When Gregg Reuben was a 19-year-old UCLA student, he set up a side gig for himself: running a market for individuals to exhibit and sell their used cars on the weekends. With an empty lot on his hands during the week, Reuben decided to use the space as a private parking spot.
Those experiences taught Reuben the basics of the business of parking. Now, 30 years later, Reuben is CEO of his own company, Centerpark, a real estate investment firm specialized in urban parking acquisitions and management.
“I think parking is going to become a valuable amenity for any project, whether it’s office or residential, just because there’s so little of it,” Reuben told Bisnow. “The supply is shrinking, while the demand is increasing.”
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The value of parking could translate across asset classes, according to Daniel Lebor, a partner at Brooklyn-focused brokerage and advisory firm TerraCRG. Offices and residential buildings are both providing more parking to tenants as a perk, he said, although prices have increased. But despite that trend, Lebor said he doesn’t see parking becoming a key amenity in NYC.
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