Syndicated Equities Acquires a Midtown Parking Garage Alongside Centerpark Realty

Syndicated Equities is pleased to announce the acquisition of a 110-space parking garage comprised of a ground level entrance, a ground level parking area, and one underground parking level located at 58 West 58th Street, New York, New York. The property is currently leased to Icon Garages and is situated in the Midtown East of neighborhood of Manhattan. The property benefits from multiple demand drivers within a 2.5-block radius, including 3.75 million square feet of commercial space including office, hotels, and other major area destinations such as Carnegie Hall and Central Park.

Syndicated acquired the property alongside Centerpark Realty, a New York City-based parking management and real estate firm that has been acquiring and operating parking garages for more than 25 years. Centerpark will begin managing operations at the property in 2023 and will institute their best-in-class management and technology platforms. Matt McCulloch, Managing Partner at Syndicated Equities, noted, “We and Centerpark are very enthusiastic about this opportunity, especially as parking rates and parking demand continue to improve in Manhattan. Bridge and tunnel traffic into New York now equals, and on many days exceeds, levels reached prior to the pandemic, while subway ridership is at 60% of pre-pandemic levels.”

Syndicated Equities provides accredited investors and family offices with institutional quality commercial real estate investments. Since 1986, the firm has developed an expertise in co-investment ownership, net lease brokerage services, global real estate opportunity funds, and more recently, qualified opportunity zones. To date, Syndicated Equities has made over 100 investments representing over $500 million of equity and $2 billion of total asset value.

For more information please visit www.syneq.com or call (312) 640-9020