Kamber Management Completes $50M Purchase of UWS Garage Condos

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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, 100120 and 220240 Riverside Boulevard. The garage condos are leased to Icon Parking Systems and above are 1,100 condo units.

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“The desirability of these assets is driven by the long-term lease to Icon Parking, a leading operator in New York City,” Meridian Investment SalesDavid 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.