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 – November 18, 2020 – 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.