"Parking Garages Make Crazy Cash!"

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In the spirit of Gene's post below, I observe that I have often heard people confidently say that parking garage owners must be rich, especially in a big city. The evidence is that they charge outrageous rates even for a half hour to park your car.

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  1. Anonymous10:48 PM

    The Day I Got My MBA

    Many, many years ago I spent a Friday partyng on Long Island with a friend, rather than head home that night, back into Manhattan, I stayed at his parents house in Garden City.

    The next morning I wandered down to the kitchen where my friend's mother was preparing breakfast when a neighbor wandered in and sat down at the table. It was me and him. He was an older man, he new was interested in finance and he just started talking. He said to me, "You know I looked at a parking lot that's up for sale, but it look's pretty well run to me. He has just enough attendants so people aren't wating too long.I can't cut there.He has the parking lines as close together so that I can't move them closer to get more cars in." He went on like this for a half hour analyzing all the possible angles there were to increasing revenues or cutting costs at a parkng garage.

    It amazed me the way this man went on about a parking garage! I had always thought that the only thing you could do to determine the value and potential of parkng lot was figure out the present value of the revenue stream.

    I got an MBA that morning and have to say I look at business opportunities with much more wide open eyes because of that chance meeting.

    Finally,that morning, the man took his cane and wandered out. My frend was also down stairs by that point and I sad to him, "Who is that guy?"

    It turns out it was Alex Dilorenzo (since deceased) who was one of the largest real estate owners in New York City, including the Chrysler Buildng.

    As far as I am concerned, there was no luck in the accumulation of buildings the man owned (along with partner Sol Goldman). The man had analytial business skilz.

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