A Simple Way to Maximize Profits from Parking

There are numerous ways for co-op and condo boards to maximize the revenue – and minimize the headaches – from their parking garages and decks. Sometimes there’s extra coin to be found simply by taking a second look. That was the case at Homestead Owners, a 163-unit co-op in Hartsdale, Westchester County, which has 166 parking spaces spread throughout an indoor garage, carport, and outdoor lot.

“That may seem like plenty of parking, but newer residents often have more than one car, and we were looking to gain additional spots,” says Brian Scally, vice president of Garthchester Realty, which manages the property. “The co-op was doing some repaving last fall, so the super, the board president, and I and took that opportunity to walk around and see if we could find something.”

While eyeballing the layout in the open carport area, the trio noticed there were eight spaces that were actually long enough to accommodate two cars, not just one. “All we had to do was repaint and lengthen the lines to reconfigure each one into a tandem spot – it really was that easy,” Scally says. “Since our outdoor spaces are $60 a month, we’re bringing in an extra $6,000 or so a year.”

The board didn’t stop there. At a different building, in spots too small for a car, the board created parking areas for bicycles, which generate a little bit more money and are “a nice amenity” for shareholders,” Scally says. In fact, as ridership continues to increase, bike storage and parking space is becoming one of the more coveted amenities across the city.

“And when Homestead underwent renovations recently,” Scally adds, “we installed LED lighting with motion sensors, so they automatically dim when no one is there, which saves us money in two ways. It may seem impossible to optimize a parking garage or lot beyond what it was originally designed for, but it’s definitely doable.”