Red Apple Real Estate Inks Four Garage Leases in New York
By Amanda Schiavo July 15, 2025 12:36 pm
reprints
Park it.
Ripco Real Estate has arranged five new parking garage leases — four in Brooklyn and one in Manhattan — through its parking garage advisory team, the firm announced.
The Ripco team worked with garage owner Red Apple Real Estate and new parking tenant Metropolis for space at the four Brooklyn garages: the Eagle at 86 Fleet Place, the Margo at 180 Myrtle Avenue, the Giovanni at 81 Fleet Place and Ocean Drive at 1 Ocean Drive.
“We had a lot of demand due to the high-traffic nature of the locations,” Red Apple President and Chief Operating Officer John Catsimatidis Jr. told Commercial Observer via email. “We selected Metropolis due to their operating capability and reputation.”
Ripco’s Michelle Abramov and Maxwell Greengrass negotiated on behalf of the garage owner. It is unclear who brokered the deal for the tenant. The asking rents and the lengths of the leases were not disclosed.
“These transactions reflect our team’s commitment to identifying strategic leasing opportunities that deliver meaningful value to both operators and landlords,” Abramov said in a statement. “These types of deals can be transformational for operators like Metropolis, who are looking to expand their footprint and optimize performance in high-demand urban areas like Downtown Brooklyn.”
In Manhattan, landlord 20 East Ninth Street Corporation leased the Brevoort East garage at 20 East Ninth Street to Icon Parking. The length of the lease was described as “long term,” while the asking rent was not disclosed.
Ripco’s Gene Spiegelman, Jeffrey Rosbash, Doug Kleiman and Morgan Singer represented the landlord in the Manhattan deal. It’s unclear who repped Icon.
“We’re proud to have represented the landlord in securing a high-quality tenant for the Brevoort East garage,” Spiegelman said in a statement. “This lease not only enhances the financial position of the asset but also reinforces the value of integrating reliable parking solutions into residential communities.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
