Pros and cons of car ownership in NYC + Manhattan two- to three-beds under $2M with on-site parking

By CityRealty Staff | From Get To Know Tuesday, August 6, 2024

It can't be this easy for everyone

As summer 2024 enters the home stretch, it is the end of another era: that of the pandemic-era dining sheds that allowed restaurants to stay open during lockdown. A new program known as Dining Out NYC introduced requirements to make outdoor dining seasonal and bans fully enclosed structures, among other rules. Restaurants that wished to participate had until August 3 to apply; those that did not apply in time will see their dining sheds razed.

A number of factors were at work in the implementation of Dining Out NYC, including the old dining sheds attracting vermin, looking like eyesores when not in use, and blocking outdoor parking spaces. It is true that their removal will slightly increase the availability of streetside parking, but it is far from the panacea car owners might have hoped for, especially those in densely populated parts of the city. It also gives rise to the eternal question: Is owning a car in New York City worth it?

Pros of car ownership

Avoiding the MTA

According to a spring 2024 survey of MTA customers, subway satisfaction has fallen to 47% with complaints about cleanliness, sanitation, and safety. Satisfaction with MTA buses was a bit higher at 57%, but people still had complaints about wait time and delays. It goes without saying, then, that one of the number one reasons to own a vehicle in New York City is to avoid relying on the MTA.

Getting out of town

Even New Yorkers who love their city love to escape it, but getting out of town is extremely difficult without a vehicle. While you can rent a vehicle, it tends to be far more expensive than it is in most other U.S. cities. At the time of writing this article, for example, renting an economy car in Manhattan was, on average, twice the price of renting the same vehicle from the same car rental company in Chicago or Boston. So, if you leave town on a regular basis, it’s possible that owning may be less expensive than renting.

(Flickr - jaғar ѕнaмeeм)

Cons of car ownership

New York City can be a challenging place to drive

Driving in New York City isn’t for everyone. In fact, many would say that it requires both a high degree of patience and a bold attitude. Still, this doesn’t mean that New York City is more dangerous for drivers than other U.S. cities. In fact, collisions and traffic fatalities are statistically more likely to occur in smaller cities, such as Atlanta, Dallas, and Baltimore.

Car ownership is more expensive in New York City

Like housing, owning a vehicle in New York City is much more expensive than nearly any other U.S. city. In addition to having some of the nation’s most expensive insurance premiums, everything from tolls to parking is generally more expensive. Even if you own your vehicle outright and take advantage of free street parking, which is becoming increasingly difficult to find, owning a vehicle will likely still cost over $500/month. If you pay for parking, expect to spend closer to $1,000/month for the privilege of owning a car, and much more if it is financed.

...and could get more so

Under New York's much-anticipated/dreaded congestion pricing policy that was set to go into effect at the end of June 2024, cars would have been levied $15 for venturing south of 60th Street, trucks would be levied $24-$36 depending on their size, and motorcycles would be levied $7.50. As such, whatever vehicle you happen to be driving, it would add up. Additionally, taxi and ride-sharing operators would be charged and inevitably pass the cost on to riders.

The congestion pricing program was paused weeks before it was set to begin, but this has hardly been the end of it. New York legislators floated the possibility of a lower toll in July 2024, and environmental groups and the City Club of New York alike have filed lawsuits against Governor Hochul for blocking the program. Whatever the outcome, it is clear that congestion pricing is down but not out, and that car owners should be prepared for the extra bosts.

Upper East Side building with on-site parking

Deeded, on-site parking at LOFT67 (Nest Seekers LLC)

Bumpers are bound to get scratched

Whatever you do, your bumper will get scratched on a regular basis. Side door swipes and other scratches are also inevitable, so either accept that your vehicle will not look pristine or factor in regular trips to your local detailing guru.

