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When Taylor Swift went apartment hunting in New York’s West Village, it was her own indoor parking space she was after. She found one at the carriage house she’s renting on Cornelia Street while her Tribeca apartment is being renovated, but it came at a price: $40,000 a month for the five-story home, which also has an indoor pool and landscaped roof deck. But due to its rarity in Manhattan, where garages increasingly are being razed for more residential construction and bike lanes have gobbled up street spots, a permanent parking space (or two) is now what separates a luxury home from the pack.
“It’s the latest feature in the amenity wars,” says Jonathan Miller, president and CEO of appraisal firm Miller Samuel Inc., who noticed the trend as early as 2013. Scarcity has created an odd dynamic, with the cost of a private parking spot growing faster than the cost of the apartment itself.
So it goes at 70 Vestry St., where the price of a space jumped 20 percent in February to $600,000, double the percentage hikes for some apartments in the building. At 443 Greenwich St., where Justin Timberlake and Jessica Biel recently snagged a penthouse (Ryan Reynolds and wife Blake Lively and Jennifer Lawrence also own there), the cost of a spot has spiked 13 percent since 2014 to $850,000. Ben Joseph, executive vice president of Related, the developer behind 70 Vestry, says exclusive parking is now a requirement for A-list buyers: “You can’t really be luxury without it.”
This story first appeared in the April 13 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.
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