Parking Spots Worth the Investment for HOAs Park It Here

Some people think New Jersey represents a different world from New York. They envision a state filled with farm stands and quaint shore towns—and maybe one or two industrial sites along the New Jersey Turnpike.

But there's also a part of New Jersey that's practically the sixth borough of Manhattan. Cities like Jersey City and Hoboken offer proximity to Manhattan, stunning views of the river and luxury apartments. They also have a dearth of parking spaces, and that can be one of the major drawbacks of condo and co-op living in the area. Just try looking for a parking space in the streets of Jersey City at 9 p.m. to get an idea.

"That whole part of Jersey is pretty condensed," says Kristen Sokich of Propark America in Hastings-on-Hudson. "If you look at a population map, it's really just an extension of New York City. Northern New Jersey is just packed with people."

That's what makes buildings with parking lots extremely attractive to HOA members.

According to Sokich, many of New Jersey's managed parking lots exist near transportation hubs and high-traffic downtown areas. The reason for these lots is pretty basic.

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