333 East 22nd Street - Manhattan, NYManhattan, NY According to real estate firm Walter & Samuels, Inc., an investment group led by Walter & Samuels chairman David Berley has acquired a 99-year leasehold interest in a parking garage. The four-story garage is located at 333 East 22nd St. and comes with a 29,625 s/f zoning floor area.
Brian Ezratty, vice chairman and principal of Eastern Consolidated, exclusively represented the owner, Mayflower Garage Co., and procured the lessee. Scott Ellard, vice president and principal, financial services at Eastern Consolidated, was the analyst for the deal. Attorneys Samuel Ross and Dov Brandstatter of Olshan Frome Wolosky LLP represented ownership.
“We are very excited about the opportunities this site presents,” said Berley. “This is a great area, the current building has huge floor loads, and for the right tenant we could demolish the building and build to suit.”
“The four-story, 26,926 s/f parking garage offers 75 ft. of frontage on the north side of East 22nd St., between First and Second Aves., and 2,699 s/f of additional development rights,” Ezratty said. “It’s a great property because zoning regulations permit a wide range of future potential uses including commercial, medical, educational, institutional, residential, retail, or hotel.”
The parking garage is located less than a block from the First Ave.Medical and Life Sciences Corridor, which is home to several hospitals and research centers including the NYU Medical Center, Alexandria Center for Life Sciences, Bellevue Hospital, and numerous medical professional complexes and health related not-for-profit institutions, and half a block from Peter Cooper Village and Stuyvesant Town.
The property affords relatively easy access to transportation with the East Side subway line just three and a half blocks away on Park Ave., bus routes available along First and Second Aves., and vehicular access to the FDR Drive and all east side points into and out of the city just around the corner on 23rd St.
Walter & Samuels, Inc. is one of New York’s most long-standing full-service real estate firms. Founded in 1933, the firm specializes in building management, leasing, asset management, financial analysis, coop and condo conversions, construction, and development. In addition to managing over three million square feet of commercial space, Walter & Samuels, Inc. is among the most successful and established converters in Manhattan, where it has performed over 30 major residential cooperative and condominium conversions. For more information, visit www.walter-samuels.com.
Eastern Consolidated Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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