Street parking is scarce, and paid parking is expensive

Parking has always been a problem in New York City, especially in Manhattan. In 2018, Pulitzer Prize-winning writer Anna Quindlen published Alternate Side, a novel that is at least partially about New Yorkers’ quest for parking. In 2019, actor Alec Baldwin enacted his own passion for parking when he punched a man over a parking spot (the actor later pled guilty to harassment and was forced to pay a fine and take an anger management course).

In the years since Quindlen’s novel and Baldwin’s parking dispute, parking has gotten much worse across the city. Between the addition of bike lanes, the arrival of roughly 2,000 CitiBike docking stations, and the arrival of dining sheds, the city has lost thousands of parking spots in recent years. So, what can you expect to pay for a parking spot in Manhattan? Daily rates generally range from $50 to $85, while monthly rates generally range from $500 to $1,000.

As the dining sheds were being razed, one activist told Streetsblog that, “It’s mind-boggling that New York City is actually regressing back to more car-centered streets.” However, Streetsblog points out that outdoor dining sheds only occupied 0.09% of the city’s possible parking spaces.

Moreover, finding parking is not expected to get easier. Mayor Adams’ City of Yes initiative seeks to eliminate parking mandates in new residential projects, which would make room for more housing units by default. New housing is also taking shape on former parking lots and the sites of parking garages -- cases in point include Ruby in Chelsea and The Ellery in Midtown West. In short, even with the removal of the dining sheds, parking is only going to get harder to find and more expensive when it is available.

Amidst all this, some New York City buildings seek to eliminate many of the headaches of car ownership by offering dedicated parking spaces. For those who must own a car whether because of job, family, or other circumstances, we look at two-bedrooms and larger in Manhattan buildings that offer dedicated parking among the amenities.

Listings with parking

2400 Johnson Avenue, #11K
$525,000 (-6.3%)

Spuyten Duyvil | Cooperative | 2 Bedrooms, 2 Baths

2400 Johnson Avenue, #11K (Douglas Elliman Real Estate)

From the Listing: Owner will pay 3 months maintenance at closing. RIVER VIEWS FROM EVERY WINDOW delight in this two-bedroom and two bath corner apartment with terrace. 2400 Johnson is an architectural gem designed with a glass block exterior wall illuminating the hallways while the large apartment windows allow sunlight to flood the apartment rooms. The generously sized home is entered through a hallway with extensive closet space for multiple storage needs. The expansive living room flows into the separate dining area with terrace. See floor plan and full details here.

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East River Coop, #M906
$850,000 (-5%)

Lower East Side | Cooperative | 2 Bedrooms, 1 Bath | 1,200 ft²

East River Coop, #M906 (Corcoran Group)

From the Listing: Don't miss this exceptional, professionally designed, and renovated two-bedroom apartment with stunning bridge and river views. Southern and eastern exposures flood the space with natural light. Enjoy the generously proportioned private outdoor space facing the river for morning coffee or evening relaxation. Customized closets provide ample storage. Enter the separate windowed kitchen, featuring modern upgrades. See floor plan and full details here.

310 East 70th Street, #12Q
$900,000

Lenox Hill | Cooperative | 2 Bedrooms, 1 Bath | 900 ft²

310 East 70th Street, #12Q (Douglas Elliman Real Estate)

From the Listing: This penthouse corner apartment with unobstructed open views has been completely and lovingly gut-renovated down to the studs. This open-concept layout is spacious and flexible, and the entire residence is completely flooded with light courtesy of the walls of windows facing west and north. Blessed with a king-sized primary bedroom and a spa-like bathroom that evokes a five-star hotel. There is a garage in the building accessible via the elevators that provides a discounted rate for residents. See floor plan and full details here.

