Two Fifth Avenue renews 20,000 s/f garage/ 150-car lease to GMC

A 10-year lease renewal of a 20,000 s/f 150-car indoor garage at the renowned Greenwich Village co-op Two Fifth Avenue was completed. The lease was negotiated between Two Fifth Avenue and Garage Management Company (GMC). "GMC has done an excellent job in running the garage for the past 10 years and we look forward to many more years of service for our residents and those in the community who also use the garage," said Adelaide Polsinelli, an associate vice president at Marcus & Millichap's New York office who also serves as president of the co-op's board of directors. Two Fifth Ave. is a 20-story, 350-unit co-op apartment building, designed by Emery Roth & Sons, and built by the Rudin family. The building was converted from a privately owned rental property to an owner-occupied co-op in 1986. The co-op purchased and financed the land that the building sits on which was previously leased from the Rudin family. The land purchase increased the value of the apartments.