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Parking spaces cost as much as Rs 6 crore in this megacity

Wealthy residents breeze through while regular people struggle for parking in one of the world's biggest cities.

November 24, 2022 / 04:07 PM IST

Parking is often a key challenge in the world's greatest metropolises but if you have thousands of dollars to spare, you will have a seamless experience.

At New York city's most coveted addresses, prices of parking spots range from  $450,000 to $5,90,000, CNBC reported. One parking space, connected to a $16 million -apartment, sold for $750,000 (Rs 6,12,69,183).

Near Gramercy Park, owning a parking space would require shelling out $300,000.

This is no regular space. It is equipped with a German-made self-parking system that can lift and shuffle as many as 24 cars, the report said.

The system also delivers cars automatically. Owners just need to swipe RFID tags and their cars will be brought to them in just a little over three minutes.

Since many of these plush properties house celebrity resident, these automatic parkings provide absolute privacy.

“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,” listing agent Julie Pham told CNBC.

But for regular car owners in the Big Apple, finding a parking space is next to impossible.

According to a Bloomberg report, car ownership in NYC rose a whopping 224 percent last year as Covid infection fears compelled citizens to ditch the subway.

Also, because of work-from-home, many cars were not moved from parking spaces, deeping the problem.

"Before Covid, it was bad enough,” a housing attorney told Bloomberg. "But now, “it’s virtually impossible for me to find parking because nobody’s moving their cars."

Some would suggest getting rid of cars, but for many New York residents, that is not an option. They want to be able to visit their families in the tri-state area.

“It’s a real headache to have a car, so we only have it because of them," a resident was quoted as saying by Bloomberg.
first published: Nov 24, 2022 04:05 pm