Manhattan, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold five garage condominiums totaling 913 parking spaces located in five condominium buildings at 80, 100, 120, 220 and 240 Riverside Blvd. in the Upper West Side neighborhood 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 NYC,” said 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 condo buildings and contain a total of 913 parking spaces across 248,000 s/f.

Situated at the cultural epicenter of the Upper West Side, the location of the garages empower residents and visitors to enjoy the parks, dining destinations, and the 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 distance from countless outdoor pursuits at Riverside Park, Central Park and Columbus Circle.

All the garage spaces are in close proximity to the 66th St.-Lincoln Center Subway Station, the 1, 2 and 3 subway lines at the 72nd St.-Broadway Station, as well as the several local and express bus routes.

Source: New York Real Estate Journal

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