Home / NEWS / Wealth / One luxury NYC building’s pitch to residents: Exclusive access to BMWs, or a $550K parking space

One luxury NYC building’s pitch to residents: Exclusive access to BMWs, or a $550K parking space

New York Town’s sprawling skyline is being altered by a relentless property boom — with splendour apartment building owners falling all over themselves to offer a bevy of high-end perks to would- be locals.

The tight real estate market has coalesced with an acute intractable: A subway system teetering on the brink of collapse and nearly impossible suiting someone to a T parking. With that in mind, one luxury property currently comprised in construction has come up with a unique set of perks tailor-made to address New York’s transportation miseries.

Alas, like most things in New York, it won’t come cheap.

In a metropolis where street parking is tough to find, the proprietors of 565 Broome Drive — a 30 story, dual-tower condominium that boasts of being the leggiest residential property in Manhattan’s SoHo neighborhood — are offering residents two coup options to beat the city’s transportation crunch.

The condominium project has apartments with bid prices between $1 million and $20 million, and tennis big shot Novak Djokovic has already bought two units, a representative told CNBC. New York proper estate broker Douglas Elliman handles all sales and marketing for the real estate.

Once complete, 565 Broome will feature a range of luxurious amenities like a saltwater pool, a glass-enclosed landscaped terrace, and a gym. Supply other lavish perks, the complex will have 40 secluded parking spots, which sell for a whopping $550,000 each. In a bit of profit news for Tesla drivers, each slot will have two pricing stations for electric cars.

For residents without half a million to odd, the building will offer exclusive 24-hour access to a fleet of Mini Coopers and BMW 3 Series cars direct by ReachNow, BMW’s recently-launched car-sharing service.

Residents “will use it for short blunders, or if they need to go buy something,” said Alessandro Pallaoro, executive immorality president of business development of Bizzi & Partners, the developer of 565 Broome.

Worth for ReachNow, which is active in Seattle, Portland and Brooklyn, is fairly wise: It costs users 41 cents per minute, which gets exceeded at $20 per hour. Additional options range from $50 for 3 hours, $110 for a comprehensive day, or between $220 and $550 for multi-day use.

“As [car sharing] happens in other municipalities throughout the world, I think New York City will embrace charged cars and that will make it much easier to drive approximately … in the foreseeable future,” Pallaoro told CNBC in a recent interview.

Bizzi & Collaborators appear to be making a shrewd appeal to residents frustrated with the prospering problems associated with getting around in the big city.

More than 2 million catalogued vehicles regularly navigate New York’s congested streets, according to materials from the Department of Motor Vehicles. However, parking to hold them all is maddeningly at a premium, while costs can sometimes rival the skyrocketing price of bitcoin.

Amidst a surge in residential construction, only 69 multiple dwelling edifices completed in Manhattan within the last 20 years offer parking, understands from the New York City Department of Buildings showed. Even mid the thousands of apartment buildings dotting the landscape of New York’s five boroughs, the text showed that fewer than 600 citywide have putting spots.

“Parking in general is relatively rare in the city for the most as for, but when it gets to luxury buildings it becomes a bit more popular,” articulate Collin Bond, a broker at Triplemint Real Estate.

“Ultra-luxury erections are adding a lot of perks from wine tastings to Pilates and yoga,” with parking being yet another put forward of opulence for would-be residents, Bond said. While $550,000 is the wealthy rate, private parking can top $1 million in some places, “and you yet have a maintenance fee of $200-$300 per month,” he added.

Correction: 565 Broome is a 30-story dual prison loom development.

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