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TRENDS IN PARKING Since 2005, the NYC parking industry has been undergoing significant change, that of the largest operators selling to investors. Icon Parking, established in 1947, sold its 192 long-term leases and owned garages/lots to a group of Australian investors for $634 million. Of the 189 locations in Manhattan, which accounted for nearly 25% of all garages in the city, a handful of free standing sites were then sold off. In March 2007, one site on W 39th Street was sold for $31 million to a hotel developer. Central Parking, a publicly traded company and the largest parking operator in the U.S., agreed to become a privately-held firm again in May 2007 when it merged with several private equity firms for $903 million. These investors are now selling some of the free-standing garages and outdoor lots in Manhattan. Central Parking owns brands Kinney, Meyers, and AllRight. What do these sales mean? Some industry insiders are predicting that the free-standing garages and outdoor lots are being sold to make way for residential condominiums and hotels, and that these new buildings will provide either no or little parking. If this trend continues at a significant pace, then we will certainly lose some parking capacity. Another interesting development is that Central Parking has begun installing machines to accept payment for parking. We don’t have any statistics to confirm if this is making getting your vehicle faster, or if the machines will eventually replace the cashier booth. Anecdotally, some valets told us that getting your vehicle may actually take longer now because they have to wait until customers pay at the machine to get the claim check and then retrieve your car. Currently, the cashier simultaneously initiates the payment and car retrieval processes.  CONGESTION PRICING At the time of printing, Mayor Bloomberg is actively pursuing plans to introduce congestion pricing in the form of an $8 charge for cars entering the central business district of Manhattan. The charge applies specifically to vehicles entering Manhattan south of 86th Street weekdays during peak travel hours of 6am to 6pm. Vehicles driving only within the zone would be charged between $4 and $5.50. A series of cameras would record a vehicle’s movements throughout the business district. Manhattan residents would pay one charge for the entire day and would not be charged if they are simply moving their car for street cleaning. Cars entering the district by bridges and tunnels would be credited the amount of their round-trip tolls for each day, up to $8. If you are driving in through the Queens Midtown Tunnel, for example, you would pay the current $8 round-trip toll and not pay any additional charges. As of July 26, 2007, the State Legislature will create a Commission to review the implementation of a traffic reduction plan. What will really happen? Some people feel that the northern boundary will be moved 20 – 30 blocks south of 86th Street. Others anticipate both higher and lower charges. A decrease in business for garages would not be out of the question, but would a decrease in demand prompt garages to lower or raise their prices? Perhaps garages may create new pricing structures around the 6am and 6pm hours. PICKING A GARAGE With 100,000 spaces available, there is a lot of choice. Some people look for convenience and the closest location, while others look for the cheapest rates. Here are some other factors you may not have considered. Security - You may feel more comfortable parking in or walking late at night to a garage that is well-lit from the outside and inside, and where the valet booth is located near the entrance. Reliability - The larger companies most likely have employee standards that provide for a more enjoyable parking experience and some recourse if you have a complaint. Of course, this is not to say that an independent garage owner would not strive to deliver superior service. Discounts - From time to time, some of the larger garage companies offer discounted rates for frequent customers. Edison ParkFast’s PayFast card allows you to pay in advance and receive a 25% discount at select locations. Icon Parking offers discount coupons on its website. Oversize vehicles - If your car, van, or truck exceeds certain height and/or length measurements, you will typically pay an extra five to ten dollars to park your car. Most garages use these guidelines: SUVs and other Oversize vehicles 181" or longer or 70" or higher (or 75" regardless of length) SAFETY TIPS Take your valuables - Always try to take with you or conceal all your personal and valuable items when you park, such as house keys, loose change, EZ Pass, phone charger, and documents. Garages do typically have a strict no-tolerance policy when it comes to employee theft, but nearly every garage’s claim check clearly states that ’garages are not responsible for items left in cars’. Inspect your car - Walk around your car with the valet to confirm any existing damage that you may have. This documentation gives you recourse if you find any damage when you retrieve your car. Garages that inspect cars for damage are noted in this book by ’Damage Inspection’. Know your numbers - Make sure you write down the exact address and phone number of the garage on your claim check. Then put the claim check where you won’t forget it. Bumper guards - Some garages provide these guards for a small fee, or you can purchase your own. WHY RATES CHANGE Rates are competitive and a popular thing to complain about. The Department of Consumer Affairs (DCA) licenses and regulates all parking facilities. Garages must submit a rate change to the DCA at least 60 days prior to posting and charging the new rate. Garages will typically submit a relatively high rate increase and after the 60 days they can charge any rate that is lower without giving any notice. For example, ABC garage submits a rate increase from $10 to $50 for 1 hour. After the 60 days, it can charge anywhere up to $50 at any time. Garages are not required to post the new rates prior to implementing the increase. Here are some key events that may trigger a rate change. Garage closes - when one garage or lot closes, other neighborhood garages will raise their rates. Seasonality & events - some garages adjust their rates in areas where the demand for off-street parking increases or decreases during part of the year. Most garages will create an ’event’ rate for major holidays and festivals. AVOIDING EXTRA CHARGES The best way to avoid unexpected charges is to read the posted rate signs and to confirm the rate before you park and leave your car. Other ways are: Read the claim check - Confirm that the time stamped on your claim check is the actual time you parked. Overnight - Some garages charge the overnight rate only after 5-6a.m. Leave your key - Forget to leave your key and the garage may charge you from $25 to the full towing fee. Large vehicle surcharge - Know if the dimensions of your vehicle typically incur this surcharge. Event rate - Garages have a range of rates for conventions, sports, and other events. Confirm the rate before you park your car. On major holidays or festivals (Thanksgiving, July 4th), consider parking just a little farther away and taking public transportation or walking to your destination. Know the times - Most of the rates have a clearly posted entry time (e.g. by 7pm, 6-9am, after 3pm), but sometimes the exit time will simply read 9pm. Be sure you know if these times are ’before’ or ’after’ the posted time. HOW AND WHEN TO TIP Every New Yorker has his own view on tipping — when, why, and how much. Why tip - The average parking attendant earns $19,000*, which is less than half of the average salary in New York City. Additionally, attendants surveyed by Park It! Guides generally indicated that they would be inclined to ’go the extra mile’ for a consistent and good ’tipper.’ When to tip - The majority of people tip, using that practiced sleight of hand, when the valet retrieves their car. Some garage companies suggested to us that customers tip when they drop off their cars as a way to ensure that the valet will take particular care when parking their vehicles. Another good reason to tip when dropping off is that valets who work during the day may not benefit from the tips customers give when they pick up their cars. However, most of the larger garages with multiple valets will pool their tips either by shift or for the entire day. How much to tip - Most people tip $1-2 each time they park. Some monthly parkers give a larger amount during the holiday season.
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