The Real Deal New York

Three garages at UWS luxury buildings hit market asking $65M

The portfolio is at the base of five residential towers on Riverside Boulevard
February 27, 2017 03:50PM

From left: 80, 120 and 220 Riverside Boulevard

Three Riverside Boulevard parking garages encompassing more than 228,000 square feet are on the market, asking $65 million, or $65,300 per space.

The garages belong to a foreign-based trust, the Commercial Observer reported, and include 995 parking spaces. They are at the base of five condominium buildings at 80, 100-120 and 220-240 Riverside Boulevard.

The garages are leased to Icon Parking Solutions in a 25-year deal extending to 2034. The annual rent is $3 million, with rent escalations each year. The current owner paid $44.5 million for the garages in 2010, the publication reported, citing property records.

In total, there are 1,100 condominium units above the garages. A total of 475 spaces are at 220-240 Riverside Boulevard. There are 240 places at 100-120 Riverside Boulevard. The final 280 spaces are at 80 Riverside Boulevard.

A team led by David Schechtman of Meridian Investment sales is marketing the space.

In August, a California-based real estate investor paid $17.5 million for a 41,482-square-foot parking garage at 866 United Nations Plaza. [Crain’s]Miriam Hall