Eliot Spitzer Sells Parking Garage for $10.275 million

Former Governor, Eliot Spitzer, is attempting to distance himself from last year’s very public scandal and return to a somewhat “regular” life of selling real estate.

Well, apparently he’s pretty good at it, because last week he sold a parking garage to the tune of $10.275 million. The pricey garage is located underneath New York’s renowned residential building, The Corinthian, which Mr. Spitzer’s father built in 1987.

His family’s flourishing real estate business is making quite an impression on the housing and building market, due in no small part to the purchase of a coveted Washington, D.C., office building for an astounding $180 million over the summer.

With regards to the latest sale of the Corinthian’s parking garage, a garage with 186 parking spaces and 80 personal storage units for residents, Mr. Spitzer had no comment, however, the buyer of the space, Alliance Parking owner Gregg Reuben, was talking. “He’s a very bright guy, and I was impressed with the organization’s level of professionalism,” he says, adding that Mr. Spitzer was a “true gentleman.” Mr. Reuben’s parking company currently owns 24 garages and employs approximately 150 people.

Some are wondering if the price was right for Mr. Reuben, and most agree that with garage condominiums continuing to be highly sought-after due to the limited quantity of parking spaces in Manhattan and New Yorker’s unequivocal willingness to rent parking spaces by paying top dollar, Mr. Reuben paid an acceptable price.

Luckily, Mr. Reuben also seems to agree. He noted, “You have 863 apartment units above you; 80,000 square feet of medical office space above you, 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.”

Via: The New York Observer