NEW YORK CITY—Certes Partners has purchased 214-218 W. 95th St., a former Hertz parking garage, from Vrahos for over $26 million. The off-market transaction represents the real estate development and investment firm's third closing of 2015.
Certes already owns the property next door, 206 W. 95th St. and is in the process of developing it. Plans for the newest acquisition have not been disclosed yet but the site is suitable for residential development or operations as a parking garage. The combined assemblage effectively doubles the size of Certes' site and can hold over 85,000 square feet and 18 stories. The site is in a prime location within blocks of the 1/2/3 trains, Whole Foods, Equinox gym and Riverside and Central Park.
“We are pleased with the purchase of 214-218 West 95th St. and are working with Cetra Ruddy, architect of the record breaking Walker Tower, on evaluating plans for the site,” says Sunder Jambunathan, principal of the firm.
“We are committed to the ongoing growth of the block and the Upper West Side neighborhood and believe that once completed, the project will add great value to the community, which is underserved for both residential and parking,” adds Elan Hakimian, principal.
“New York City continues to be an attractive residential destination with increased demand from 'empty nesters' choosing to move into the city and a larger number of families deciding to remain," adds Eitan Bouskila, principal at Certes. “This, coupled with greater international interest in New York investment opportunities has created an influx of activity for our company and has helped to grow our portfolio tremendously over the past several years.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
