For all the talk of a return to politics, former Governor Eliot Spitzer remains ensconced in his family’s muscular real estate business.
Last week, Mr. Spitzer sold a parking garage underneath The Corinthian condomium built by his dad Bernie in 1987. The price: $10.275 million, an apparently handsome deal for the governor-turned-real estate mogul.
This follows his purchase over the summer of a coveted Washington, D.C., office building for $180 million.
Mr. Spitzer did not respond to a request for comment, but the buyer, Alliance Parking owner Gregg Reuben, said Mr. Spitzer oversaw the transaction and was, in Mr. Reuben’s words, “a total gentleman.”
“He’s a very bright guy,” Mr. Reuben said. “And I was impressed with the organization’s level of professionalism.”
Mr. Reuben, whose Alliance Parking owns 24 garages and employs about 150 people, partnered in the deal with entrepreneur Bert Brodsky.
Robert Knakal, chairman of Massey Knakal Realty Services, represented both sides in the transaction. Mr. Knakal said that, in contrast to other classes of investment properties, garages have remained valuable assets. “I would say that garage condominiums continue to be highly sought-after given the relatively finite quantity of parking spaces in Manhattan,” he said.
Not to mention Manhattanites’ continued willingness to rent parking spaces at astronomical prices.
The garage in question has 186 spaces and 89 personal storage units for building residents.
Eastern Consolidated vice chairman Brian Ezratty, who has completed more than 80 garage deals in the city, said, “In today’s market, that sounds like a big price. [But] I think Gregg knows what he’s doing, and hopefully he’ll be able to turn it around and figure out how to make some money there.”
Mr. Reuben concurred.
“You have 863 apartment units above you; 80,000 square feet of medical office space above you,” he said. “And, you’re in close proximity to the Midtown Tunnel as well as NYU Hospital. It’s a strong area, and it’s well positioned to grow.”