Schechtman, Lieberman and Kassin of Meridian and Trock of CBRE selected to market sale of two retail condominiums and a parking garage

New York, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, along with CBRE, have been exclusively retained to sell two Seventh Avenue retail condominiums and a parking garage located in the soon to be completed Moxy NYC hotel, by Marriott and Lightstone, in Manhattan’s Garment District. Meridian senior executive managing director, David Schechtman, managing director, Lipa Lieberman, director, Abie Kassin, along with CBRE senior vice president, Gary Trock, are marketing the assets on behalf of Lightstone. 485 Seventh Ave. is composed of two retail condominiums and a contiguous parking garage at the base of the 618-room Moxy NYC hotel located on the northeast corner of Seventh Ave. and West 36^th St. The property is situated at the convergence of Times Sq. and Pennsylvania Plaza, two of the most heavily trafficked neighborhoods in New York City, and benefits from 60 linear ft. of frontage along Seventh Ave. and 125 ft. of frontage on West 36^th St. One retail condominium is occupied by Pret a Manger and totals 1,408 s/f and the vacant corner retail unit totals 2,596 s/f. The 27,001 s/f parking garage is under a long-term lease with Icon Parking Systems and features a certificate of occupancy for 138 parking spaces. The garage has visibility as it is the first garage drivers see when existing the Lincoln Tunnel and the addition of the hotel will only increase parking demand in the area. 485 Seventh Ave. is near Times Sq., Madison Sq. Garden, Bryant Park, the Empire State Building, the Javits Center, and Hudson Yards as well a variety of public transportation options.