November 16, 2017
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the parking garage condominium located in the Moxy Times Square Hotel at 485 Seventh Avenue in Midtown Manhattan for $21 million. Meridian Senior Executive Managing Director, David Schechtman, Managing Director, Abie Kassin, and Managing Director, Lipa Lieberman exclusively represented the seller and procured the buyer, an investment firm based in Spain.
The 27,001 square foot parking garage has its entrance on West 36th Street between Seventh Avenue and Broadway. The three-level parking structure consists of a sub-cellar, cellar, and ground floor with a total of 138 legal spaces in an oversized layout. Above the garage is The Moxy, a boutique hotel that boasts flexible co-working spaces and 612 rooms featuring smart technology, free Wi-Fi, and a playful, contemporary design to meet the demands of todayâ€™s traveler.
Ideally situated near the Lincoln Tunnel and just blocks away from iconic landmarks and well-known entertainment destinations, the parking garage is a convenient solution to ease the parking struggle in one of New Yorkâ€™s busiest and most vibrant neighborhoods. The property is also in close proximity to three major transportation hubs: Pennsylvania Station, Grand Central Station, and Port Authority that make getting around the city fast, easy, and affordable.
Just beyond the property, are an array of neighborhood attractions, including Madison Square Garden, one of the most recognizable arenas in the world and home to the New York Knicks, New York Rangers, concerts, and events; Times Square, a dazzling commercial tourist destination attracting more than 300,000 pedestrians a day; Bryant Park, a beautiful park with a distinct European feel that is home to numerous events throughout the year; and Hudson Yards, a megaproject that is slated to reshape Manhattanâ€™s West Side, with the addition of commercial, residential and retail space, and three new parks.
“The already bustling Seventh Avenue Plaza District is now even more attractive with one of the hottest hotels to premiere in decades. The pristine garage below is a gem,” said Mr. Schechtman.
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 Californiawww.meridiancapital.com