Tag Archives for: Centerpark

CENTERPARK ACQUIRES TWO GARAGES ON 58TH STREET, NYC

July 07, 2022

 

 

CENTERPARK ACQUIRES TWO GARAGES ON 58TH STREET

 

 

New York City’s Preeminent Parking Owner-Operator Doubles Down on Midtown,
Closes on Two Properties Totaling 40,000 Square Feet of Parking Space

 

 

 

NEW YORK, NY  – Centerpark, a fully-integrated developer, owner and operator of parking facilities known for converting traditional parking garages into modern mixed-use transportation and logistic centers, today announces the acquisition of two more assets in Midtown, adding 40,000 square feet of garage space to its growing portfolio.

Purchased from Muss Development for $8,250,000, the properties are currently leased by Icon Parking and are located at 58 West 58th Street and 222 East 58th Street in high-traffic districts with diverse parking demands. Newmark Vice Chairman Brian Ezratty represented both sides of the transaction and JLL Managing Director of Capital Markets Brett Rosenberg facilitated the loan from Valley National Bank.

Centerpark has taken a relatively contrarian position within the parking industry, investing heavily in Midtown at a time when other investors are waiting to see how post-pandemic office and transportation trends evolve. The New York-based company leverages deep market insight and proprietary technologies to optimize its assets and adapt in this changing climate.

“We know the demand generators in Midtown are diverse, particularly the 58th Street corridor, which services parking needs for housing, tourism, retail, entertainment, work and more. The long-term fundamentals are compelling to us,” said Gregg Reuben, Centerpark’s CEO.

Located at the corner of Sixth Avenue, 58 West 58th Street is one block from Central Park, Carnegie Hall and over 3.75 million square feet of commercial, residential and hospitality amenities. The 33-story building comprises 168 residential units above two garage levels totaling 22,076 square feet and 120 individual spaces. The current tenant’s lease expires in June 2023, after which Centerpark will assume the space and begin operating.

222 East 58th Street is a 20-story building with 260 residential units and one garage level encompassing 16,152 square feet and 72 spaces. Situated between Midtown East and Lenox Hill, the property is situated in a prime location just one block from five million square feet of commercial, residential, hospitality, medical and cultural offerings. Icon Parking, the previous owner, has 15 years remaining on its lease.

With the acquisition of these properties Centerpark now owns and operates 20 garages in Manhattan, including a high concentration in and around Midtown. Over the past two years alone Centerpark has invested $100M in parking properties, including the launch of an innovative full-service private parking condominium at 301 East 69th Street where spaces are selling for $199,000 and up.

 For more information about Centerpark, visit www.centerparkus.com.

About Centerpark
Based in New York City and expanding to additional gateway markets, Centerpark LLC is a parking management, technology and real estate investment firm that converts traditional parking garages into modern mixed-use transportation and logistics centers. The company leverages deep knowledge of the parking, transportation and logistics sectors to invest in underutilized real estate and then maximize property utilization with its proprietary technologies and innovative operations strategy that prioritizes both the provider and end-user. The result delivers an unmatched value proposition. Over the past three decades, Centerpark and its principals have built a track record of delivering nearly 30% average returns on its portfolio. Centerpark currently owns, manages and operates 20 properties in New York City, making it one of the largest owner-operators of parking related real estate. For more information, please visitwww.centerparkus.com.

CENTERPARK ACQUIRES TWO GARAGES ON 58TH STREET

June 28, 2022

 

 

CENTERPARK ACQUIRES TWO GARAGES ON 58TH STREET

 

New York City’s Preeminent Parking Owner-Operator Doubles Down on Midtown,  Closes on Two Properties Totaling 40,000 Square Feet of Parking Space

 

 

 

NEW YORK, NY (June 27, 2022) – Centerpark, a fully-integrated developer, owner and operator of parking facilities known for converting traditional parking garages into modern mixed-use transportation and logistic centers, today announces the acquisition of two more assets in Midtown, adding 40,000 square feet of garage space to its growing portfolio.

Purchased from Muss Development for $8,250,000, the properties are currently leased by Icon Parking and are located at 58 West 58th Street and 222 East 58th Street in high-traffic districts with diverse parking demands. Newmark Vice Chairman Brian Ezratty represented both sides of the transaction and JLL Managing Director of Capital Markets Brett Rosenberg facilitated the loan from Valley National Bank.

Centerpark has taken a relatively contrarian position within the parking industry, investing heavily in Midtown at a time when other investors are waiting to see how post-pandemic office and transportation trends evolve. The New York-based company leverages deep market insight and proprietary technologies to optimize its assets and adapt in this changing climate.

