TEI Picks Up Net-Leased Parking Garage

NEW YORK CITY-Time Equities Inc. has bought a 40,000-square-foot parking garage, located in the Arris Lofts high-end condominium complex in Long Island City, for $4.3 million in cash. The net-leased, 200-space public garage–located at 27-28 Thomson Ave.–benefits from the high-traffic Court Square area near the complex, according to TEI.

“Parking garages are a stable investment in New York City because there will always be more demand than supply,” says Francis Greenburger, chairman of TEI, in a release. “Long Island City has seen a lot of residential development in recent years to meet the needs of a growing neighborhood and unlike in Manhattan, many people own cars in Queens. With a net lease in place, we felt this was an excellent investment.”

A TEI spokesman tells GlobeSt.com the parking-garage purchase was made to complete a 1031 exchange, and its potential as an income-producing property speaks for itself. “In today’s world, a net-lease garage is a pretty plain-vanilla deal,” he says.