One Pandemic Real Estate Bet: Condos for Cars

The possibility of many more urban dwellers driving than ever before, even in transit-rich locations like New York City, is still very real.

1 minute read

August 13, 2021, 5:00 AM PDT

By James Brasuell @CasualBrasuell


Empty Parking Garage

Comrade Foot / flickr

"A Manhattan garage operator is betting that city dwellers in the Covid age are driving more, and would pay a premium for a personal place to put their cars," reports Oshrat Carmiel.

"Centerpark converted an Upper East Side garage into a condominium -- but instead of apartments, it’s selling 23 parking spaces, and hired a luxury real estate broker to market them for sale to the public for as much as $350,000 each."

Kirsten Jordan, the Douglas Elliman Real Estate broker who’s marketing the units, is quoted in the article saying the new, Covid-era twist on adaptive reuse is designed specifically in response to anticipating the needs of New Yorkers with no plans to return to the subway.

The data would seem to support that assumption, according to Carmiel, even after so many months of pandemic living. "As of mid-July, weekday subway ridership had plummeted 54% from the pre-Covid days, according to the Partnership for New York City. The number of city-bound travelers on the suburban commuter rails was down more than half."

The increased demand for parking in New York City has also been evident in the political controversies regarding outdoor dining and bus-only lanes around the city.

Wednesday, August 11, 2021 in Bloomberg

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Wastewater pouring out from a pipe.

Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage

Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”

April 13, 2025 - Inside Climate News

High-rise apartment buildings in Waikiki, Hawaii with steep green mountains in background.

Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss

The plan would reduce visitor accommodation by 25% resulting in 1,900 jobs lost.

April 6, 2025 - Honolulu Civil Beat

Blue and white Seattle Link light rail train exiting concrete Downtown Bellevue Tunnel in Bellevue, WA.

Why Should We Subsidize Public Transportation?

Many public transit agencies face financial stress due to rising costs, declining fare revenue, and declining subsidies. Transit advocates must provide a strong business case for increasing public transit funding.

April 7, 2025 - Todd Litman

Silhouette of man holding on to back of bicycle ridden by woman with Eiffel Tower in background.

Paris Bike Boom Leads to Steep Drop in Air Pollution

The French city’s air quality has improved dramatically in the past 20 years, coinciding with a growth in cycling.

April 14 - Momentum Magazine

Multifamily housing under construction.

Why Housing Costs More to Build in California Than in Texas

Hard costs like labor and materials combined with ‘soft’ costs such as permitting make building in the San Francisco Bay Area almost three times as costly as in Texas cities.

April 14 - San Francisco Chronicle

Western coyote looking at camera in grassy field.

San Diego County Sees a Rise in Urban Coyotes

San Diego County experiences a rise in urban coyotes, as sightings become prevalent throughout its urban neighbourhoods and surrounding areas.

April 14 - Fox 5