One Carnegie Hill, #25C
$995,000

Yorkville | Condop | 2 Bedrooms, 2 Baths

One Carnegie Hill, #25C (Brown Harris Stevens Residential Sales LLC)

From the Listing: Enter this corner 2-bedroom apartment and be dazzled by bright eastern and northern light from floor-to-ceiling windows! The double exposure corner living room and dining room provide wide open views over the East River and northern city landscape. The bright, king-sized primary bedroom has two large walk-in closets and an en-suite marble bathroom. Amenities include an enormous gym, indoor swimming pool, Pilates room, outdoor barbeques, rooftop terrace, a pet spa, and a garage! See floor plan and full details here.

181 East 73rd Street, #5A
$999,000 (-13.1%)

Lenox Hill | Cooperative | 2 Bedrooms, 2 Baths | 1,200 ft²

181 East 73rd Street, #5A (Douglas Elliman Real Estate)

From the Listing: Welcome to Residence #5A, a delightful and luminous 2-bedroom residence boasting remarkable closet space. The expansive living room faces east, bathing in natural sunlight. Additionally, there's a spacious dining area that can flexibly serve as a home office or seamlessly merge with the kitchen and living room for a relaxed, contemporary living area-allowing you to customize your space to your liking! For an added convenience, there is an on-site parking garage. See floor plan and full details here.

District, #308
$1,100,000

Financial District | Condominium | 2 Bedrooms, 2 Baths | 1,243 ft²

District, #308 (Compass)

From the Listing: This modern loft is offered as a one-bedroom + home office with two luxurious bathrooms. The apartment has 11-foot ceilings, newly refinished hardwood floors, central AC and heat, a brand new washer and dryer in unit and an open kitchen with top-of-the-line Miele appliances. There is a storage unit that transfer with the sale of this apartment. Garage parking available on Ann Street. See floor plan and full details here.

The Cove Club, #6R
$1,200,000 (-20%)

Battery Park City | Condominium | 2 Bedrooms, 2 Baths | 1,066 ft²

The Cove Club, #6R (Sothebys International Realty)

From the Listing: Boasting two bedrooms, two bathrooms, and a charming 55-square-foot balcony offering enchanting river and city views, this newly renovated residence is a testament to modern comfort and style. Bask in the gentle glow of southeastern light streaming through oversized windows, illuminating the living and dining spaces adorned with captivating water vistas, cityscapes, and lush greenery. The kitchen is a culinary haven with ample cabinet and counter space. Effortlessly access the on-site parking garage directly from the lobby. See floor plan and full details here.

East River Coop, #K13021303
$1,228,000

Lower East Side | Cooperative | 3 Bedrooms, 2 Baths

East River Coop, #K13021303 (Brown Harris Stevens Residential Sales LLC)

From the Listing: Combine these two large 1BR apartments to create a 1600 square foot (approx.) 3BR home of your dreams! Sunny and spacious with walls of windows serving up southern & western exposures. Sparkling river views as well as park and skyline views are yours from this 13th floor home. The flexible layouts allow for the addition of a third bath and the opening up of multiple walls. Apt K1302 has a renovated opened kitchen with rich wood cabinetry and custom dining bar. The large living area features double exposures from 6 windows and can be further expanded upon combining with apt K1303. K1303 has a glass enclosed balcony/sunroom (currently being used in part as an office), a windowed eat-in kitchen, and nicely proportioned living room with huge picture window. See floor plan and full details here.

The Orion, #4E
$1,295,000

Midtown West | Condominium | 2 Bedrooms, 2 Baths | 1,147 ft²

The Orion, #4E (Elegran LLC)

From the Listing: This unique residence is a floor-through home with both northern and southern exposures that provides space with a certain openness while keeping it pin-drop quiet. Highlights include a Nest climate control system, high ceilings, new hardwood floors, and floor-to-ceiling windows leaving little to be desired. The open kitchen with stainless steel appliances and granite countertops make both cooking and entertaining a joy. Building amenities include a full-service garage. See floor plan and full details here.

