Harbor Group Int’l Offloads Parking Garage



Norfolk, Va.-based real estate investment firm Harbor Group International has sold a parking garage located at 500 West 43rd Street to a private buyer for $13.6 million, the firm announced yesterday.

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The garage, located between 10th and 11th Avenues, is leased to Hertz, which uses the three-level facility for car rental services. Harbor Group International had purchased the garage from Alliance Parking Services in 2011 for $10.5 million.

Parking garage at 500 West 43rd Street. (PropertyShark)
Parking garage at 500 West 43rd Street. (PropertyShark)

“The property is a superb asset located in the heart of Manhattan – a market that HGI continues to focus its acquisition efforts on,” said Jordan E. Slone, the chairman and chief executive of Harbor Group International, in a prepared statement. “The property performed according to our investment plan and we are pleased with the timing of our exit.”

Harbor Group International has been active in the New York market in recent months. Affiliates of the firm closed last month on the $157 million acquisition of 55 Broadway, while in September of last year Harbor Group bought a 37-unit apartment building at 162-164 East 82nd Street for over $16 million.