Allen Street Parking Garage Pitched as Development Opportunity

Posted on: April 8th, 2019 at 5:00 am by

As Essex Crossing debuts piecemeal, property owners are looking to cash in. It’s causing a ripple effect around the neighborhood.

Just a couple blocks away, 59 Allen Street is ready for its due and proper. The 8,800 square-foot, through-block structure – occupied by the Imperial Parking garage and galleries on the Eldridge front – is now pitched as the requisite “development opportunity.”

No price is listed, though.

The potential catch here is the triple-net ground lease. Meaning, the prospective buyer would own the building only, but lease the land beneath.

Newmark Knight Frank is the exclusive broker.

The more than 8,800 square-foot land parcel is a through-block site from Allen Street to Eldridge Street that features a five-story, commercial structure totaling approximately 60,000 square feet. The first three floors plus two lower levels are currently occupied by a commercial parking garage and the upper floors and the Eldridge Street retail by Galleries and arts-related concerns, all of which can be made available in the near term.

The site features excess development rights of just over 11,000 square-feet, which substantially increases the above-grade zoning floor area over the existing structure.

According to public records, the property owner is parking-lot magnate William Lerner of Imperial Parking Systems, one of the largest garage operators in the tri-state area.

Imperial Parking on Allen Street might best be known in recent years for the freewheeling attendant who borrowed a Range Rover to drive home to Queens, Ferris Bueller style.

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