Manhattan’s last parking lots
September 1, 2014

Development isn’t quite as frenzied to the north in Hell’s Kitchen, at least not yet. But projects like Fortis Property Group’s condo development on West 49th Street and the Spanish hospitality company Riu Hotels & Resorts’ 27-story tower on Eighth Avenue have already gobbled up some of the neighborhood’s parking lots.

On 51st Street near 12th Avenue, the Park-It Management company owns and operates a large parking lot running through to 50th Street. The company, run by the father-and-son team of Fred and Gary Spindler, owns a number of lots in neighborhoods such as NoMad, Tribeca and West Chelsea, including a four-story garage at 249 10th Avenue next to the Della Valle Bernheimer–designed condo hugging the High Line.

Fred Spindler told TRD he is frequently approached about selling his properties, but that the company is not interested.

“We get calls all the time. We just hang up on the brokers,” he said. “We’re not interested in selling at all.”

Broker David Carlos of Savills Studley said the Spindlers are not alone in wanting to hold onto their sites.

“They’re a perfect example of a company with a lot of assets, and they’re really not necessarily motivated by somebody giving them a bag of cash,” explained Carlos, who said parking owners are sometimes amenable to property swaps instead of sales.

“You’re dealing with wealthy individuals who, for the most part, have owned their properties for a long time and want to maintain a real estate portfolio.”

Manhattan’s last parking lots

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