The Garage Unit at 85 8th Avenue

Investment Highlights

Prime Chelsea Location: The garage is located off the corner of 8th Avenue and West 14th Street in the heart of Chelsea, with direct access to the A, C, E, and L. Sitting directly across the street from Google NYC HQ and within walking distance of Chelsea Market, the High Line, Whitney Museum, Chelsea Piers, and the West Side Highway.

Limited Parking Supply: Since 2013 the Manhattan Core Parking Regulations require all new parking garage developments or expansions in Manhattan to have a discretionary City Planning Commission special permit. With limited supply this is a rare opportunity to own a parking garage in one of Manhattans most popular neighborhoods.

Strong Cash Flow: The garage unit is leased out until 2031 with Icon Parking. The lease has 2% annual rent increases, requires the tenant to pay all real estate tax increases over the base year (July 2017-June 2018), and pay all condo charges. The current NOI is $403,071.