80 Park Avenue - Parking Garage
Parking Garage
Marketing description
SERHANT. has been exclusively retained to represent the parking garage at 80 Park Avenue for sale.
This is a rare opportunity to acquire a 20,210-square-foot, 110-space commercial parking condominium in one of Midtown Manhattan’s most high-traffic and supply-constrained submarkets. Located in the heart of the Grand Central District, the garage spans two subterranean levels beneath a full-block residential development and features direct street-level access along Park Avenue.
Currently 100% owner-occupied, the property offers immediate upside through lease-up or operator repositioning. It is ideally situated to serve the consistent demand generated by nearby Class A office towers, high-density residential buildings, major transit hubs, and internationally renowned landmarks like Bryant Park and the New York Public Library.
With no long-term operator contracts or encumbrances in place, this asset is ready for transformation. Whether implemented through an experienced parking operator or retained for owner-use, a tailored leasing strategy can unlock significant value via NOI optimization and operational efficiency.
Steps from Grand Central Terminal—with its extensive subway and regional rail connections—and surrounded by premier hotels and amenities, 80 Park Avenue presents a durable investment with stable fundamentals and long-term growth potential. It is an institutional-grade infrastructure asset positioned at the nexus of New York City’s business, cultural, and residential cores.
Investment highlights
80 Park Avenue presents a rare opportunity to acquire a 110-space commercial parking garage condominium in the heart of Midtown Manhattan’s Grand Central district—an area defined by unmatched transit access, dense office inventory, and steady residential demand. Spanning over 20,000 square feet across two subterranean levels, the garage benefits from dedicated street-level access and is currently 100% owner-occupied, presenting an ideal scenario for immediate owner-use or market-rate lease-up.
Investment Opportunity: This garage offers the potential for reliable income through repositioning with an experienced parking operator. With stable demand drivers, low vacancy rates, and a scarcity of similar assets in core Manhattan, this offering is well-positioned for long-term capital appreciation. Located within a full-block development between East 38th and 39th Streets, the asset’s visibility, accessibility, and scale make it a prime candidate for an investor seeking durable returns in a high-barrier-to-entry market.
Prime Location & Demand Drivers: Just steps from Grand Central Terminal, Bryant Park, and major corporate headquarters along Park and Madison Avenues, 80 Park Avenue benefits from high weekday foot traffic and residential overflow. The neighborhood’s consistent commuter influx and limited parking availability reinforce long-term utilization, ensuring stable revenue generation across economic cycles.
Strong Fundamentals with Upside Potential: Currently owner-occupied and operated under internal management, the garage offers clear upside through professional lease structuring, improved NOI, and operational efficiencies. With no existing encumbrances or long-term operator contracts, investors can implement a tailored leasing strategy to enhance value.
With its strategic Midtown location, large footprint, and untapped revenue potential, 80 Park Avenue represents a unique opportunity to control a critical infrastructure asset in one of Manhattan’s most consistently active submarkets.
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