Marcus & Millichap touting 'endangered species' for sale.Marcus & Millichap Real Estate Investment Brokerage Company has the exclusive listing for a 24,000 s/f Avis parking garage at 68-70 East 11th Street in Manhattan. Michael Forrest and David Shorenstein, senior associates in the Manhattan office of Marcus & Millichap, are representing the seller, a local garage owner. Parking garages are quickly becoming "endangered species endangered species, any plant or animal species whose ability to survive and reproduce has been jeopardized by human activities. In 1999 the U.S. government, in accordance with the U.S. " in Manhattan because the value of the parking revenue generated from the garage doesn't come close to the value of the garage as a development site, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Forrest. "In most cases, the few remaining garages in Manhattan are being converted to luxury condominiums," he continues. "With this trend expected to continue, parking garages will only increase in value as both conversion sites and as parking facilities because the number of parking spaces in the city is diminishing di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. on a daily basis." The garage building next to the Avis garage, formerly occupied by Kinney Parking Company Kinney Parking Company was originally a New Jersey funeral home company which expanded into New York parking lots, office cleaning firms and construction companies. Steve Ross joined Kinney Parking after marrying the owner's daughter. , sold for over $600 psf this summer and is slated for conversion to luxury residential units. "The location of this Avis garage in the heart of Greenwich Village Greenwich Village (grĕn`ĭch), residential district of lower Manhattan, New York City, extending S from 14th St. to Houston St. and W from Washington Square to the Hudson River. is absolutely prime," Forrest continues. "This site offers the perfect investment opportunity for patient money or 1031 exchange capital." The elevatored parking garage is double-net leased to Avis Rent-A-Car System, Inc. |
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