Kamber Management to Acquire UWS Riverside Garage Portfolio for $50M
Kamber Management Company is in contract to acquire three operating Upper West Side parking garage condominiums in the Trump Place-Riverside South development for $50 million, Commercial Observer has learned. The condo units are at the base of residential towers, comprising 1,100 homes, at 80, 100-120 and 220-240 Riverside Boulevard.
CO reported in February when the U.S. arm of a foreign-based trust put the condos, leased to Icon Parking Systems, on the market for $65 million. (The $65 million was reduced to a $55 million offering inside of a week or so because of a clerical error, according to David Schechtman of Meridian Investment Sales.) They comprise 916 parking spaces spanning 228,000 square feet.
The majority of the parking spaces—475—are at 220-240 Riverside Boulevard (Trump Place 220 is at 220 Riverside Boulevard and The Heritage is at 240 Riverside Boulevard) between West 70th and West 71st Streets. The other properties are the Rushmore at 80 Riverside Boulevard at West 64th Street and 100-120 Riverside Boulevard (Avery is at 100 Riverside Boulevard and Trump Place 120 is at 120 Riverside Boulevard) between West 65th and West 66th Streets. The seller picked up the properties in 2010 for a total of $44.5 million, property records indicate.
Schechtman and Meridian Investment Sales’ Abie Kassin and Lipa Lieberman represented the sellers in the deal, Schechtman said. Steven Levy, a managing principal of Kamber Management, represented the buyer in-house.
“We are excited to add the garage portfolio to our portfolio of Manhattan assets. The portfolio enables asset diversification for our company, which primarily has invested in Manhattan commercial office properties,” Levy said in prepared remarks.
The reason for the sale, Schechtman told CO in February is that “the trust has moved into other asset classes throughout the U.S. and is moving capital.”