The Park Slope Garage Condominium – 841 Union Street, Brooklyn, New York

If you think that it costs a lot to park your car near where you live, consider that in July 2014 an unidentified buyer paid $80,000 for a mere 119 square feet, for a permanent garage parking spot at 841 Union Street in Park Slope. The address belongs to the 145-spot Garage Condominium, where four spots sold in 2013 for an average of $53,000. The mystery stall holder, who works in finance, bought a spot that had previously sold in 2003 for $32,000

The creator of the Garage Condominium, Howard Pronsky of Berman Realty, said that the most recent bidding wars began when it was announced that the 300-space Central Garage, located at 800 Union St., would soon be closing as part of plans to convert the building into a new 28-unit apartment complex. Pronsky said that since then patrons of the Central Garage, who have been renting spaces for $350 monthly, are now scrambling to find adequate alternative parking. "People come to inquire [from across the street] but we have no room. We have great demand and no supply, so the prices are going up," said Pronksy.

Pronky’s visionary Garage Condominium made national news back in the mid-80s when it first launched, causing double-takes with its eye-popping price tag of about $29,000 per space, but Pronsky has now seen a steady increase in sales prices this year with his three available spots fetching $50,000 in April, $62,000 in June, and July’s $80,000.