The Parking Advisors team has provided NYC parking investment advisory services across the region for both existing assets and new developments. We’ve consulted on projects in Manhattan, Brooklyn, Queens, The Bronx, and Staten Island, offering guidance rooted in market knowledge and operational expertise.
New York City's Leading Parking Consultants
Parking Advisors is a national firm and trusted parking consultant in New York, with experience across all five boroughs and a wide range of parking asset types.
Parking Advisors in New York City
New York City Parking Market Fundamentals
New York City’s parking fundamentals are influenced by several unique and complex factors. As parking investment consultants in NYC, we provide in-depth analysis across key market drivers:
Office Demand
Parking demand varies by borough and asset type but is typically tied to a submarket’s commercial density. In Manhattan, valet-only garages are common to maximize capacity during peak periods. Although office occupancy has declined since 2020, ongoing tourism and business travel have kept garage demand high, particularly from hotels seeking vehicle storage agreements. Many landlords are also using free parking as part of lease incentives, adding complexity to revenue forecasting and occupancy management.
NYC Public Transportation Network & the Green Transition
New York’s vast public transit system includes 36 rail lines and 325 bus routes, enabling widespread access across boroughs. Transit expansion projects like the Interborough Express and Penn Station Access aim to shorten travel times and encourage public transportation use. Meanwhile, initiatives like PlaNYC are pushing private garages to expand EV charging access. These factors are reshaping parking demand and expectations.
Local Law 126
In response to a 2023 garage collapse, New York City enacted Local Law 126 to ensure structural integrity in parking facilities. Manhattan’s inspection deadline was December 31, 2023, with other boroughs due by 2027. By mid-2024, 43% of garages had submitted reports, and inspectors deemed 21% of those unsafe. These findings may lead to permanent closures and redevelopment of some facilities, disrupting the parking supply and user access.
Changing Development Mandates
Since 1961, citywide development mandates have required off-street parking based on project size and location. However, in 2023, the mayor proposed removing parking minimums for new projects to lower development costs. If enacted, this change would slow new parking supply growth, even as demand remains steady or increases.
NYC Submarkets & Parking Demand Drivers
Parking Advisors studies each submarket’s supply and demand to identify risks and uncover opportunities.
Manhattan
Home to more than 420 million rentable square feet of office space, Manhattan accounts for 80% of NYC’s total. With over 900 off-street garages and 140,000 spaces—plus nearly 190,000 on-street spots—parking demand remains stable due to the borough’s role as a commuter and visitor hub.
Congestion Tax
Set to take effect in January 2025, the city’s congestion pricing plan will charge vehicles entering Manhattan below 60th Street. City officials expect this policy to cut daily vehicle volume by up to 100,000 and significantly reduce demand for garages in the central business district.
Brooklyn
Brooklyn is the city’s most populous borough and continues to grow with new mixed-use developments like 1730 Bedford Avenue. It includes around 175 garages with 35,000 spaces and nearly 750,000 on-street spots, serving both dense residential areas and emerging commercial zones.
Queens
With major hubs like LaGuardia and JFK airports, as well as entertainment venues like Citi Field and the U.S. Open, Queens generates consistent parking demand from travelers and event-goers. The borough contains around 150 garages with 50,000 spaces and over 1.2 million on-street spots—the most in the city.
The Bronx
The Bronx features strong residential parking needs, along with demand from major attractions such as Yankee Stadium and the Bronx Zoo. With about 130 off-street facilities and 55,000 spaces, plus more than 420,000 on-street spaces, the borough supports a dense and active user base.
Staten Island
With no direct subway access, Staten Island relies on ferries and personal vehicles. The borough’s parking network is primarily on-street, offering close to 450,000 spaces to residents and commuters.
Parking Tax Overview
Parking tax rates in NYC vary by location. In Manhattan, the tax is 18.375%, while it’s 10.375% in the other boroughs. These rates can significantly impact asset performance, so investors should carefully model them during acquisition or financial planning.
Contact Us
Please email us with your New York City parking question or provide a brief project description.