street and Eighth Avenue, are selling for upwards of $165,000, and then theres the $50 in monthly maintenance costs. [Cynthia Habberstad](http://www.nytimes.com/2007/07/12/us/12parking.html?_r=2&th=&adxnnl=1&oref=slogin&emc=th&adxnnlx=1184252448-gp2nDYdKsY9hiRRdlglT8g) is at the top of the Onyx's waiting list, with two others behind her. She and her three kids (ages 7, 9 and 11) actually live on Long Island, but the childrens modeling schedules bring them into the city at least twice a week, so they bought the place as a sort of reverse vacation home. If were coming in late from dinner or we have a lot of stuff in the car, do we really want to have to walk a few blocks to get home? Habberstad told The New York Times.
Jackie and Lee Freund bought an apartment and three garage spaces at $50,000 each at the [Fifth Street Lofts in Long Island City], Queens, which should be completed by the end of the year. The couple only has one car. We bought three because we know the parking situation is bad now and its only going to get worse, Jackie Freund told The Times. So like all gentrification trends, its not just Manhattan. Lots in Brooklyn, Queens, Riverdale and Harlem are also charging close to $50,000 for a space, and The Times says one new Brooklyn development is asking $125,000. Whats the moral of this story? Dont try to turn New York into a suburb, even if you can afford toitll only [hurt you in the end](http://master.nypress.com/blogx/display_blog.cfm?bid=61228550).
Photo courtesy of [Lelik on Flickr]