The Real Deal New York

Jewish service agency pays $45M for UWS garage

June 03, 2009 02:13PM
By Adam Pincus

A Jewish mental health and social service agency based in Midtown bought a parking garage at 210 West 77th Street between Amsterdam Avenue and Broadway for $45 million, or about $588 per developable foot.

The Jewish Board of Family and Children’s Services, based in its own building at 120 West 57th Street, went into contract in December 2007 and closed on the purchase from Ricland LLC May 28, city property records show.

The purchase was part of an exchange between the two parties.

Ricland signed a contract, also in December 2007, to buy the Jewish Board’s 120 West 57th Street, property records show. The price was not disclosed.

Ricland is a special purpose entity held by Richard Chapman, owner of Garage Management Corporation, insiders said.

The density on the site could be increased, according to PropertyShark.com, from the current 42,058 square feet to as much as 76,500 square feet.

The social services group filed plans with the Department of Building for a 14-story building at the location on April 28, the DOB Web site said.

Since filing the plans, the agency has decided to delay development of a new buildings, and could not say when it planned to move, said spokesperson Jo Gonsalves.

An employee of the Hertz Company, which occupies the garage, said the company had recently signed a two-year lease with the landlord, but would not provide additional information. Gonsalves confirmed Hertz had a multi-year lease.

The Jewish organization did not immediately respond to a request for comment. And Garage Management had no comment.

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