Bridge Tower Place, #7K
$1,323,000

Lenox Hill | Condominium | 2 Bedrooms, 2 Baths | 1,215 ft²

Bridge Tower Place, #7K (Douglas Elliman Real Estate)

From the Listing: Spacious two-bedroom home begins with a large foyer area with ample closet space leading to the bedrooms and kitchen. The kitchen boasts stainless steel appliances, granite countertops, with lots of storage and cooking space along with an optional breakfast seating area. The living and dining room is sunlit with hardwood floors gracing the entire home. Bridge Tower offers full-time door staff, a state-of-the-art fitness center, a residents-only roof deck, and an on-site parking garage. See floor plan and full details here.

Castle Village, #19
$1,325,000 (-5.3%)

Washington Heights | Cooperative | 3 Bedrooms, 2 Baths

Castle Village, #19 (Compass)

From the Listing: Welcome home to this coveted and rarely available gracious and flexible space with gorgeous river and garden views from every window! There are two large split bedrooms at either end of the home for maximum privacy and a third room easily converted to a third bedroom. Prewar details include high ceilings, picture moldings, Bakelite doorknobs, honey-colored herringbone oak hardwood floors throughout, and a huge sunken living room that Castle Village is famous for. Amenities include a gym, indoor play space, 7.5 acres of lushly landscaped grounds, roof decks on all buildings, and garage. See floor plan and full details here.

The John Murray House, #4LN
$1,395,000

Murray Hill | Cooperative | 3 Bedrooms, 2 Baths

The John Murray House, #4LN (Christies International Real Estate Group LLC)

From the Listing: Massive combination unit's southern exposure provides an abundance of sunlight throughout the home. The home also features a lot of closet space and a separate home office. The open kitchen is excellent for entertaining. Building features include fulltime doorperson, onsite garage, laundry and storage in the building, bike room, and a landscaped roof deck. See floor plan and full details here.

The Adeline, #3J
$1,495,000 (-12.1%)

Harlem | Condominium | 3 Bedrooms, 2 Baths | 1,448 ft²

The Adeline, #3J (Keller Williams NYC)

From the Listing: Beautifully appointed with sunny southern views, this stunning three-bedroom residence offers a functional, comfortable, and open split bedroom layout. The chef's kitchen is perfectly designed with gleaming white cabinetry, generous Caesarstone countertops, and stainless-steel appliances. Each of the three oversized bedrooms provides a spacious retreat, complete with walk-in closets and floor to ceiling windows. The basement provides direct access to a parking garage. 421-A tax abatement is in effect through 2039, keeping taxes low. See floor plan and full details here.

The New York Towers, #20B
$1,600,000 (-5.6%)

Gramercy Park | Cooperative | 2 Bedrooms, 1.5 Baths | 1,200 ft²

The New York Towers, #20B (Nardoni Realty Inc)

From the Listing: Welcome to the ultimate city home with skyline views from your own private terrace overlooking all of Manhattan with beautiful sunlight throughout the day and gorgeous sunsets. Enter through the gracious entryway and foyer, and immediately see the expansive main space comprising living room, dedicated dining area as well as an open kitchen which allows for glorious entertaining options. Resident discount rate and no waitlist in the building's recently renovated on-site garage with direct access into the building. Thermostatically controlled air conditioning and heating are included in the maintenance. See floor plan and full details here.

The Premier, #10J
$1,600,000

Lenox Hill | Cooperative | 2 Bedrooms, 2 Baths | 1,500 ft²

The Premier, #10J (Compass)

From the Listing: Welcome to this stunning, spacious and renovated home that offers a sophisticated urban lifestyle with captivating city views. Upon entering, you'll be greeted by a thoughtfully designed interior, boasting a generous layout, architectural built-ins, new herringbone hardwood floors, and wall-to-wall dual pane picture windows that flood the space with natural light. The award-winning, pet-friendly co-op offers a full-time doorman, live-in super, laundry room, on-site garage, storage rooms, a recreation room and a roof deck. See floor plan and full details here.

