Kamber Management Completes $50M Purchase of UWS Garage Condos
Kamber Management Company has closed on its purchase of three garage condominium units on the Upper West Side for $50 million, Commercial Observer has learned.
Citibank provided Kamber with $16.8 million in financing for ten years to acquire the parking garages, which total 916 spots in 248,000 square feet, under the Trump Place-Riverside South development at 80, 100–120 and 220–240 Riverside Boulevard. The garage condos are leased to Icon Parking Systems and above are 1,100 condo units.
“The desirability of these assets is driven by the long-term lease to Icon Parking, a leading operator in New York City,” Meridian Investment Sales’ David Schectman said in prepared remarks. “The investor was drawn to the ability to acquire a significant block of parking garage spaces across these five ultra-luxury condominium buildings.”
Schectman and colleagues Lipa Liberman and Abie Kassin represented the seller, 80-20 LLC, the U.S. arm of a foreign-based trust, as CO previously reported when the deal was in contract.
Steven Levy, a managing principal of Kamber Management, handled the deal for the buyer.
“These prime assets greatly enhance and diversify our real estate holdings,” Levy said in a prepared statement.