Carrega, Epstein, Helman and Kingsley of Avison Young close $32.15 million sale
New York, NY Avison Young’s (AY) New York City-based capital markets group has arranged the $32.15 million sale of 19 West 20th St., a seven-story, 52,000 s/f parking garage located in Manhattan’s Flatiron District. The property is under a long-term lease to Icon Parking.
The AY team of principals Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley represented the seller, Extell Development. The property was purchased by 19-25 West 20th St. Property LLC, an entity consisting of principals Shlomo Bakash and Steve Mashaal.
19-25 West 20th Street - New York, NY“We received significant interest from investors who recognized the property’s long-term value, and saw it as an asset that will appreciate significantly in the coming years,” said Helman. “In addition to this potential, 19 West 20th will also provide the buyer with stability, as the scarcity of available parking south of 23rd Street insures the tenant’s interest in maintaining control of this garage and subsequently, an on-going income stream for the landlord. We were successful at touting the property’s upside in both the short and long term, enabling our client to capitalize on the strong demand for product in this neighborhood.”
The property has 100 ft. of frontage on West 20th St. and, should the tenant choose not to renew, the property will be a highly desirable garage for another operator or can be converted to office or residential.
“The infusion of technology companies has played a role in the overall rebirth of the Flatiron District, and the area has become one of the strongest and most desirable neighborhoods in the entire city,” said Kingsley. “With its enviable location just off of Fifth Avenue, the property will provide the buyer with an ideal location to possibly construct a mixed-use, residential or commercial development in an area that is truly starved for new product.”
The Flatiron District is home to a range of retail and dining destinations as well as several recently constructed luxury residential developments.
Widely regarded as the premier location for technology and media firms, the neighborhood is one of the strongest commercial districts in the New York, with low vacancy and some of the city’s highest asking rents.