November 21, 2017
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold five garage condominiums totaling 913 parking spaces located in five luxury condominium buildings at 80, 100, 120, 220 and 240 Riverside Boulevard in the Upper West Side neighborhood of Manhattan for $50 million. Senior Executive Managing Director, David Schechtman, Managing Director, Lipa Liberman, and Managing Director, Abie Kassin represented the seller, 80-20 LLC, a family trust, and also procured the buyer.
“The desirability of these assets is driven by the long-term lease to Icon Parking, a leading operator in New York City,” said Mr. Schechtman. “The investor was drawn to the ability to acquire a significant block of parking garage spaces across these five ultra-luxury condominium buildings.”
The garages are located across five luxury condominium buildings and contain a total of 913 parking spaces across 248,000 square feet. Situated at the cultural epicenter of the Upper West Side, the location of the garages empower residents and visitors to enjoy the world-class parks, popular dining destinations, and the celebrated cultural institutions nearby, including the Film Society of Lincoln Center, the Metropolitan Opera, the Lincoln Center for Performing Arts, and the American Folk Art Museum. In addition to the locale’s matchless cultural offerings, the properties are a short distance from countless outdoor pursuits at Riverside Park, Central Park and Columbus Circle. All the garage spaces are in close proximity to the 66th Street-Lincoln Center Subway Station, the 1, 2 and 3 subway lines at the 72nd Street-Broadway Station, as well as the several local and express bus routes.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com