NEW YORK CITY—Meridian Investment Sales—the commercial property sales division of Meridian Capital Group—along with CBRE, have been exclusively retained to sell two Seventh Avenue retail condominiums and a parking garage in the soon to be completed Moxy NYC hotel, by Marriott and Lightstone.
Located at 485 Seventh Ave., in the Garment District section of Midtown, the combined assets carry an asking price of $64 million. The garage sits at the base of the 618-room Moxy NYC hotel, on the northeast corner of Seventh Avenue and West 36th St.
Meridian senior executive managing director David Schechtman, managing director Lipa Lieberman, director Abie Kassin and CBRE SVP Gary Trock are marketing the assets on behalf of Lightstone.
The property is situated at the convergence of Times Square and Pennsylvania Plaza, two of the most heavily trafficked neighborhoods here, and benefits from 60 linear feet of frontage along Seventh Avenue and 125 feet of frontage on West 36th Street. One retail condominium is occupied by Pret a Manger and totals 1,408 square feet and the vacant corner retail unit totals 2,596 square feet.
The 27,001-square-foot parking garage is under a long-term lease with Icon Parking Systems and features a certificate of occupancy for 138 parking spaces. The garage has exceptional visibility as it is the first garage drivers see when existing the Lincoln Tunnel and the addition of the hotel will only increase parking demand in the area. 485 Seventh Avenue benefits from close proximity to various global attractions, including Times Square, Madison Square Garden, Bryant Park, the Empire State Building, the Javits Center, and Hudson Yards as well a variety of public transportation options, including Pennsylvania Station and the Port Authority Bus Terminal.
“Located in the heart of Manhattan and surrounded by shops, restaurants and world-renowned tourist attractions, 485 Seventh Ave. is a popular retail destination in a highly trafficked neighborhood of New York City,” Trock explains.
“With 60 feet of frontage on Seventh Avenue, these two stores, along with a parking garage at the soon to be completed Moxy NYC hotel is a very attractive investment opportunity,” Schechtman adds.
Located at 485 Seventh Ave., in the Garment District section of Midtown, the combined assets carry an asking price of $64 million. The garage sits at the base of the 618-room Moxy NYC hotel, on the northeast corner of Seventh Avenue and West 36th St.
Meridian senior executive managing director David Schechtman, managing director Lipa Lieberman, director Abie Kassin and CBRE SVP Gary Trock are marketing the assets on behalf of Lightstone.
The property is situated at the convergence of Times Square and Pennsylvania Plaza, two of the most heavily trafficked neighborhoods here, and benefits from 60 linear feet of frontage along Seventh Avenue and 125 feet of frontage on West 36th Street. One retail condominium is occupied by Pret a Manger and totals 1,408 square feet and the vacant corner retail unit totals 2,596 square feet.
The 27,001-square-foot parking garage is under a long-term lease with Icon Parking Systems and features a certificate of occupancy for 138 parking spaces. The garage has exceptional visibility as it is the first garage drivers see when existing the Lincoln Tunnel and the addition of the hotel will only increase parking demand in the area. 485 Seventh Avenue benefits from close proximity to various global attractions, including Times Square, Madison Square Garden, Bryant Park,
“Located in the heart of Manhattan and surrounded by shops, restaurants and world-renowned tourist attractions, 485 Seventh Ave. is a popular retail destination in a highly trafficked neighborhood of
“With 60 feet of frontage on Seventh Avenue, these two stores, along with a parking garage at the soon to be completed Moxy NYC hotel is a very attractive investment opportunity,” Schechtman adds.
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