An investment group has acquired a 99-year leasehold interest in a parking garage at 333 E. 22nd St.
NEW YORK CITY—An investment group led by Walter & Samuels chairman David Berley has acquired a 99-year leasehold interest in a parking garage. The four-story, 26,926-square-foot garage—located at 333 E. 22nd St.—comes with a 29,625-square-foot zoning floor area.
The owner, Mayflower Garage Co., was represented in the transaction by Brian Ezratty, vice chairman and principal of Eastern Consolidated, who also procured the lessee. Scott Ellard, VP and principal, financial devices at Eastern Consolidated, was the analyst for the deal. Attorneys Samuel Ross and Dov Brandstatter of Olshan Frome Wolosky represented the owner. It was not clear at press time who, if anyone, represented the buyer on the deal.
“We are very excited about the opportunities this site presents,” says Berley. “This is a great area, the current building has huge floor loads, and for the right tenant we could demolish the building and build-to-suit.”
“The four-story, 26,926-square-foot parking garage offers 75 feet of frontage on the north side of East 22nd Street, between First and Second Avenues, and 2,699 square feet of additional development rights,” Ezratty notes. “It's a great property because zoning regulations permit a wide range of future potential uses including commercial, medical, educational, institutional, residential, retail, or hotel.”
The parking garage is located less than a block from the First Avenue Medical and Life Sciences Corridor, which is home to several hospitals and research centers including the NYU Medical Center, Alexandria Center for Life Sciences, Bellevue Hospital, and numerous medical professional complexes and health related not-for-profit institutions, and half a block from Peter Cooper Village and Stuyvesant Town.
The property affords relatively easy access to transportation with the East Side subway line just three and a half blocks away on Park Avenue, bus routes available along First and Second Avenues, and vehicular access to the FDR Drive and all east side points into and out of the city just around the corner on 23rd Street.
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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.
