Demand drives parking spot prices

July 12, 2007 12:00AM

The cost of buying a parking space in a new development in the city is twice what it was five years ago, according to Jonathan Miller, president of appraisal firm Miller Samuel. Miller Samuel found that Manhattan parking spaces cost an average $165,019, or around $1,100 per square foot. “It’s a fairly rare amenity,” Mr. Miller said. “And in the world of pet spas and on-site sommeliers, it’s actually a pretty functional amenity.” more [NYT]

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