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How do you deal with a lack of parking spaces and no room to expand the garage?
AUTHORRobert Ferrara, The Ferrara Management Group
PAGE #p. 30
Increasing parking for shareholders can sometimes require more out-of-the-box thinking.
We represent a 160-unit co-op in New Rochelle that had only 86 parking spaces. They’re located near Iona College and have the college overflow and limited street parking.
The co-op purchased a house nearby and will demolish it and put in a parking lot, adding roughly 26 to 30 additional spaces. They’re still not going to have a space for every shareholder, but there’s an older population in the building and not everybody has a vehicle. They financed it (for under a million dollars) through their reserves. They’re paying themselves back with interest, with the charges that they’re going to be collecting for those additional spaces. The co-op spent the money to purchase the property, and then to rehab it, which includes getting the necessary approvals and permits and laying the asphalt.
You should always try thinking outside the box. Each property has a different situation that may be unique. If you think outside the box, you can really come up with some wonderful ways to get around a problem and make it more attractive for the shareholders who reside at that property.