"The site is strategically located near the 181st Street commercial corridor, the George Washington Bridge Port Authority Station and the Columbia Presbyterian Medical Center, making it ideal for development as a parking facility with retail space," says New York City Economic Development Corp. president Andrew Alper.

Situated on the east side of Broadway between 184th and 185th streets, the city-owned land currently is occupied by a one-story, 2,000-sf garage and a vacant three-story apartment building, both of which will be razed. The new development will comprise a 96,000-sf, five-story garage with parking for 300 space. In addition, the structure will include 11,000 sf of ground-floor retail space. Locally based Ultra Car Park is expected to operate the garage.

E.T. Management, owned by local resident Jose Espinal, has also been selected by the Department of Housing Preservation and Development for its Neighborhood Entrepreneurs Program. In conjunction with HPD, E.T. Management will rehabilitate and manage eight additional city-owned residential buildings in Upper Manhattan. NEP enables small, neighborhood-based firms to manage and subsequently own clusters of city-owned buildings.