Anbau Enterprises has picked up two adjacent parking garages in Hamilton Heights for $22.5 million and plans to use the site for two condominium buildings.
The developer purchased the garages, at 620 West 153rd Street, from Verizon, which was using the site to store its service vehicles, the Commercial Observer reported. Anbau will allow Verizon to park its vehicles at the new condo buildings in a separate area from resident parking.
The buildings will feature a total of 150 units, which will likely range in price from below $1 million to $3 million.
“We see [Hamilton Heights] as the next logical emerging neighborhood,” Anbau founder and president Stephen Glascock told Commercial Observer.
Cushman & Wakefield’s Bob Knakal, Josh Kuriloff, Patrick Yannotta and Jonathan Hageman represented Verizon in the deal. Anbau didn’t have a broker.
Though condo development is Anbau’s specialty, the company has increased its multifamily holdings in recent years. In April 2016, Anbau purchased three East Village rental buildings for $58 million. [CO] — Kathryn Brenzel