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New York

Thanks a ‘lot’: Parking garage trades for $14M

304 W. 49th St. at center
304 W. 49th St. at center

A parking garage at 304 West 49th Street near Eighth Avenue has traded hands for $14 million, demonstrating the profitability of running a garage in the nation’s most expensive parking market, the New York Observer reported. Imperial Parking Systems acquired the lot from Harvey Ravner. This purchase comes on the heels of another parking garage purchase at 59-61 West 36th Street, located between Fifth and Sixth avenues, for a total of $28.5 million.

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According to a 2012 Colliers International survey, New York City remains the most expensive city for parking. The average monthly rate in Midtown came in at $562, followed by Downtown, with an average monthly rate of $533. Boston took the next spot, with a $405 monthly parking rate.

Imperial owns over 100 parking lots throughout the city and did not respond to the Observer’s requests for comment. [NYO] —Zachary Kussin