Typically, underground parking garages are not profitable. They are a necessary evil to lease/sell the residential and/or commercial space above.Obviously it's profitable, but it's also for bike storage, general storage, utilities, mechanical rooms. I'm sure there's many other key benefits.
I didn’t know they had removed that for commercial. Was that recently?The City only removed minimum parking requirements for commercial uses, not residential. Multi-family buildings like this one still have parking minimums.