Hudson Valley Parking Trust, Broe Group Team Up to Acquire Icon Parking
By Isabelle Durso July 22, 2024 3:07 pm
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Hudson Valley Parking Trust has teamed up with The Broe Group to purchase New York City’s largest parking garage operator, Icon Parking Systems, the companies announced Monday.
The deal, which became effective July 15, aims to help continue Icon’s growth, which currently has more than 150 locations across the city.
The purchase price was not immediately available. Spokespeople for Hudson Valley Trust, Broe Group and Icon did not immediately respond to requests for additional comment.
“Icon Parking is the industry leader in the top parking market, and we are committed to its long-term success,” Hudson Valley Parking Trust founder Jerry Skillett said in a statement. “This new partnership adds strategic resources and relationships to fuel sustained growth.”
The Broe Group — an investment group with holdings in the real estate, retail and health care markets — will partner with Hudson Valley Trust in the deal. Hudson Valley Trust has an “extensive” portfolio of parking garages, according to a news release.
“We are pleased to invest alongside [Hudson Valley Trust] in a sector adjacent to our core operating real estate platform,” Broe Group’s Chief Investment Officer Carl Peterson said in a statement. “We look forward to growing our new partnership nationally through organic growth and future acquisitions.”
Icon has been operating parking garages in the city since 1947 and was responsible for the largest retail lease in Manhattan last year, when it renewed its 56,000-square-foot garage at 200 East 66th Street in Lenox Hill. The parking garage operator has occupied a single level in the Macquarie Asset Management-owned building since 2008.
Icon’s current CEO, John D. Smith, joined the company before the COVID pandemic and has been credited with transforming the 77-year-old parking operation “into a digitally enabled consumer-centric brand elevating the customer experience,” according to an Icon press release last fall.
Isabelle Durso can be reached at idurso@commercialobserver.com.
