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$300,000 Parking Space Could Be Yours in Park Slope

By Leslie Albrecht | March 6, 2017 7:13am | Updated on March 7, 2017 4:44pm
 The Park Slope Garage Condominium at 845 Union St., where a parking spot is on the market for $300,000.
The Park Slope Garage Condominium at 845 Union St., where a parking spot is on the market for $300,000.
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DNAinfo/Leslie Albrecht

PARK SLOPE — The hottest real estate in Brooklyn may be a closet-sized slab of concrete on Union Street.

A parking spot at the 845 Union St. parking garage is on the market for $300,000.

Like other condo properties, whoever buys the parking spot will have to pay monthly charges. In this case it's $240 in monthly maintenance fees, plus an extra $51 in monthly taxes.

But the monthly charges could be worth it if you sell the spot for a tidy profit in a few years. Just four years ago a spot in the same garage sold for a then eye-popping $80,000.

"Even though you’re not going to be saving money monthly, it’s an asset that’s increasing in value," said  Constantine Valhouli, co-founder of the real estate analytics firm NeighborhoodX.

Parking garages are more in demand than ever as many have been converted to other uses, he said.

Valhouli likened the six-figure price tag for a parking spot to Brooklyn's rising real estate fortunes. The borough was once simply an affordable alternative to Manhattan but now attracts buyers seeking luxury housing.

"It shows how the market is maturing, where people are willing to pay an amount tagged to luxury and convenience rather than to yield," Valhouli said.

The $300,000 price tag is comparable to the asking prices for one-bedroom apartments — for people, not vehicles — in Rego Park, Spuyten Duyvil or Gravesend, according to a quick perusal of StreetEasy.

Garage owner Howard Pronsky of Berman Realty predicted in 2013 that prices for his parking spots would probably go up, in part because the parking garage directly across the street at 800 Union St. was being converted into condos and retail.

A 4-year-old boy was killed at the garage, which is also known by the address 841 Union St., in 2016 after falling down a 50-foot elevator shaft.

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