Parking Garage beneath residential high-rise building

Description:

The Garage at 325 Fifth Avenue (“Property”) offers a rare opportunity to acquire a large-format, below-grade parking condominium in the heart of Midtown South, immediately proximate to Fifth Avenue, Koreatown, Herald Square, Penn Station, and the Empire State Building. The Property is situated beneath a 41-story luxury residential tower containing 250 units, high-end amenities, and multiple ground-floor retail tenants—providing a consistent, built-in demand base and prime positioning within one of Manhattan’s most active mixed-use corridors.
The garage encompasses approximately 31,190 square feet across two below-grade levels. The Property is currently leased to and operated by GGMC through October 2031, with no renewal options. This structure provides an incoming investor or operator with the ability to collect near-term contractual income and achieve full operational control at lease expiration, without long-term lease encumbrance, creating an attractive combination of immediate cash flow and strategic flexibility.
There is a 6 month landlord cancellation clause.
31,190 Square Feet
Taxes: $250,000
Condo Charges: $132,000
Insurance: $18,000 annually
Rent: $900,000 annually
5 Years left on the lease
3% Increase each year
NOI: $500,000 plus $20,000 in tax contributions from tenant
Total NOI: $520,000
Block & Lot#: 0862-1202
Tenant: GGMC

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