However, there's a massive distinction that we have to realize: garages are privately-owned, whereas parking is municipally-regulated. The city is switching out public parking for public bicycle paths, and I don't necessarily know if this a net positive economically.
It's funny, neither article nor any comment mentions the subways in NYC, which are excellent. That would seem like the no-brainer choice for navigating Manhattan; it certainly is when I visit. That this guy must visit Manhattan locales by cars is... I dunno, perhaps being too picky? Anyways, if people want to keep doing it, parking will surely pop up at prices the market can bear.
Double digit returns on a relatively low-risk investment aren't exactly bad.