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Metropolitan Hotel parking garage fetches $15m.

Eastern Consolidated has announced the sale of the parking garage condominium unit of the 19-story Metropolitan Hotel at 569 Lexington Avenue--Metropolitan Hotel Parking Garage, New York, New York for $15,455,000.

The sale took over one year to consummate because the garage space had to be separated into its own individual tax lot, apart from the hotel, by the owner of the property, Hampshire Hotels.

Although it took over one year to consummate, Brian Ezratty, Vice Chairman, Eric Anton and Ronald Solarz, Senior Managing Directors of Eastern Consolidated successfully completed the sale of this parking garage representing the seller, Highgate Holdings and procuring the purchaser, ICON Parking.

Originally, Eastern Consolidated was asked to evaluate the property for both lease, sale, and even re-finance by ownership, who had just recently purchased the hotel complex. It soon became clear that the highest and best value for the owners was to sell the garage once it could be separated from the hotel given the extremely strong desire on the part of many garage operators to own their locations.

According to Anton, "The universe of purchasers for parking related investments is larger than most people think. In fact during the sales process we had interest from many different types of investors however the winning bid was from the occupant of the garage."

The garage takes full advantage of the built-in demand from the Metropolitan Hotel's 722 guest rooms. It is also ideally located to serve the residential tenants of the surrounding neighborhoods as well as the significant daily flow of business travelers, tourists, office tenants and visitors to the area. The hotel's parking garage component consists of five levels of parking structure.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 2, 2005
Words:279
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