Based on favorable market conditions in the neighborhood, Helman says the owners have held title to the garage for a long period of time and are motivated to monetize the asset. “They think it is an opportune time to sell,” he says. “If somebody wants to continue using it as a garage if that makes financial sense for the new buyer, then so be it. But most likely based on the price point that will be achieved here, it will be re-adaptive use, most likely as a residential condominium or a re-adaptive institutional medical office/school space.”

According to Q2 research from AY, total dollar volume through the end of June was off by 28% at $4.9 billion, compared to $6.8 billion at the same time last year in the Manhattan investment sales market. But Helman says based on the limited number of good development sites on the Upper East Side, the garage has been generating buzz due to its proximity to the 86^th Street retail corridor and the upcoming Second Avenue Subway.

“While it is several years away, this property, which is 100 feet off 2^nd Avenue and one block south of the 86^th Street Lexington subway stop,” he says. “It will certainly benefit in the five or six years that it will take to finish, which is really three or four year before the time a redevelopment will occur there. There’s never been more interest for housing on the Upper East Side, so if somebody were to redevelop it as condominiums, they will be successful here because of the desirability of the location and it won’t be a cookie-cutter type here. Working off a property that has very high ceilings, higher than your average condominium with new construction. They will most likely be loft-style apartments, which, regardless of where they are built, always have a very high demand.”

While AY did not name an asking price, brokerage analysts say that the property will most likely trade around or north of $30 million.