Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, along with CBRE, have been exclusively retained to sell two Seventh Avenue retail condominiums and a parking garage located in the soon to be completed Moxy NYC hotel, by Marriott and Lightstone, in Manhattan’s Garment District. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Lieberman, Director, Abie Kassin, along with CBRE Senior Vice President, Gary Trock, are marketing the assets on behalf of Lightstone.
485 Seventh Avenue is composed of two retail condominiums and a contiguous parking garage at the base of the 618-room Moxy NYC hotel located on the northeast corner of Seventh Avenue and West 36th Street. The property is situated at the convergence of Times Square and Pennsylvania Plaza, two of the most heavily trafficked neighborhoods in New York City, and benefits from 60 linear feet of frontage along Seventh Avenue and 125 feet of frontage on West 36th Street. One retail condominium is occupied by Pret a Manger and totals 1,408 square feet and the vacant corner retail unit totals 2,596 square feet. The 27,001 square foot parking garage is under a long-term lease with Icon Parking Systems and features a certificate of occupancy for 138 parking spaces. The garage has exceptional visibility as it is the first garage drivers see when existing the Lincoln Tunnel and the addition of the hotel will only increase parking demand in the area. 485 Seventh Avenue benefits from close proximity to various global attractions, including Times Square, Madison Square Garden, Bryant Park, the Empire State Building, the Javits Center, and Hudson Yards as well a variety of public transportation options, including Pennsylvania Station and the Port Authority Bus Terminal.
“Located in the heart of Manhattan and surrounded by shops, restaurants and world-renowned tourist attractions, 485 Seventh Avenue is a popular retail destination in a highly trafficked neighborhood of New York City,” Mr. Trock explained.
“With 60 feet of frontage on Seventh Avenue, these two stores, along with a parking garage at the soon to be completed Moxy NYC hotel is a very attractive investment opportunity,” Mr. Schechtman added.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com