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Unit Size: 34,776 SF
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Condo Use: Retail
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Price: $5,900,000 USD
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Sale Type: Investment
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Price/SF: $169.66 USD
Description
Serhant LLC has been exclusively retained to market the parking garage at 225 Rector Place, a fully-leased, 149-space facility located in the heart of Battery Park City.
Situated at the base of a 23-story luxury condominium, this garage benefits from dual frontage along South End Avenue and RectorPlace, offering seamless access in a highly trafficked residential corridor. The property is currently leased to two operators: Hertz andCenterPark, providing immediate, reliable income from established tenants.
Located within one of Manhattan’s most stable and high-demand submarkets, 225 Rector Place is surrounded by dense residential towers, major office hubs like Brookfield Place, and cultural landmarks including the World Trade Center and the Hudson River waterfront. This consistent demand base supports long-term parking needs and positions the asset as a secure, income-generating investment.
This offering presents an opportunity to own a rare, institutional-quality parking asset in a premier location, with durable cash flow and strong fundamentals in place.
Sale Notes
A rare, income-generating asset in the heart of Battery Park City, this 149-space parking garage offers a turnkey opportunity to acquire a fully leased, institutional-quality investment in one of Manhattan’s most affluent and demand-stable neighborhoods. Located at the base of a 23-story luxury condominium, the garage spans nearly 28,000 square feet and boasts dual frontage along South End Avenue and Rector Place—ensuring optimal visibility and access.
Currently leased to Hertz (65 spaces) and CenterPark (84 spaces), the garage delivers consistent cash flow under a modified gross lease structure, with tenants covering pro-rata real estate taxes and common area maintenance over a base year. Investors benefit from both in-place income and future upside potential through lease optimization or operational restructuring.
Surrounded by residential towers, Brookfield Place, the World Trade Center, and the Hudson River waterfront, 225 Rector Place sits at the nexus of one of Lower Manhattan’s most active and high-demand corridors. Its proximity to major transit options, including subways, PATH, ferry terminals, and arterial highways, reinforces the garage’s utility in a tightly zoned, parking-constrained environment.
For investors seeking a low-maintenance, long-term yield in a premier submarket, 225 Rector Place offers exceptional fundamentals and enduring value.
Bernadette Brennan
Serhant
