Kamber Diversifies with Parking

Kamber Management Company is in contract to acquire the Riverside Garage portfolio of prime parking facilities on Manhattan’s Upper West Side.

“The portfolio enables asset diversification for our company, which primarily has invested in Manhattan commercial office properties,” said Steven Levy, principal at Kamber Management Company, which represented itself in the transaction. Meridian Capital Group represented the seller.

Kamber will pay $50 million, according to the Commercial Observer.

The portfolio consists of three parking garage condominiums, located at the base of five luxury condominium towers, with a total of 1,100 condos at 80, 100-120, and 220-240 Riverside Blvd. The parking spaces are fully leased to garage operator Icon Parking Systems.

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