“We know the demand generators in Midtown are diverse, particularly the 58th Street corridor, which services parking needs for housing, tourism, retail, entertainment, work and more. The long-term fundamentals are compelling to us,” said Gregg Reuben, Centerpark’s CEO.

Located at the corner of Sixth Avenue, 58 West 58th Street is one block from Central Park, Carnegie Hall and over 3.75 million square feet of commercial, residential and hospitality amenities. The 33-story building comprises 168 residential units above two garage levels totaling 22,076 square feet and 120 individual spaces. The current tenant’s lease expires in June 2023, after which Centerpark will assume the space and begin operating.

222 East 58th Street is a 20-story building with 260 residential units and one garage level encompassing 16,152 square feet and 72 spaces. Situated between Midtown East and Lenox Hill, the property is situated in a prime location just one block from five million square feet of commercial, residential, hospitality, medical and cultural offerings. Icon Parking, the previous owner, has 15 years remaining on its lease.

With the acquisition of these properties Centerpark now owns and operates 20 garages in Manhattan, including a high concentration in and around Midtown. Over the past two years alone Centerpark has invested $100M in parking properties, including the launch of an innovative full-service private parking condominium at 301 East 69th Street where spaces are selling for $199,000 and up.

For more information about Centerpark, visit www.centerparkus.com.

 

 

About Centerpark
Based in New York City and expanding to additional gateway markets, Centerpark LLC is a parking management, technology and real estate investment firm that converts traditional parking garages into modern mixed-use transportation and logistics centers. The company leverages deep knowledge of the parking, transportation and logistics sectors to invest in underutilized real estate and then maximize property utilization with its proprietary technologies and innovative operations strategy that prioritizes both the provider and end-user. The result delivers an unmatched value proposition. Over the past three decades, Centerpark and its principals have built a track record of delivering nearly 30% average returns on its portfolio. Centerpark currently owns, manages and operates 20 properties in New York City, making it one of the largest owner-operators of parking related real estate. For more information, please visitwww.centerparkus.com.

 

Parking Management and Real Estate Investment Firm, Centerpark, Invests in Manhattan’s United Nation’s district

January 29, 2021

Parking Management and Real Estate Investment Firm, Centerpark, Invests in Manhattan’s United Nation’s district

 

Centerpark has recently acquired another location at 225 East 46th Street, New York, NY 10017. Brian Ezratty, Vice Chairman of Newmark, represented both the buyer and seller in this transaction which was consummated and closed in less than 45 days in an all-cash deal.

Headquartered in New York, Centerpark’s principals have owned and operated parking garages for three decades and through multiple market cycles. Centerpark strives to convert traditional parking garages into modern mixed-use transportation and logistics centers.

Led by Harvard Business School graduate and parking industry veteran Gregg Reuben, Centerpark is rapidly becoming one of New York’s largest owner operator of parking and logistics-oriented properties. Within the last two years, Centerpark has invested $100M in parking properties and will continue to expand throughout New York and other gateway cities.

For more details about Centerpark, please visit centerparkus.com.

Parking Management and Real Estate Investment Firm, Centerpark, Acquires Three NYC Parking Facilities for $40M

November 19, 2020

 

 

 

 

Parking Management and Real Estate Investment Firm, Centerpark, Acquires Three NYC Parking Facilities for $40M

 

 

The acquisition supports Centerpark’s trajectory towards becoming one of the largest parking facility owner/operators in New York City.

 

 

New York, NY – Centerpark, a New York City-based parking management and real estate investment firm, this week announced its closing of a $40 million acquisition of three parking properties in Manhattan. The acquired properties are strategically located at 159 West 53rd Street, 212 East 47th Street, and 455 Central Park West.

 

Centerpark has taken a relatively contrarian position within the parking industry by making big bets on urban parking-related real estate. Focused on repositioning parking properties in gateway cities, the company’s purchase encompasses a total of 82,000 square feet and 475 parking spaces in Manhattan’s coveted Midtown and Upper West Side neighborhoods.

 

Led by industry veteran Gregg Reuben, Centerpark’s expanding portfolio is positioning the company to become one of the city’s largest owner/operators of parking and logistics-oriented properties. To date, the company and its partners have invested $100 million to accumulate a diverse portfolio of New York City parking properties. “The long-term market fundamentals remain strong and coupled with our use of proprietary technologies and value enhancement strategies, these investments will prove to be valuable and well-priced acquisitions”, said Centerpark CEO, Gregg Reuben.

 

Both the Seller and Centerpark were represented by Brian Ezratty, Vice Chairman of Newmark, Grub, Knight & Frank. In keeping with Centerpark’s low leverage strategy, the transaction included $18,250,000 in mortgage financing from Citigroup, which was arranged by Ryan Horowitz, Managing Director of Cooper Horowitz.

 

For more details about Centerpark, please visit centerparkus.com.