Syndicated Equities Buys Midtown Manhattan Parking Garage with Centerpark Realty
Syndicated Equities, a sponsor of securitized 1031 exchange offerings, has purchased a 110-space parking garage in Midtown Manhattan alongside Centerpark Realty.
Syndicated Equities, a sponsor of securitized 1031 exchange offerings, has purchased a 110-space parking garage in Midtown Manhattan alongside Centerpark Realty, a New York City-based parking management and real estate firm that has been acquiring and operating parking garages for more than 25 years.
The garage is comprised of a ground level entrance, a ground level parking area, and one underground parking level located at 58 West 58th Street. The property is currently leased to Icon Garages and is situated in the Midtown East of neighborhood of Manhattan.
Centerpark will begin managing the property in 2023.
There is approximately 3.75 million square feet of commercial space within a 2.5-mile radius of the garage, including office, hotels, and other major area destinations such as Carnegie Hall and Central Park.
“We and Centerpark are very enthusiastic about this opportunity, especially as parking rates and parking demand continue to improve in Manhattan. Bridge and tunnel traffic into New York now equals, and on many days exceeds, levels reached prior to the pandemic, while subway ridership is at 60 percent of pre-pandemic levels,” said Matt McCulloch, managing partner at Syndicated Equities.
Syndicated Equities provides accredited investors and family offices with commercial real estate investments. Since 1986, the firm has focused on co-investment ownership, net lease brokerage services, global real estate opportunity funds, and more recently, qualified opportunity zones. To date, Syndicated Equities has made more than 100 investments representing over $500 million of equity and $2 billion of total asset value.
