LAZ Parking Keeping its 27K-SF Garment District Outpost
By Mark Hallum August 9, 2022 12:20 pm
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A garage operator is finally putting it in “park” in its Garment District outpost.
LAZ Parking signed a 10-year lease for 27,000 square feet at GFP Real Estate’s 310 West 39th Street, according to the landlord.
The parking garage operator — which has 3,000 locations nationwide — has run a six-story garage in the property under a short-term net lease since July 2021, when Icon Parking ceased operations at the site.
The terms of the net lease were not disclosed, but generally the tenant pays for property taxes, insurance and rent, but at a reduced rate.
It’s unclear if the new agreement is a net lease as well. LAZ is known for offering its own agreements to property owners in which LAZ takes on full responsibility for properties while providing landlords with the options to receive a fixed rent payment or a percentage of parking revenue.
“By leasing the entire property outright to LAZ — a best-in-class parking operator with a national reach — GFP Real Estate will enjoy a steady revenue stream from the property while LAZ keeps everything above cost,” Allen Gurevich, senior managing director of GFP Real Estate, said in a statement. “It’s a unique approach that benefits both parties long-term.”
Gurevich represented the firm in-house along with Brian Ezratty of Newmark (NMRK), who also represented the tenant. Newmark did not immediately respond to a request for comment. GFP declined to disclose the asking rent.
LAZ was founded as a valet parking service in 1981 by the current chairman, Alan Lazowski, president Jeffrey Karp and chief culture officer Michael Harth. LAZ did not immediately respond to a request for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
