Manhattan Parking Portfolio Owner Nabs $35M Refi From AXA
A partnership that runs New York City parking facilities has scored a $35.2 million refinancing from AXA Equitable Life Insurance for a portfolio of four Manhattan garages, according to property records.
The borrower, Icon Quik Park—led by Rafael Llopiz and The Becker Organization‘s Bryan Becker—owns and operates commercial garages throughout the city. The deal includes $6.4 million in a new gap mortgage as well as other debt that refreshes a 2013 package from the same lender, records filed today with the New York City Department of Finance show.
The quartet of Manhattan garages collateralizing the debt include operations at 155 East 34th Street, 235 East 40th Street, 425 East 61st Street and 241 West 96th Street. Each appears to be a subterranean facility below a building with apartments or office space.
As gridlock ensnares the city’s streets and ride-hailing apps have grown to provide an alternative to car ownership, times have been tough for New York City garages, Crain’s New York Business reported earlier this year. One company the newspaper interviewed, Garage Management, saw business fall 57 percent since the middle of 2016. More broadly, a trade group found that cars parked hourly dropped 10 percent over the same period—all while rising waged pinched garages’ bottom lines.
Representatives for Icon Quik Park, Becker and AXA did not immediately respond to inquiries.