Icon Terminates Seward Park Garage Lease 3 Years After Parking Privatization

Posted on: February 19th, 2019 at 5:00 am by

Three years after the parking garage privatization pitted Seward Park co-op members against the board, the operator is out.

Icon/Quik Park tendered its termination over the holiday weekend, and will pull out of the garage at the end of this month. Charles H. Greenthal & Co. management circulated a letter to tenants announcing the news two days ago.

The operators are leaving Seward Park due to undisclosed “financial reasons.” However, rumors have been circulating for the last year that this particular garage was reportedly not profitable for the parent company.

Final day in business here is February 28, purportedly with some seven years left on the lease.

“We have contacted several operators for proposals to be ready for a quick transition, and have been assured that we will have coverage, even though it is short notice,” reads the announcement.

The controversial vote to privatize – enacted as a profit generator for the cash-strapped co-op – led Icon to sign a ten-year lease in March 2016. The action was at the heart of a lawsuit brought by shareholders in New York Supreme Court, who alleged that the board privatized the car-park as a for-profit operation in an “underhanded” manner without consulting residents, and that the rights of those with parking spaces were violated. The legal insurgence was spearheaded by Don West, president of the 7th Precinct Community Council.

Judge Arthur Engoron ultimately tossed the suit a year later, in July 2017.

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