In recent months, three parking garages have been knocked down in the Midtown neighborhood of NY. Together, these garages held 1,000 parking spots. At least two, possibly three hotels will take their place and bring over 800 rooms to the city. “Manhattan-based Tribeach Holdings has demolished a garage at 145-155 W. 47th St. and a few small other buildings to make way for one planned hotel tower.” It is rumored that this tower will at least 48 stories instead of the 27 stories reported in the Buildings Department filings earlier in the year.
In the same area “Extell is set to put up the city’s first Hard Rock Hotel, with 35 floors and 445 rooms on a former garage site at 151-159 W. 48th St.” On the same 48th Street block’s south side, Rockefeller Group is demolishing another garage and a few other vacant buildings west of the Cort Theater in preparation for an unknown project that could extend through to West 47th Street. “The three development sites are all close to the new Edition by Marriott Hotel that’s nearly finished at 701 Seventh Ave., at the West 47th Street corner.” “It will add about 450 rooms to the city’s swelling inventory that’s approaching 104,000 rooms — up from 66,000 in 2007.”
Disappearing parking, this is a trend we keep seeing over and over from coast to coast. Thousands of parking spots have been lost to development in the last few years. Many cities have stopped requiring a minimum number of parking spaces in new developments. It’s part of an effort to discourage driving and devote available land to other uses. The dwindling availability of parking will most certainly cause a surge in price, another trend we are beginning to see all over as well.