NYC Garage Portfolio Commands $50M
- Dec 04, 2017
Kamber Management Co. has acquired a Riverside Garage portfolio consisting of three parking facilities on Manhattan’s Upper West Side for $50 million from 80-20 LLC.
All three parking facilities are located on the base of condominiums, at 80, 100-120 and 220-240 Riverside Blvd. The properties are fully leased to Icon Parking Systems, considered the premier garage operator in New York City.
“Kamber Management has sought to diversify its assets, as we have primarily invested in Manhattan commercial office properties,” Steven Levy, Kamber Management Co.’s principal, told Commercial Property Executive. “This garage portfolio enables asset diversification with good cash flow, and fits in well with our currently holdings. It is a seamless fit and a good foundation for further, broader acquisitions.”
Citibank provided Kamber with $16.8 million in a 10-year loan to acquire the 916 parking spaces. Meridian Capital Group’s David Shechtman, Lipa Lieberman and Abie Kassin represented the sellers in the transaction.
Strong West Side location
The 16.3-acre Riverside Garage complex is situated two blocks west of Lincoln Center and offers more than 5,000 high-end condominiums and rental apartments and is home to dozens of internationally renowned performing arts organizations.
The properties are also close to Columbus Circle and Central Park, and the surrounding blocks are lined with high-end restaurants and trendy shopping locations.
According to Levy, the portfolio represents a strong cash flowing asset in an established neighborhood that contains great cultural value.
“There is generally a lack of good commercial office properties to acquire and this portfolio is a good asset class for us in this market,” Levy said. “Kamber Management Co. is dedicated to commercial real estate properties that show a return on investment long after acquisition. This garage portfolio, with its prime location and already existing demand, fits in well with our philosophy and makes sense as a new asset as we move into 2018.”
As of now, the company had no plans to make any renovations on any of the facilities in the portfolio.
Image courtesy of Kamber Management Co.