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[IMGCAP(1)]NEW YORK CITY-The Bermuda Limousine Co. is selling its three-story 27,000-sf garage at 537-543 W. 20th St. The property is expected to fetch upwards of $20 million.

Locally-based Eastern Consolidated has been tapped to exclusively market the site which is located on the north side of 20th Street between 10th and 11th avenues. Eastern’s chairman Peter Hauspurg and associate Anna Maria Ronquillo along with senior directors Alan Miller and David Schechtman, and director David Lever, are the marketing team for the site which allows for 46,000 buildable sf and up to 56,000 sf with High Line and inclusionary bonuses.

[IMGCAP(2)]The Bermuda Limousine Co. will continue to operate; however, the company plans to re-locate to new premises in Long Island City. Schechtman tells GlobeSt.com that a location is set for the relocation, but he cannot discuss details at this time. He notes that the Bermuda Limousine chose to sell because the “business is burgeoning, so they need more space,” and because it was “the right time in the real estate cycle to sell.”

Ronquillo says that “acquiring the Bermuda Limousine site represents a fabulous opportunity to secure a prime foothold in the heart of the High Line District, an area so sought-after that fewer and fewer sites available.”

Schechtman tells GlobeSt.com that “High Line space is better used for redevelopment.” He notes the site should attract developers, users such as gallery, restaurant and entertainment, and investors who “want to reap the rewards of the neighborhood which has a higher concentration of galleries per sf than London.”

He explains to GlobeSt.com that “the area is hip,” noting that for the past few years, it has housed some of the “hottest restaurants and art galleries in the City.” It is also booming with high-end residential development and retail and shopping that serves those residences, he says.

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