Kamber Pays $50M for 916 Parking Spaces

Kamber Management Company paid $50 million for the Riverside Garage portfolio, three parking garage locations with 916 parking spaces underneath Trump Place-Riverside South on Manhattan’s Upper West Side.

That works out to about $55,000 per space. Citibank provided Kamber with $16.8 million in a 10-year loan to acquire the properties. The portfolio includes three condominium garage locations underneath the five residential condominium towers at 80, 100-120, and 220-240 Riverside Blvd. The parking spaces are fully-leased to Icon Parking Systems.

“The portfolio enables asset diversification for our company, which primarily has invested in Manhattan commercial office properties,” said Steven Levy, principal at Kamber, who represented Kamber in the transaction. David Shechtman, Lipa Lieberman, and Abie Kassin of Meridian Capital Group represented the sellers. Kamber announced the closing of the deal November 30, 2017.

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