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