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Development Boom Targets Your Car

[Photo via PropertyShark]

Those bemoaning the current state of parking in Manhattan are about to feel another swift kick to the junk. Michael Stoler reports in the Sun on all the parking lots and garages being sold or converted to residential development, and the list is juicy. For example:

1) 501 West 17th Street (above): Edison Properties will turn their High Line-straddling parking lot into a rental building. The original plan called for twin condo towers designed by Robert A.M. Stern, but you know how these things go. Edison, parking kingpins, also developed The Ludlow.
2) 138 East 50th Street: A garage less than a block from the Waldorf-Astoria is expected to be sold and developed as a hotel. Central Parking is the current owner.
3) 48-52 Franklin Place: Besen Associates will deliver this Tribeca lot vacant, for a price of $30 million. As-of-right building limit is 75,000 square feet.
4) 523-525 Greenwich Street: A one-story garage in Trump Sohoville is being marketed for $20-$25 million. The site allows for a 50,000-square-foot building, but there are neighboring air rights up for grabs. This space has some issues, however.
5) West 31st Street and Eighth Ave.: Love Penn Station? Well, a 78,000-square-foot mixed-use building on this recently sold parking lot may include some hot residential action.

Guess there's no need to wonder why someone would pay $200,000 to park a car.
· From City Parking Garages, Buildings Will Rise [NYSun]