The Collection, #3303
$1,699,000 (-8.2%)

Financial District | Condominium | 2 Bedrooms, 2 Baths | 1,200 ft²

The Collection, #3303 (R New York)

From the Listing: Perched on the top floors, this spectacular custom loft-like residence enjoys open city views and an abundance of light from 6 north-facing windows. The entrance foyer features a large coat closet and leads to a generously proportioned great room with meticulously crafted interior and seamless finishes. The galley style kitchen includes concealed appliances, Sub-Zero refrigerator, Fisher & Paykel dishwasher, Miele gas range and sleek walnut cabinetry. Full-service building's amenities include health club, lounge, roof terrace, and on-site parking. See floor plan and full details here.

The Saint Mark, #15F
$1,699,000 (-8.1%)

East Village | Cooperative | 2 Bedrooms, 2 Baths

The Saint Mark, #15F (R New York)

From the Listing: Welcome to this high-floor dream home with bright eastern exposures and an extra-large balcony, the perfect spot for entertaining guests or simply relaxing after a long day. The apartment features a large living room and dining area accommodating six people. The kitchen opens to the dining and living areas and features a Sub-Zero refrigerator and a Bosch dishwasher. The St. Mark is a full-service doorman building with 24/7 staff, garage parking accessible through the building, storage, bike storage, and a large laundry room. See floor plan and full details here.

Madison Green, #21F
$1,700,000 (-5.3%)

Flatiron/Union Square | Condominium | 2 Bedrooms, 2 Baths | 821 ft²

Madison Green, #21F (Brown Harris Stevens Residential Sales LLC)

From the Listing: Enjoy cocktails and al fresco dining on your planted balcony with direct views of the historic landmarked Flatiron Building, historic Ladies' Mile district and beyond. The bedrooms are winged and there are two full baths; abundant storage with four closets - two are custom designed walk-ins. Windows are oversized, creating a beautiful light-filled home. A parking garage and a lovely planted garden with beautiful towering and sculptural ginkgo trees are adjacent to the building. See floor plan and full details here.

The Visionaire, #5K
$1,749,500 (-5.4%)

Battery Park City | Condominium | 2 Bedrooms, 2 Baths | 1,356 ft²

The Visionaire, #5K (Prevu Real Estate LLC)

From the Listing: True sophistication meets designer crafted comfort in this expansive two-bedroom. As you step inside, you’re greeted by an open-concept floorplan illuminated by abundant natural light streaming through 11-foot floor-to-ceiling windows and adorned with custom built-ins by renowned interior designer Lo Chen. A beautiful bespoke banquette lines an elegant dining area that flows into an airy living room with custom media center, floating storage, HearthCabinet ventless fireplace, and entertaining bar with wine refrigerator. Heating and cooling are covered in common charges. The building features 24-hour on-site valet parking among numerous other luxurious amenities. See floor plan and full details here.

2280 FDB, #PHA
$1,899,995 (-5%)

Harlem | Condominium | 3 Bedrooms, 3 Baths | 1,625 ft²

2280 FDB, #PHA (CORE Group Marketing LLC)

From the Listing: With over 2,900 square feet of interior and private outdoor space, this penthouse home is your fully-equipped urban retreat with its 1,300-square-foot terrace that includes incredible NYC views, a wood-burning fireplace, and a plumbed natural gas grill. The welcoming foyer opens into an oversized great room that enjoys natural light through its eastern-facing windows. The open-concept kitchen is outfitted for the home chef. Tax abatement expires in 2035. Amenities include on-site parking with electric car chargers and bike storage. See floor plan and full details here.

515 East 72nd Street, #23C
$1,900,000 (-17.4%)

Lenox Hill | Condominium | 2 Bedrooms, 2 Baths | 1,148 ft²

515 East 72nd Street, #23C (Serhant LLC)

From the Listing: Welcome to this gut-renovated corner condo with two outdoor spaces and unobstructed river views! Since 2020, this home has been renovated with beautiful new hardwood floors, new walls, new built-in radiators, and remodeling in the kitchen and bathroom. Additional features include custom millwork, oversized windows, and an updated washer and dryer. Amenities include 24-hour concierge service and door attendants, valet laundry, maid service, on-site parking, a 24/7 coffee bar, and a gorgeous sun terrace. See floor plan and full details here.

Astor Terrace, #22G
$1,950,000 (-11.2%)

Yorkville | Condominium | 3 Bedrooms, 3 Baths | 1,648 ft²

Astor Terrace, #22G (Douglas Elliman Real Estate)

From the Listing: A gracious foyer, lined with closets, introduces you to a well-appointed entry hall that leads you into a spacious living area and separate formal dining room. North and west exposures showcase full city and partial river views from every room. The kitchen offers the flexibility to be opened and/or expanded if one so chooses. Free private storage. The building boasts a private driveway and underground parking garage. See floor plan and full details here.

200 Riverside Boulevard, #5EF
$1,995,000 (-15.1%)

Riverside Dr./West End Ave. | Condominium | 2 Bedrooms, 2 Baths | 1,525 ft²

200 Riverside Boulevard, #5EF (Compass)

From the Listing: Step into the epitome of modern luxury with this meticulously crafted 2-bedroom residence. Bathed in eastern and southern exposures, the ambiance is bright, airy, and utterly inviting. The kitchen serves as the heart of the home, boasting an open-plan layout complemented by sleek Bluestone countertops, bespoke cabinetry, and top-of-the-line, stainless steel appliances. Indulge in the building's private fitness center, refreshing swimming pool, rejuvenating spa, kids' playroom, and bike storage facilities, and valet parking. See floor plan and full details here.

Would you like to tour any of these properties?

This is your member's center

In this article:

Pros of car ownership

Avoiding the MTA

Getting out of town

Cons of car ownership

New York City can be a challenging place to drive

Car ownership is more expensive in New York City

...and could get more so

Bumpers are bound to get scratched

Street parking is scarce, and paid parking is expensive

2400 Johnson Avenue, #11K
$525,000 (-6.3%)

Select which properties are of interest to you:

East River Coop, #M906
$850,000 (-5%)

310 East 70th Street, #12Q
$900,000

One Carnegie Hill, #25C
$995,000

181 East 73rd Street, #5A
$999,000 (-13.1%)

District, #308
$1,100,000

The Cove Club, #6R
$1,200,000 (-20%)

East River Coop, #K13021303
$1,228,000

The Orion, #4E
$1,295,000

Bridge Tower Place, #7K
$1,323,000

Castle Village, #19
$1,325,000 (-5.3%)

The John Murray House, #4LN
$1,395,000

The Adeline, #3J
$1,495,000 (-12.1%)

The New York Towers, #20B
$1,600,000 (-5.6%)

The Premier, #10J
$1,600,000

The Collection, #3303
$1,699,000 (-8.2%)

The Saint Mark, #15F
$1,699,000 (-8.1%)

Madison Green, #21F
$1,700,000 (-5.3%)

The Visionaire, #5K
$1,749,500 (-5.4%)

2280 FDB, #PHA
$1,899,995 (-5%)

515 East 72nd Street, #23C
$1,900,000 (-17.4%)

Astor Terrace, #22G
$1,950,000 (-11.2%)

200 Riverside Boulevard, #5EF
$1,995,000 (-15.1%)

This is your member's center

In this article:

Pros of car ownership

Avoiding the MTA

Getting out of town

Cons of car ownership

New York City can be a challenging place to drive

Car ownership is more expensive in New York City

...and could get more so

Bumpers are bound to get scratched

Street parking is scarce, and paid parking is expensive

Select which properties are of interest to you:

Select which properties are of interest to you:

Listings in this article

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